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The wind of change: Maritime technology, trade and economic development

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dc.contributor.author Pascali, Luigi
dc.contributor.other Universitat Pompeu Fabra. Departament d'Economia i Empresa
dc.date.accessioned 2017-07-26T10:51:15Z
dc.date.available 2017-07-26T10:51:15Z
dc.date.issued 2014-06-01
dc.identifier https://econ-papers.upf.edu/ca/paper.php?id=1428
dc.identifier.uri http://hdl.handle.net/10230/22608
dc.description.abstract The 1870-1913 period marked the birth of the first era of trade globalization. How did this tremendous increase in trade affect economic development? This work isolates a causality channel by exploiting the fact that the steamship produced an asymmetric change in trade distances among countries. Before the invention of the steamship, trade routes depended on wind patterns. The introduction of the steamship in the shipping industry reduced shipping costs and time in a disproportionate manner across countries and trade routes. Using this source of variation and a completely novel set of data on shipping times, trade, and development that spans the great majority of the world between 1850 and 1900, I find that 1) the adoption of the steamship was the major reason for the first wave of trade globalization, 2) only a small number of countries that were characterized by more inclusive institutions benefited from globalization, and 3) globalization exerted a negative effect on both urbanization rates and economic development in most other countries.
dc.format.mimetype application/pdf
dc.language.iso eng
dc.relation.ispartofseries Economics and Business Working Papers Series; 1428
dc.rights L'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative Commons
dc.rights.uri http://creativecommons.org/licenses/by-nc-nd/3.0/es/
dc.title The wind of change: Maritime technology, trade and economic development
dc.type info:eu-repo/semantics/workingPaper
dc.date.modified 2017-07-23T02:16:17Z
dc.subject.keyword steamship
dc.subject.keyword gravity
dc.subject.keyword globalization.
dc.subject.keyword Macroeconomics and International Economics
dc.rights.accessRights info:eu-repo/semantics/openAccess


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