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The wind of change : maritime technology, trade and economic development

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Pascali, Luigi (2017) The wind of change : maritime technology, trade and economic development. American Economic Review, 107 (9). pp. 2821-2854. doi:10.1257/aer.20140832 ISSN 0002-8282.

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Official URL: https://doi.org/10.1257/aer.20140832

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Abstract

The 1870-1913 period marked the birth of the first era of trade globalization. How did this tremendous increase in trade affect economic development? This work isolates a causality channel by exploiting the fact that the introduction of the steamship in the shipping industry produced an asymmetric change in trade distances among countries. Before this invention, trade routes depended on wind patterns. The steamship reduced shipping costs and time in a disproportionate manner across countries and trade routes. Using this source of variation and novel data on shipping, trade, and development, I find that 1) the adoption of the steamship had a major impact on patterns of trade worldwide, 2) only a small number of countries, characterized by more inclusive institutions, benefited from trade integration, and 3) globalization was the major driver of the economic divergence between the rich and the poor portions of the world in the years 1850-1905.

Item Type: Journal Article
Subjects: H Social Sciences > HC Economic History and Conditions
H Social Sciences > HE Transportation and Communications
Divisions: Faculty of Social Sciences > Economics
Library of Congress Subject Headings (LCSH): Economic history -- 19th century, Trade routes -- Globalization , Steamboat lines, Steamboats
Journal or Publication Title: American Economic Review
Publisher: American Economic Association
ISSN: 0002-8282
Official Date: 30 September 2017
Dates:
DateEvent
30 September 2017Published
12 October 2016Accepted
Volume: 107
Number: 9
Page Range: pp. 2821-2854
DOI: 10.1257/aer.20140832
Status: Peer Reviewed
Publication Status: Published
Access rights to Published version: Restricted or Subscription Access
Date of first compliant deposit: 10 November 2016
Date of first compliant Open Access: 10 November 2016
Funder: Barcelona Graduate School of Economics, University of Warwick. Department of Economics. Centre for Competitive Advantage in the Global Economy (CAGE)

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