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

Stéphane Becuwe, Bertrand Blancheton (bertrand.blancheton@u-bordeaux.fr) and Christopher Meissner

No 25173, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: The Cobden-Chevalier treaty of 1860 eliminated many French import prohibitions and lowered tariffs between France and Britain. Policy change was largely unexpected and unusually free from direct lobbying. A series of commercial treaties with other nations followed because of the use of the unconditional-MFN clause. Post-1860 in France, we find a significant rise in intra-industry trade. On average, rising imports did not prejudice exports. Liberalization allowed for an expansion of two-way trade in differentiated products. The findings are consistent with the “smooth adjustment” hypothesis. Anti-competitive, protectionist lobbying apparent from 1878 was not necessarily a backlash to enhanced international competition.

JEL-codes: F13 F14 N7 (search for similar items in EconPapers)
Date: 2018-10
New Economics Papers: this item is included in nep-his and nep-int
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Published as Stéphane Becuwe & Bertrand Blancheton & Christopher M. Meissner, 2021. "The French (Trade) Revolution of 1860: Intra-Industry Trade and Smooth Adjustment," The Journal of Economic History, vol 81(3), pages 688-722.

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Journal Article: The French (Trade) Revolution of 1860: Intra-Industry Trade and Smooth Adjustment (2021)
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