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|Globalization and the Industrial Revolution
|Ferreira, Pedro Cavalcanti
Santos, Marcelo Rodrigues dos
|This paper argues that trade specialization played an indispensable role in supporting the Industrial Revolution. We calibrate a two-good and two-sector overlapping generations model to Englandís historical development and investigate how much different Englandís development path would have been if it had not globalized in 1840. We show that the two-sectors closed economy model cannot explain the fall in the value of land relative to wages observed in the 19th century and that, absent globalization, the British economy would never have escaped its Malthusian trap.
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|O INSPER E ESTE REPOSITÓRIO NÃO DETÊM OS DIREITOS DE USO E REPRODUÇÃO DOS CONTEÚDOS AQUI REGISTRADOS. É RESPONSABILIDADE DO USUÁRIO VERIFICAR OS USOS PERMITIDOS NA FONTE ORIGINAL, RESPEITANDO-SE OS DIREITOS DE AUTOR OU EDITOR
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|Coleção Insper Working Papers
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