The Economic Consequences of Sir Robert Peel

A Quantitative Assessment of the Repeal of the Corn Laws

Dados Bibliográficos

ID9704987
AutoresDouglas A Irwin (0000-0002-9310-2799, Dartmouth College, autor correspondente), Maksym G Chepeliev (Purdue University, USA), Maksym Chepeliev (0000-0001-8585-2314, Purdue University West Lafayette)
Ano2021
Volume131
Fascículo640
Páginas3322-3337
Data de publicação2021-11-08
Peer ReviewedSim
Open AccessSim
TipoARTICLE
PeriódicoThe Economic Journal (JOURNAL)
Identificadores do periódicoISSN: 0013-0133 • E-ISSN: 1468-0297
EditoraOxford University Press (PUBLISHER • GB)
DOI10.1093/ej/ueab029
OpenAlexW3154395243
IdiomaEN
Citações recebidas3
Referências 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