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- Title
The demand for British exports, 1870-1913.
- Authors
Hatton, T. J.
- Abstract
The article focuses on the demand for goods exported from Great Britain during the period from 1870 to 1913. It outlines the relevant facts and hypotheses emerging from the literature on the determination of British exports before proceeding to specify and estimate an export demand function. It is well established that international trade has played a key role in determining the character and development of the British economy. In the half century before 1914 this factor is often given special emphasis and Britain is frequently described as an "export economy." It is sometimes argued that the growth of industrial production depended uniquely on the performance of major export industries, and since some 30 per cent of industrial output was exported there is inevitably a close link between the two. Perhaps more firmly established than the relationship between exports and growth is that between fluctuations in exports and cyclical variations in economic activity. This dominance in world trade indicates that variations in demand almost anywhere in the world would have affected demand for British exports. Britain was uniquely dependent on the pattern and rate of industrialization in different regions of the world as well as on the development of natural resources and the expansion of agriculture in the non-industrial regions.
- Subjects
UNITED Kingdom; EXPORTS; INTERNATIONAL trade; ECONOMIC demand; ECONOMIC conditions in Great Britain; INDUSTRIALIZATION
- Publication
Economic History Review, 1990, Vol 43, Issue 4, p576
- ISSN
0013-0117
- Publication type
Article
- DOI
10.2307/2596736