Tag Archives: Jeffrey Williamson

The Periphery’s Terms of Trade (Again)

My new paper details the problems of measuring the periphery’s terms of trade in the nineteenth century.

In a previous post I outlined some of the problems encountered by Jeffrey Williamson when he attempted to measure the periphery’s terms of trade in the nineteenth century. I have now uploaded a new ‘Technical Paper’ titled ‘The Periphery’s Terms of Trade in the Nineteenth Century: A Methodological Problem Revisited’, which is a considerably revised version of Chapter 2 of my PhD dissertation. In it I have detailed the methodological issue and why it affects Williamson’s analysis.

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Jeffrey Williamson’s Terms of Trade

Jeffrey Williamson’s estimates of the periphery’s terms of trade in the long nineteenth century are misleading.

Jeffrey Williamson‘s (2011) book Trade and Poverty: When the Third World Fell Behind is one of the most interesting attempts to explain the ‘great divergence’ between rich and poor countries. It is a shame, then, that it is marred by his use of Mickey Mouse numbers.

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