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The Growing Dependence of Britain on Trade During the Industrial Revolution

Listed author(s):
  • Gregory Clark

    (University of California, USA)

  • Kevin Hjortshøj O’Rourke

    ()

    (All Souls College, Oxford University, UK)

  • Alan M. Taylor

    (University of California, USA)

Many previous studies of the role of trade during the British Industrial Revolution have found little or no role for trade in explaining British living standards or growth rates. We construct a three-region model of the world in which Britain trades with North America and the rest of the world, and calibrate the model to data from the 1760s and 1850s. We find that while trade had only a small impact on British welfare in the 1760s, it had a very large impact in the 1850s. This contrast is robust to a large range of parameter perturbations. Biased technological change and population growth were key in explaining Britain’s growing dependence on trade during the Industrial Revolution.

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File URL: http://www.economics.ox.ac.uk/materials/papers/13258/clark-et-al-new-world.pdf
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Paper provided by Economics Group, Nuffield College, University of Oxford in its series Oxford University Economic and Social History Series with number _126.

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Length: 36 pages
Date of creation: 22 Mar 2014
Handle: RePEc:nuf:esohwp:_126
Contact details of provider: Web page: https://www.nuffield.ox.ac.uk/economics/

References listed on IDEAS
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  1. Harley, C. Knick & Crafts, N.F.R., 2000. "Simulating the Two Views of the British Industrial Revolution," The Journal of Economic History, Cambridge University Press, vol. 60(03), pages 819-841, September.
  2. Gregory Clark, 2005. "The Condition of the Working-Class in England, 1209-2004," Working Papers 539, University of California, Davis, Department of Economics.
  3. Allen,Robert C., 2009. "The British Industrial Revolution in Global Perspective," Cambridge Books, Cambridge University Press, number 9780521868273, December.
  4. Ronald Findlay & Kevin H. O'Rourke, 2007. "Introduction to Power and Plenty: Trade, War, and the World Economy in the Second Millennium," Introductory Chapters, in: Power and Plenty: Trade, War, and the World Economy in the Second Millennium Princeton University Press.
  5. Mokyr, Joel, 1977. "Demand vs. Supply in the Industrial Revolution," The Journal of Economic History, Cambridge University Press, vol. 37(04), pages 981-1008, December.
  6. Ronald Findlay & Kevin H. O'Rourke, 2007. "Preface to Power and Plenty: Trade, War, and the World Economy in the Second Millennium," Introductory Chapters, in: Power and Plenty: Trade, War, and the World Economy in the Second Millennium Princeton University Press.
  7. Gregory Clark & David Jacks, 2006. "Coal and the Industrial Revolution, 1700-1869," Working Papers 616, University of California, Davis, Department of Economics.
  8. Ronald Findlay & Kevin H. O'Rourke, 2007. "Power and Plenty: Trade, War and the World Economy in the Second Millennium (Preface)," The Institute for International Integration Studies Discussion Paper Series iiisdp205, IIIS.
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