British Emigration and Overseas Investment, 1870-19141

Bibliographic Data

ID3593437
AuthorsHerbert W Richardson (0009-0002-4185-315X, University of Kent, corresponding author)
Year1972
Volume25
Issue1
Pages99-110
Publication date1972-02-01
Peer ReviewedYes
Open AccessYes
TypeARTICLE
VenueThe Economic History Review (JOURNAL)
Journal identifiersISSN: 0013-0117 • E-ISSN: 1468-0289
PublisherWiley (PUBLISHER • GB)
DOI10.1111/j.1468-0289.1972.tb02163.x
OpenAlexW2046539444
LanguageEN
Citations received11
References cited1

E CONOMIC historians have tended to treat the international economy over the period I870-I9 I4 as an approximation to a classical economic system.2 The analogy is, of course, imperfect since rising tariffs in Europe, the United States, and elsewhere were already distorting the pattern of international specialization and inhibiting the free flow of goods. Nevertheless, in the international market for factors there were no legal or institutional obstacles to mobility, and on apriori grounds we might have expected factors to seek out the highest returns.3 Apart from a very recent study by Wilkinson,4 there have been no attempts to apply a neo-classical model to the preI 9 I 4 international economy. On the other hand, many writers have made relevant passing comments, some consistent with, others contradicting, neo-classical predictions. Wilkinson's findings on European migration to the United States show that the wage (income) differential was influential, whereas Clark's brief analysis of British emigration to Australia indicated a poor fit between migration and the wage differential, particularly in the i 88o's and in the few years before I 9 I 4.5 Similarly, support for both sides can be found in regard to capital flows. G. M. Meier,J. G. Williamson, and M. Simon are amongst those favouring the rate of return as the motivation for capital flows.6

Analogy · Capital (architecture) · Differential (mechanical device) · Economics · Economy · Emigration · Imperfect · Investment (military) · Labour economics · Political science · Wage · Global Financial Crisis and Policies · Historical Economic and Social Studies · History · Law

Tools

Open DOISci-Hub