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lec_3_110B - Economics110B WorldEconomic HistoryII ,Davis...

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    Economics 110B  World Economic  History II Spring 2009 University of California, Davis Lecture 3: Economic Growth: Economic  Growth in a various Countries Over the  Long Run
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    Today’s Program Economic Growth some examples:  Great Britain Germany USA  Japan India 
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    Readings Cameron and Neal Ch. 8, 9, 10
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    What made Great Britain “Great” Britain experiences an industrial revolution between 1750- 1850 … It is the first (though Belgium, parts of France and  Germany, Holland are not far behind) This is a GRADUAL evolution not a necessarily a revolution  What was the impact of this industrial revolution? Modern economic growth Further consequences What were the causes? No monocausal story The jury is still deliberating 
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    The ultimate causes of the IR in GB Changes in markets Formal markets/markets become more  competitive and medieval restrictions in (K,  labor, land, ag. goods, light manufactures) are  gradually replaced Industrial Organization Appearance of factories, supervised work, quality control,  discipline, larger production per firm, fixed capital However, even in 1850s 5/6 of production had 3 or fewer  employees, agriculture was important for quite some  time Macroeconomic Technology
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    The ultimate causes of the IR in GB Macroeconomic indicators Increase in income, income per capita Industrialization Capital formation rises/investment is important Growth and composition of labor force Technology and the Industrial Revolution New machines but also new ways of producing and organizing  production, marketing, distributing goods Patent rate (a measure of innovation) increases from 1700 in  each and every decade By 1841 maximum of 20% of labor force in industries  benefitting from new technologies
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    Growth rates in the British Industrial  Revolution
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    Two views on the Industrial Revolution (IR) in  England Traditional view: Discontinuity (Toynbee, Ashton and  Landes):  IR as a broad change in the British economy and  society. Modern view: gradual  the IR as a result of technical change in only a few  industries (Crafts and Harley). the IR as the result of evolutionary development  that affected other European economies almost as  much as England. It was the product of the  gradual process of settled agrarian societies  toward a more rational, economically oriented  mindset (Clark).
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    Conclusions from the British Industrial  Revolution Lots of the growth action occurred later in the  nineteenth century.
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