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International Capital Flows and the Development of the American West

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  • North, Douglass C.

Abstract

When the Chairman asked me to undertake this paper he reminded me that the general theme was the West as an underdeveloped area and suggested that some comparison be made with underdeveloped areas today. However, it should be made clear at the outset that the problems of the development of the American West in the nineteenth century are very different from the problems of achieving sustained growth in the underdeveloped areas today. The underdeveloped areas today are most typically characterized by a factor combination of abundant labor with scarce capital and land (and resources), usually complicated by a social and political structure not geared to economic advance. America in the nineteenth century, in contrast, was characterized by scarce labor and capital combined with seemingly endless land (and natural resources) set in a framework of social and political institutions that was highly favorable to economic growth.

Suggested Citation

  • North, Douglass C., 1956. "International Capital Flows and the Development of the American West," The Journal of Economic History, Cambridge University Press, vol. 16(4), pages 493-505, December.
    • Handle: RePEc:cup:jechis:v:16:y:1956:i:04:p:493-505_05
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    Cited by:

    1. Mehrdad Vahabi, 2017. "A critical survey of the resource curse literature through the appropriability lens," CEPN Working Papers 2017-14, Centre d'Economie de l'Université de Paris Nord.
    2. Mehrdad Vahabi, 2018. "The resource curse literature as seen through the appropriability lens: a critical survey," Public Choice, Springer, vol. 175(3), pages 393-428, June.
    3. González, Germán & Viego, Valentina, 2009. "Argentina-Canada from 1870: Explaining the dynamics of divergence," MPRA Paper 18394, University Library of Munich, Germany.

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