The Economic Basis of Peace: Linkages between Economic Growth and International Conflict

By William H. Mott IV | Go to book overview

failure to develop local industries to exploit newly discovered local resources that threatened to disrupt traditional work and economic patterns; abortive industrial development also occurred where expensive technology-based increases in productivity displaced small local investors; 2

high dependence on business and trade cycles or export markets with no strong, stable home market; depressions (late 1730s-1740s) and numerous eighteenth-century wars brought traumatic, brief declines in growth that vulnerable industries could not survive; 3

traditions of high capital volatility through flexible, dynamic investment portfolios; investment decisions to cross sectors and industries in response to short-term trade cycles brought dramatic shifts of capital and emphasis; investors sought short-term gain rather than long- term growth;

socio-cultural limits on entrepreneurship, exemplified in Josiah Tucker's comparison of English West Country (stagnant) and Yorkshire (dynamic) 4; and

ineffective techniques of Marketing, Sales, and Distribution that were not responsive to the dynamics of an export market-economy. 5


NOTES
1.
Maxine Berg, The Age of Manufactures: 1700-1820 ( New York: Oxford University Press, 1985), 118.
2.
Such abortive industrial developments in eighteenth-century England occurred in Cornwall (tin, copper), Shropshire (pottery, glass, chemicals), Staffordshire (glass, engineering, armaments), North Wales (iron, copper, brick, lime, textiles, rope), Derbyshire (textiles, lead), Ireland (cotton). Sidney Pollard, Peaceful Conquest ( Oxford: Oxford University Press, 1981), 14-16.
3.
P. Deane and W. A. Cole found unambiguous (although not universally recognized) decline in British and European economic growth, in both output and incomes, beginning in the 1740's, after the agricultural depression of the earlier decade. P. Deane & W. A. Cole, British Economic Growth 1688-1959 ( Cambridge: Cambridge University Press, 1969). The effects of war were probably felt most in industrial production; most eighteenth-century wars affected the belligerents' home markets more than their international trade. W. A. Cole, "Factors in Demand," in R. Floud & D. McCloskey , eds., The Economic History of Britain Since 1700, Vol I 1700-1860 ( Cambridge: Cambridge University Press, 1981), esp. 53.
4.
Journeymen in Yorkshire,

being so little removed from the Degree and Condition of their masters, and likely to set up for themselves by the Industry and Frugality of a few years . . . thus it is, that the working people are generally Moral, Sober and Industrious; that the goods are well made, and exceedingly cheap.

In the West Country,

The Motives to Industry, Frugality and Sobriety are all subverted to this one consideration viz. that they shall always be chained to the same Oar (the Clothier), and shall never be but journeymen. . . . Is it little wonder that the trade in Yorkshire should flourish, or the trade in Somersetshire, Wiltshire, and Gloucestershire should be found declining every Day?

-249-

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The Economic Basis of Peace: Linkages between Economic Growth and International Conflict
Table of contents

Table of contents

  • Recent Titles in Contributions in Economics and Economic History ii
  • Title Page iii
  • Contents v
  • Preface vii
  • Acknowledgments xi
  • 1 - Introduction 1
  • Notes 6
  • 2 - Historical Perspectives 9
  • Notes 30
  • 3 - Theoretical Approaches 37
  • Notes 97
  • 4 - An Empirical Approach 107
  • Notes 164
  • 5 - A Quandary and a Conjecture 171
  • Notes 188
  • 6 - What It All Means 193
  • Notes 229
  • Appendix A: On Economic Stagnation 237
  • Notes 238
  • Appendix B: On the Three Traditions 239
  • Notes 240
  • Appendix C: On Long Waves 241
  • Notes 243
  • Appendix D: On Foreign Investment 244
  • Note 245
  • Appendix E: On Division of Labor 246
  • Notes 246
  • Appendix F: On Alternative Economies 248
  • Notes 249
  • Appendix G: On Protoindustrialization 251
  • Notes 252
  • Appendix H: On Confidence Levels 253
  • Note 254
  • Appendix I: On Growth Processes 255
  • Notes 256
  • Appendix J: On Static Models 257
  • Appendix K: On Defense of Realism 259
  • Notes 260
  • Appendix L: On Growth Strategies 261
  • Appendix M: On Dualism and Growth 262
  • Notes 265
  • Appendix N: On Lawlike Regularities 267
  • Notes 269
  • Bibliography 271
  • Author Index 289
  • Subject Index 293
  • About the Author 305
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