British business cycles, 1270-1870

TY - UNPB

T1 - British business cycles, 1270-1870

AU - Broadberry, Stephen

AU - Klein, Alexamder

AU - Overton, Mark

AU - van Leeuwen, Bas

PY - 2022

Y1 - 2022

N2 - Annual estimates of GDP constructed from the output side are used to analyse British business cycles between 1270 and 1870. After c.1670 the scale of recessions tended to diminish as the economy grew, diversified and became more resilient. Until c.1730, business cycles were driven largely by agricultural fluctuations, but shocks to industry and commerce became more important over time as the structure of the economy changed. A number of severe recessions can be identified, associated with harvest failures, disease outbreaks, wars and disruptions to commerce. Monetary and financial factors also played a role in some of these severe recessions.

AB - Annual estimates of GDP constructed from the output side are used to analyse British business cycles between 1270 and 1870. After c.1670 the scale of recessions tended to diminish as the economy grew, diversified and became more resilient. Until c.1730, business cycles were driven largely by agricultural fluctuations, but shocks to industry and commerce became more important over time as the structure of the economy changed. A number of severe recessions can be identified, associated with harvest failures, disease outbreaks, wars and disruptions to commerce. Monetary and financial factors also played a role in some of these severe recessions.

KW - Englander

KW - long run

KW - business cycles

M3 - Working paper/Discussion paper

T3 - CAGE Online Working Paper Series

BT - British business cycles, 1270-1870

PB - Competitive Advantage in the Global Economy (CAGE)

ER -