The French (Trade) Revolution of 1860: Intra-Industry Trade and Smooth Adjustment

Stéphane Becuwe, Bertrand Blancheton and Christopher Meissner
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Bertrand Blancheton: GREThA - Groupe de Recherche en Economie Théorique et Appliquée - UB - Université de Bordeaux - CNRS - Centre National de la Recherche Scientifique

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Abstract: The Cobden-Chevalier treaty of 1860 eliminated French import prohibitions and lowered tariffs between France and Great Britain. The policy change was largely unexpected and unusually free from direct lobbying. A series of commercial treaties with other nations followed. Post-1860, we find a significant rise in French intra-industry trade. Sectors that liberalized more experienced higher two-way trade. Our findings are consistent with the idea that trade liberalization led to "smooth adjustment" that avoided costly inter-sectoral re-allocations of factors.

Date: 2021-09
New Economics Papers: this item is included in nep-his and nep-int
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Published in Journal of Economic History, 2021, 81 (3), pp.688-722. ⟨10.1017/S0022050721000371⟩

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Related works:
Journal Article: The French (Trade) Revolution of 1860: Intra-Industry Trade and Smooth Adjustment (2021)
Working Paper: The French (Trade) Revolution of 1860: Intra-Industry Trade and Smooth Adjustment (2018)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-03466906

DOI: 10.1017/S0022050721000371

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