The Economic Consequences of Sir Robert Peel

A Quantitative Assessment of the Repeal of the Corn Laws

Datos Bibliográficos

ID9704987
AutoresDouglas A Irwin (0000-0002-9310-2799, Dartmouth College, autor de correspondencia), Maksym G Chepeliev (Purdue University, USA), Maksym Chepeliev (0000-0001-8585-2314, Purdue University West Lafayette)
Año2021
Volumen131
Número640
Páginas3322-3337
Fecha de publicación2021-11-08
Peer ReviewedSí
Open AccessSí
TipoARTICLE
RevistaThe Economic Journal (JOURNAL)
Identificadores de la revistaISSN: 0013-0133 • E-ISSN: 1468-0297
EditorialOxford University Press (PUBLISHER • GB)
DOI10.1093/ej/ueab029
OpenAlexW3154395243
IdiomaEN
Citas recibidas3
Referencias citadas25

This paper provides a quantitative general equilibrium evaluation of the repeal of Britain's Corn Laws in 1846. Using a detailed input-output matrix of the British economy in 1841, we find the abolition of Britain's tariff on imported grain left overall welfare roughly unchanged as the static efficiency gains are offset by terms-of-trade losses. Labourers and capital owners gained a slight amount at the expense of landowners. Combining these changes in factor payments with the different consumption patterns across income groups, we find that the top 10% of income earners lost while the bottom 90% of income earners gained

Agricultural economics · Capital (architecture · Consumption (sociology · Economics · International economics · Market economy · Payment · Repeal · Tariff · Welfare · Economics of Agriculture and Food Markets · Finance · Global trade and economics · Historical Economic and Social Studies · Law