Causality and the First Industrial Revolution

David Greasley and Les Oxley

Industrial and Corporate Change, 1998, vol. 7, issue 1, 33-47

Abstract: The existence, timing and possible causes of the British industrial revolution are considered by investigating the time series properties of industrial production and various explanatory variables. Utilizing co-integration-based causality tests, this paper argues that domestic forces, notably population, real wages and technological progress, shaped the industrial revolution, whereas overseas trade expansion was a consequence of industrial growth. The first industrial revolution may shed more general light on the forces promoting industrialization and growth. To the extent that the first industrial revolution offers a template, exports do not appear to provide a simple pathway to industrialization. Copyright 1998 by Oxford University Press.

Date: 1998
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