The Golden Age of the Two Settler Economies

Andre Schlueter
Authors registered in the RePEc Author Service: André Schlüter

Chapter Chapter 3 in Institutions and Small Settler Economies, 2014, pp 57-108 from Palgrave Macmillan

Abstract: 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).

Keywords: Gross Domestic Product; Purchase Power Parity; Voter Turnout; Public Good Provision; Railway Network (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-44567-4_3

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DOI: 10.1057/9781137445674_3

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