This paper assesses the relative welfare costs of the various embargos and blockades of the years 1807-1814 in three countries: Britain, France and the United States. Relative price evidence indicates that these blockades and embargos did restrict trade, and that britain was less severely affected than her rivals. Benchmark welfare estimates for the United States are particularly high, at roughly 5% per annum. While absolute welfare estimates depend on elasticity assumptions, the US unambiguously came out worst in these disputes, and Britain almost surely suffered lower losses than France as well.
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Paper provided by Trinity College Dublin, Department of Economics in its series Trinity Economics Papers with number
tep2008.
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Find related papers by JEL classification: F1 - International Economics - - Trade N7 - Economic History - - Economic History: Transport, International and Domestic Trade, Energy, and Other Services
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