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

• Main Author: Joseph A. Francis
• Format: Article in Journal/Newspaper
• Language: unknown
• Subjects: Williamson; North Atlantic
• Online Access: http://hdl.handle.net/10.1080/01615440.2014.963775

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 plac...