International Trade and United States Economic Development Revisited*

George Macesich

The Journal of Economic History, 1961, vol. 21, issue 3, 384-385

Abstract: Mr. Williamson's comments on my article leave the issue between us ambiguous. I welcome this opportunity further to develop my own views regarding the turbulent period of the 1830's and early 1840's.First of all, I believe that Williamson has overstated his case in attributing to me disregard of the importance of internal events in the United States. I advanced the hypothesis that the primary disturbing factor in the period 1834–1845 was an increase, and then a decrease, in the flow of funds into the United States, and the problem I wished to examine was the response in the American economy to this initial disturbance. As indicated in my article, the emphasis placed on external factors does not mean that internal events in the United States were negligible.

Date: 1961
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