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Land Abundance, Interest/Profit Rates, and Nineteenth-Century American and British Technology

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  • Field, Alexander James

Abstract

Virtually all sectors of the nineteenth-century American economy were less capital-intensive than their British counterparts. This resulted from persistently higher American interest/profit rates, due in turn to American land abundance. The paper adduces the evidence in support of these propositions, and explores their interrelationships through the use of a linear model inspired by the writings of David Ricardo.

Suggested Citation

  • Field, Alexander James, 1983. "Land Abundance, Interest/Profit Rates, and Nineteenth-Century American and British Technology," The Journal of Economic History, Cambridge University Press, vol. 43(2), pages 405-431, June.
    • Handle: RePEc:cup:jechis:v:43:y:1983:i:02:p:405-431_02
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    Cited by:

    1. Charles Calomiris, 1995. "The Costs of Rejecting Universal Banking: American Finance in the German Mirror, 1870-1914," NBER Chapters, in: Coordination and Information: Historical Perspectives on the Organization of Enterprise, pages 257-322, National Bureau of Economic Research, Inc.
    2. Joshua L. Rosenbloom & William A. Sundstrom, 2009. "Labor-Market Regimes in U.S. Economic History," NBER Working Papers 15055, National Bureau of Economic Research, Inc.
    3. Allen, Robert C., 2014. "American Exceptionalism as a Problem in Global History," The Journal of Economic History, Cambridge University Press, vol. 74(2), pages 309-350, June.
    4. repec:dgr:rugggd:gd-108 is not listed on IDEAS
    5. Guajardo, Guillermo, 2009. "Between the Workshop and the State: Training Human Capital in Railroad Companies in Mexico and Chile, 1850-1930," MPRA Paper 16135, University Library of Munich, Germany.
    6. Zhylyevskyy, Oleksandr, 2010. "The paradox of interest rates of the Greenback Era: A reexamination," Journal of Monetary Economics, Elsevier, vol. 57(8), pages 1026-1037, November.
    7. Jong, H. de & Woltjer, P., 2009. "A Comparison of Real Output and Productivity for British and American Manufacturing in 1935," GGDC Research Memorandum GD-108, Groningen Growth and Development Centre, University of Groningen.
    8. Charles W. Calomiris & Christopher Hanes, 1994. "Historical Macroeconomics and American Macroeconomic History," NBER Working Papers 4935, National Bureau of Economic Research, Inc.
    9. Leslie Hannah, 2007. "Logistics, Market Size and Giant Plants in the Early 20th Century: A Global View," CIRJE F-Series CIRJE-F-486, CIRJE, Faculty of Economics, University of Tokyo.
    10. Scott, Peter, 2001. "Path Dependence and Britain's "Coal Wagon Problem"," Explorations in Economic History, Elsevier, vol. 38(3), pages 366-385, July.
    11. Mehdi Senouci, 2014. "The Habakkuk hypothesis in a neoclassical framework," Working Papers hal-01206032, HAL.

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