Globalization and the Great Divergence: Terms of Trade Booms and Volatility in the Poor Periphery 1782-1913

@article{Williamson2008GlobalizationAT,
  title={Globalization and the Great Divergence: Terms of Trade Booms and Volatility in the Poor Periphery 1782-1913},
  author={J. Williamson},
  journal={NBER Working Paper Series},
  year={2008}
}
W. Arthur Lewis argued that a new international economic order emerged between 1870 and 1913, and that global terms of trade forces produced rising primary product specialization and de-industrialization in the poor periphery. More recently, modern economists argue that volatility reduces growth in the poor periphery. This paper assess these de-industrialization and volatility forces between 1782 and 1913 during the Great Divergence. First, it argues that the new economic order had been firmly… Expand
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