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Showing papers in "The Economic History Review in 1976"







Journal ArticleDOI
TL;DR: Deane and Cole as discussed by the authors argued that unfavourable intersectoral terms of trade for agriculture and absence of population growth inhibited economic growth up to the I 740's whereas rapid population growth, and associated with it high relative prices for agriculture, stimulated economic growth thereafter by creating buoyant domestic market conditions for the industrial sector.
Abstract: C HAPTER II of British Economic Growth2 represents a radical departure from earlier views of the eighteenth century. It suggests that there were two major turning points in the growth of the economy, in the I 740's and the I 780's, and that the classic innovations of the years after I 760 should be regarded as results rather than prime movers of growth. It is also argued that unfavourable intersectoral terms of trade for agriculture and absence of population growth inhibited economic growth up to the I 740's whereas rapid population growth, and associated with it high relative prices for agriculture, stimulated economic growth thereafter by creating buoyant domestic market conditions for the industrial sector. The purpose of this article is to re-examine the construction of Deane and Cole's real output index, which constitutes the principal quantitative support for their hypotheses. In particular the plausibility of the assumptions used in the treatment of the agricultural sector is questioned in section i. Alternative and, it will be maintained, more satisfactory assumptions are used to provide revised estimates in section ii, the robustness and implications of which are discussed in section iii.

64 citations





Journal ArticleDOI

48 citations




Journal ArticleDOI
TL;DR: In this paper, education and the industrial revolution are investigated and West's investigations revealed that there was a large and growing market for education going hand in hand with the rise of industrialism and occurring prior to government intervention.
Abstract: Since the inadequacies of the Industrial Revolution remain a key factor in most critiques of capitalism and individual liberty, Education and the Industrial Revolution makes an important contribution to a better understanding of the period. The book provides a challenge to the educational establishment because it contradicts the long-held view that the Industrial Revolution was a disaster and that only government intervention and 'compulsion' brought the joys of education to people. West's investigations unearthed a large and growing market for education going hand in hand with the rise of industrialism and occurring prior to government intervention. By taking on such issues as supposed educational deficiency, market provision, actual literacy rates, theories of educational reform in the nineteenth century, and the realities of educational intervention, West helps us come to a richer understanding of liberty -- one that is little-known today but every bit as relevant as the day it was written.

Journal ArticleDOI
TL;DR: The problem of overestimation of the long-term rate of interest on Consols has been identified by as mentioned in this paper, who pointed out that the yield of Consols is either not a longterm rate or has been miscalculated for the years i 88o to I 903.
Abstract: T tHE monetary aspects of "The Great Depression", the falling prices and falling interest rates between i873 and i896, have challenged economic historians studying Victorian Britain.' Unfortunately the task of understanding these phenomena has been complicated by the conversion of the National Debt in response to the low interest rates of the i 88o's and a general failure of economic historians to appreciate the implications of the conversion. In particular, the yield on Consols which is almost exclusively used as the measure of the long-term rate of interest2 is either not a long-term rate or has been miscalculated for the years i 88o to I903. This brief note will document the problems which have resulted in overestimation of the yield on Consols and present more accurate calculations of the long-term rate of interest. The problem of an overestimated yield arises from two sources. First, although Consols have no maturity date and are in that sense perpetual, they have always been redeemable at par after some specified interval following their first issue. As the price of Consols rises above par the possibility of redemption limits subsequent increases. At the same time Consols effectively cease to be perpetual bonds. This possibility of redemption seriously affected Consol prices and yield in both the i 88o's and the I 89o's. Second, in calculating the yields on Consols cognizance must be taken of the specific nature of the new Consols created in the conversion of the National Debt of i 888 while G. J. Goschen was Chancellor of the Exchequer. The intent of the conversion was to reduce the charges on the National Debt by taking advantage of low prevailing rates of interest. New Goschen Consols paid fr I 5s. per year to April I903 and then ?2 iOS. per year thereafter. Yield calculations for i889 to I 903 have usually consisted of dividing 2 75 by the price of Consols.3 The impli-




Journal ArticleDOI
TL;DR: While few historians today assume that medical advance was a major factor in the levelling of mortality peaks, the continuous improvement of economic and social conditions, and especially the abatement of famines, have generally been accepted as the explanation for the decline of epidemics.
Abstract: A FUNDAMENTAL change occurred in the demographic experience of Europe after the I 740's: subsistence crises no longer produced major mortality peaks. Since the middle decades of the eighteenth century death from "natural" causes has never again taken such a heavy toll. Pierre Goubert has posed the problem of causation by his summary statement: "Something had changed, whether in the nature, level, yield or cost of production, the speed or cost of transportation, the resources of the consumer or perhaps in government policy."' While few historians today assume that medical advance was a major factor in the levelling of mortality peaks, the continuous improvement of economic and social conditions, and especially the abatement of famines, have generally been accepted as the explanation for the decline of epidemics. A few authors, nonetheless, have remained sceptical of the thesis that the conquest of epidemic disease derived from improved economic productivity. There is, moreover, a set of unresolved problems to which Louis Henry alluded in his observation: "We still do not know whether this reduction in disasters was produced by man, the result for instance of economic progress, or whether it was just a piece of good luck."2 Jean Meuvret questioned the automatic progression from dearth to mortality, and suggested that in some cases famine and epidemic disease have operated independently of one another.3 More recentlyJ. D. Chambers argued that preindustrial death-rates were relatively autonomous, and that epidemic cycles at times overrode Malthusian factors. Chambers carried his case to the point of questioning the medical concept that under-nutrition and malnutrition interfere with the ability to resist infectious contagion, acknowledging, however, that nutritional deficiencies will exacerbate endemic illnesses like tuberculosis.4 Since European famines were not invariably followed by serious epidemics, it is possible that plague and similar crises of public health were essentially biological in origin and not directly related to problems of subsistence. Thus Fernand Braudel has stated that "every disease has its own autonomous life, independent of the endless correlations" historians suggest, and that correlations with economic crises are "at most only minor accidents in a history linked with other factors"; while E. A. Wrigley has spoken of the "apparently fortuitous incidence







Journal ArticleDOI
TL;DR: In this article, the crucial "reconstruction era" of Southern Rhodesian gold mining is examined, not only because it was then that the industry was first placed on a relatively secure and profitable basis, but also because the policies which were implemented remained as constant features for much of the next forty years.
Abstract: I N Britain, Prof. Pollard has explained, "developments ... in coalmining. lay somewhere near the centre of the driving motor of the industrial revolution", and mining in general "became a model for other industries".' Almost two centuries later, gold mining played an identical role in transforming southern Africa, and the vital importance of the Transvaal Rand in this process has received considerable recognition from scholars.2 By contrast, however, little attention has been paid to the development of the Southern Rhodesian gold mining industry, the output of which, although always dwarfed by that of the Rand, was nevertheless of the utmost importance to the national economy of Southern Rhodesia and ultimately ranked high in the list of world gold producers. It is the purpose of this article to examine the crucial "reconstruction era" of Southern Rhodesian gold mining, not only because it was then that the industry was first placed on a relatively secure and profitable basis, but also because the policies which were implemented remained as constant features for much of the next forty years. Moreover, the period is characterized by the encouragement and emergence of small-scale, local capital within the industry, a feature which sharply distinguished Southern Rhodesian mining from both the South African Rand and the later development of the Zambian Copperbelt.





Journal ArticleDOI
TL;DR: A recent spate of works on slavery and slave systems has derived from historians of many specific interests-economic, political, intellectual, social, and social as discussed by the authors, which is perhaps most understandable in the United States with its current concerns with the race issue, and in Africa, where the relationship between the European penetration and African response remains of major interest.
Abstract: HE recent spate of works on slavery and slave systems has derived from historians of many specific interests-economic, political, intellectual, social. This is perhaps most understandable in the United States with its current concerns with the race issue, and in Africa, where the relationship between the European penetration and African response remains of major interest, but studies have also come from a number of other countries. A large variety of questions have been analysed: the effect on the African economy of this rather unusual export, the economics of the lMliddle Passage and of plantation societies, the cultural dimensions of the life of the enslaved, the genesis of abolition ideas and their political success, among others. In part, the breadth of interest no doubt reflects the broad spectrum of moral positions possible, ranging from the indications provided by slavery of the enormous potential for man's inhumanity to man, to a conclusion which some regard as ultimately optimistic and hopeful: optimistic, since the story of slavery provides a measure of the human ability to survive and persevere, and even suggests that at times social and economic ideas which seem most unquestioned can rapidly be changed by political and other means. This abundance of historical work on slavery means that the choice of issues for discussion in any review is unlimited. Of necessity, however, any particular survey must be limited geographically and topically. Much of this article, therefore, will be concerned with the British areas of settlement of the New World the British West Indies, where slavery ended in i834, and the American South, where the system terminated under quite different conditions thirty years later. I shall be concerned mainly with general patterns of economic and demographic behaviour, topics of obvious interest in themselves, but also because they provide an essential background to the study of the social and cultural life of the enslaved in these areas.