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Open Economy Forces and Late 19th Century Scandinavian Catch-Up

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  • Kevin O'Rourke
  • Jeffrey G. Williamson

Abstract

Scandinavia recorded very high growth rates between 1870 and 1914, catching up with the leaders. This paper estimates that about two-thirds of the Scandinavian catching up on Britain was due to the open economy forces of global factor and commodity market integration. All of the Scandinavian catching up on America was due to the same open economy forces. The question for the economist is: Why does the new growth theory spend so little time dealing with these open economy forces? The question for the economic historian is: Can the breakdown of global factor and commodity markets after 1914 explain a large share of the cessation of convergence up to 1950? Can the spectacular OECD convergence achieved after 1950 be explained by the resumption of the pre-1914 open economy conditions that contributed so much to Scandinavian catch-up?
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(This abstract was borrowed from another version of this item.)
(This abstract was borrowed from another version of this item.)
(This abstract was borrowed from another version of this item.)
(This abstract was borrowed from another version of this item.)
(This abstract was borrowed from another version of this item.)
(This abstract was borrowed from another version of this item.)
(This abstract was borrowed from another version of this item.)
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • Kevin O'Rourke & Jeffrey G. Williamson, 1995. "Open Economy Forces and Late 19th Century Scandinavian Catch-Up," Harvard Institute of Economic Research Working Papers 1709, Harvard - Institute of Economic Research.
  • Handle: RePEc:fth:harver:1709
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    Cited by:

    1. José Luis Cendejas & Félix-Fernando Muñoz & Nadia Fernández-de-Pinedo, 2017. "A contribution to the analysis of historical economic fluctuations (1870–2010): filtering, spurious cycles, and unobserved component modeling," Cliometrica, Springer;Cliometric Society (Association Francaise de Cliométrie), vol. 11(1), pages 93-125, January.
    2. Crafts, Nicholas, 1999. "Quantitative economic history," Economic History Working Papers 22390, London School of Economics and Political Science, Department of Economic History.
    3. Matthew Slaughter, 2001. "Does trade liberalization converge factor prices? Evidence from the antebellum transportation revolution," The Journal of International Trade & Economic Development, Taylor & Francis Journals, vol. 10(3), pages 339-362.
    4. O'Rourke, Kevin H. & Williamson, Jeffrey G., 1997. "Around the European periphery 1870 1913: Globalization, schooling and growth," European Review of Economic History, Cambridge University Press, vol. 1(02), pages 153-190, August.
    5. Kevin H. O'Rourke, 2003. "The Era of Free Migration: Lessons for Today," Trinity Economics Papers 200315, Trinity College Dublin, Department of Economics.
    6. Taylor, Alan M., 1999. "Sources of convergence in the late nineteenth century," European Economic Review, Elsevier, vol. 43(9), pages 1621-1645, October.
    7. Berger, Thor & Enflo, Kerstin, 2017. "Locomotives of local growth: The short- and long-term impact of railroads in Sweden," Journal of Urban Economics, Elsevier, vol. 98(C), pages 124-138.
    8. Timothy J. Hatton, 2010. "The Cliometrics Of International Migration: A Survey," Journal of Economic Surveys, Wiley Blackwell, vol. 24(5), pages 941-969, December.
    9. Alfonso Herranz Loncan & Daniel Aurelio Tirado Fabregat, 1996. "Foreign trade traps in the european periphery: Spain, 1870-1913," Working Papers in Economics 5, Universitat de Barcelona. Espai de Recerca en Economia.
    10. Larsson, Svante, 2005. "Globalisation, inequality and Swedish catch up in the late nineteenth century. Williamson’s real wage comparisons under scrutiny," Göteborg Papers in Economic History 2, University of Gothenburg, Department of Economic History.

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