Why did the industrial revolution take place in eighteenth-century Britain and not elsewhere in Europe or Asia? In this convincing new account Robert Allen argues that the British industrial revolution was a successful response to the global economy of the seventeenth and eighteenth centuries. He shows that in Britain wages were high and capital and energy cheap in comparison to other countries in Europe and Asia. As a result, the breakthrough technologies of the industrial revolution - the steam engine, the cotton mill, and the substitution of coal for wood in metal production - were uniquely profitable to invent and use in Britain. The high wage economy of pre-industrial Britain also fostered industrial development since more people could afford schooling and apprenticeships. It was only when British engineers made these new technologies more cost-effective during the nineteenth century that the industrial revolution would spread around the world.

/pdf/the-british-industrial-revolution-in-global-perspective-40efi3wwm8.pdf

The British Industrial Revolution in Global Perspective

It is often argued that a high level of central-band independence coupled with an explicit mandate that the bank aim for price stability are important institutional devices for maintaining that stability. Indeed, a number of countries have recently increased the independence of their central banks in order to raise their commitment to price stability.

The Political Economy of Central-Bank Independence

The literature on optimal currency areas identifies the symmetry of disturbances and the speed with which economies adjust as key criteria affecting the decision of whether to form a monetary union. This paper uses structural vector autoregression techniques to examine these issues for three regions: Western Europe, the Americas, and East Asia. The results suggest three country groupings that best satisfy these criteria: Northern Europe (Germany, France, the Netherlands, Belgium, Denmark, Austria, and possibly Switzerland); Northeast Asia (Japan, Taiwan, and Korea); and Southeast Asia (Hong Kong, Singapore, Malaysia, Indonesia, and possibly Thailand).

One Money or Many? Analyzing the Prospects for Monetary Unification in Various Parts of the World

ing now from trade imbalances, so that Bi = 0, this becomes Ti = (1 − γi)(A viδi − qw p′A viδi /GNPw) = (1 − γi)δi(A vi − qw p′A vi /GNPw) = (1 − γi)δiθ vi , (7) where θ = (A − qw p′A/GNPw). Although the world output vector qw /GNPw and the world price level (p) depend on the set of technology multipliers (δi), these do not vary across countries, and the matrix θ accordingly has no i subscript. If there were no home bias (γi = 0) and no technological differences (δi = 0), then (7) would become Ti = θ vi, which lacks only the scalar multiplier (1 − γi)δi, affecting each element of the trade vector by the

The Heckscher-Ohlin Model in theory and practice

An econometric model of economic development is estimated with data from leading European countries between 1300 and 1800. The model explores the impact of population, enclosure, empire, representative government, technology, and literacy on urbanization, agricultural productivity, proto-industry, and the real wage. Simulations show that the main factors leading to economic success in north-western Europe were the growth of American and Asian commerce and, especially, the innovations underlying the export of the new draperies in the sixteenth and seventeenth centuries. The enclosure of the open fields, representative government, and the spread of literacy did not play major roles.

/pdf/progress-and-poverty-in-early-modern-europe-339htcti62.pdf

Progress and poverty in early modern Europe

/pdf/the-triangular-trade-and-the-atlantic-economy-of-the-1gai3uyges.pdf

The Triangular Trade and the Atlantic Economy of the Eighteenth Century: A Simple General-Equilibrium Model

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The Triangular Trade and the Atlantic Economy of the Eighteenth Century: A Simple General-Equilibrium Model