Growth of the International Economy, 1820-1960

Both the authors are Senior Lecturers in Economics at the University of Queensland, one specializing in Economic History, and the other in International Trade. Between them they have written a textbook of very high quality and one likely to be a great help to students.

• Introduction Part I: The International Economy, 1820-1913 1. The causes of the growth of the international economy in the nineteenth century Technological progress: industry and agricultureTechnological progress: transport and communicationsThe accumulation of capitalThe growth of world populationThe supply of natural resourcesThe growth of real incomesThe spread of economic freedom2. International long-term capital movements, 1820-1913 The growth of foreign investmentThe direction of foreign investmentDeterminants of capital outflowThe use of foreign funds in borrowing countriesEconomic consequences of foreign investment3. International migration, 1820-1913 European migration, 1821-1913Migration and its causesAids to mass emigrationEconomic consequences of migrationIntracontinental migrationAsiatic migration and tropical development4. Commercial policy in the nineteenth century Britain adopts free tradeThe spread of free tradeThe consequences of free tradeThe return to protectionThe economic consequences of protection5. Foreign trade in the nineteenth century The growth of world trade before 1913The direction of world trade before 1913The composition of world trade before 1913Conclusion6. The growth of a multilateral payments network IntroductionDevelopment of the systemForeign investment and the multilateral settlements networkConcluding remarks7. The growth of an international monetary system: the gold standard before 1913 Bimetallic and monometallic standardsBritain adopts the gold standardInternational monetary standards up to 1870The spread of the gold standardThe role of sterling as an international currency and the importance of the London capital marketThe working of the gold standardDivergence between classical theory and empirical evidenceOther features of the adjustment mechanismConclusion8. International aspects of economic growth in the nineteenth century: the spread of industrialization IntroductionThe spread of industrializationThe contribution of the international economyCauses of the limited spread of industrializationConclusion9. International aspects of economic growth in the nineteenth century: the export economies IntroductionRegions of recent settlementThe export economiesEconomic imperialism and colonialism10. Trends and fluctuations in the international economy before 1913 The international transmission of business cyclesLong swings and the international economyLong-run trends in the terms of tradePart II: The Interwar Years 11. The international economy in the interwar years Primary productionPopulation growth and migrationManufacturing productionThe intensification of protectionism12. The restoration of the gold standard and the economic recovery of the twenties Post-war inflation and the restoration of the gold standardWeaknesses in the post-war gold standard:international investmentInstitutional weaknesses of the restored gold standardThe economic boom of the late twenties13. The collapse of the gold standard and the disintegration of the international economy Crisis in agricultureFinancial crisis in EuropeThe end of the gold standardGrowth of restrictions on finance and tradeInternational financial co-operationRegional economic co-operationInternational commodity control schemesConclusion14. International trade during the interwar period The growth of world trade in the interwar yearsThe direction of world trade between the warsThe changing composition of world tradeDiminishing trade hypothesisPart III: The Post-1945 International Economy 15. Wartime preparations for the future international economy and post-war reconstruction The International Monetary FundThe International Bank for Reconstruction and DevelopmentPost-war reconstruction16. The international economy in the 1950s Population growth and migrationInternational capital flows: private investmentInternational capital flows: foreign aid and official long-term loansTechnological change and world tradeConclusion17. The international monetary system, 1945-60 Performance of the system, 1945-52Performance of the system, 1953-6018. International commercial policy, 1945-60 The International Trade OrganizationThe inauguration of GATTDiscrimination in trade relationsRegional trading blocsInternational commodity agreementsConclusion19. Trade and growth in the international economy, 1945-60: the developed economies Trends in tradeEconomic growth in the developed economies, 1945-6020. Trade and growth in the international economy, 1945-60: the developing and centrally-planned economies The developing economiesThe centrally-planned economies21. Epilogue Index