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The Economic Consequences of Sir Robert Peel: A Quantitative Assessment of the Repeal of the Corn Laws
[Pessimism preserved: real wages in the British Industrial Revolution]

Author

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  • Douglas A Irwin
  • Maksym G Chepeliev

Abstract

This paper provides a quantitative general equilibrium evaluation of the repeal of Britain's Corn Laws in 1846. Using a detailed input-output matrix of the British economy in 1841, we find the abolition of Britain's tariff on imported grain left overall welfare roughly unchanged as the static efficiency gains are offset by terms-of-trade losses. Labourers and capital owners gained a slight amount at the expense of landowners. Combining these changes in factor payments with the different consumption patterns across income groups, we find that the top 10% of income earners lost while the bottom 90% of income earners gained.

Suggested Citation

  • Douglas A Irwin & Maksym G Chepeliev, 2021. "The Economic Consequences of Sir Robert Peel: A Quantitative Assessment of the Repeal of the Corn Laws [Pessimism preserved: real wages in the British Industrial Revolution]," The Economic Journal, Royal Economic Society, vol. 131(640), pages 3322-3337.
    • Handle: RePEc:oup:econjl:v:131:y:2021:i:640:p:3322-3337.
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    File URL: http://hdl.handle.net/10.1093/ej/ueab029
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    Cited by:

    1. Kym Anderson, 2023. "Agriculture's globalization: Endowments, technologies, tastes and policies," Journal of Economic Surveys, Wiley Blackwell, vol. 37(4), pages 1314-1352, September.
    2. Wijesinghe, Asanka & Kaushalya, Thilani, 2022. "Caloric consumption efficiency and import dependency: Evidence from Sri Lanka," Economic Analysis and Policy, Elsevier, vol. 76(C), pages 420-438.
    3. Anderson, Kym, 2022. "Trade-related food policies in a more volatile climate and trade environment," Food Policy, Elsevier, vol. 109(C).
    4. Kym Anderson, 2021. "Food policy in a more volatile climate and trade environment," Departmental Working Papers 2021-25, The Australian National University, Arndt-Corden Department of Economics.

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