The anatomy of a trade collapse: the UK, 1929-1933

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    A recent literature explores the nature and causes of the collapse in international trade during 2008 and 2009. The decline was particularly great for automobiles and industrial supplies; it occurred largely along the intensive margin; quantities fell by more than prices; and prices fell less for differentiated products. Do these ‘stylised facts’ apply to trade collapses more generally? This paper uses detailed, commodity-specific information on UK imports between 1929 and 1933, to see to what extent the trade collapses of the Great Depression and Great Recession resembled each other. It also compares the free trading trade collapse of 1929-31 with the protectionist collapse of 1931-3, to see to what extent protection, and gradual recovery from the Great Depression, mattered for UK trade patterns.


    • The anatomy of a trade collapse: The UK, 1929-33

      Rights statement: © 2018 The Authors. Published by Oxford University Press on behalf of the European Historical Economics Society. This work is made available online in accordance with the publisher’s policies. Please refer to any applicable terms of use of the publisher.

      Accepted author manuscript, 767 KB, PDF-document

      Embargo ends: 16/11/2020


    Original languageEnglish
    Number of pages22
    JournalEuropean Review of Economic History
    Journal publication date16 Nov 2018
    Early online date16 Nov 2018
    Publication statusEarly online date - 16 Nov 2018

    ID: 159461888