The Periphery’s Terms of Trade in the Nineteenth Century: A Methodological Problem Revisited

• Main Author: Francis, Joseph A.
• Format: Report
• Language: unknown
• Subjects: Williamson; North Atlantic
• Online Access: https://mpra.ub.uni-muenchen.de/57934/1/MPRA_paper_57934.pdf

There is a major downward bias in the trend of most existing estimates of the periphery’s nineteenth-century terms of trade. By using prices from the North Atlantic core as proxies for prices in the peripheral countries themselves, historians ignore the dramatic price convergence that took place dur...