Markets in China and Europe on the Eve of the Industrial Revolution

中国 工业化 经济 西欧 激励 市场经济 国内市场 市场份额 经济 国际经济学 国际贸易 欧洲联盟 政治学 财务 法学
作者
Wolfgang Keller,Wolfgang Keller
出处
期刊:The American Economic Review [American Economic Association]
卷期号:97 (4): 1189-1216 被引量:272
标识
DOI:10.1257/aer.97.4.1189
摘要

Why did Western Europe industrialize first? An influential view holds that its exceptionally well-functioning markets supported with a certain set of institutions provided the incentives to make investments needed to industrialize. This paper examines this hypothesis by comparing the actual performance of markets in terms of market integration in Western Europe and China, two regions that were relatively advanced in the preindustrial period, but would start to industrialize about 150 years apart. We find that the performance of markets in China and Western Europe overall was comparable in the late eighteenth century. Market performance in England was higher than in the Yangzi Delta, and markets in England also performed better than those in continental Western Europe. This suggests strong market performance may be necessary, but it is not sufficient for industrialization. Rather than being a key condition for subsequent growth, improvements in market performance and growth occurred simultaneously. (JEL N13, N15, O47)
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