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The Golden Age of the Two Settler Economies

In: Institutions and Small Settler Economies

Author

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  • Andre Schlueter

Abstract

From about 1870, settler economies were becoming more closely incorporated into an emerging world economy. Until the Great War, the first wave of globalization spread unhindered from the Western European core over the oceans (Williamson, 1996, p. 277). Steam power on ships and rails fostered rising utilization of the New World’s abundant natural resources and a global factor price convergence. Likewise, the gold standard facilitated monetary stability and trade. Capital and labor flowed into the distant territories on a massive scale. Living standards in the periphery improved rapidly and were among the highest in the world. Although WWI interrupted this general process, similar favorable international conditions prevailed for over a decade more (Willebald, 2011, p. 20).

Suggested Citation

  • Andre Schlueter, 2014. "The Golden Age of the Two Settler Economies," Palgrave Macmillan Books, in: Institutions and Small Settler Economies, chapter 0, pages 57-108, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-44567-4_3
    DOI: 10.1057/9781137445674_3
    as

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