Replication data for: Markets in China and Europe on the Eve of the Industrial Revolution

Principal Investigator(s):  View help for Principal Investigator(s) Carol H. Shiue; Wolfgang Keller

Version:  View help for Version V1

Name File Type Size Last Modified
ChinaAll text/plain 6.2 KB 12/07/2019 07:40:AM
ChinaPC text/plain 6.3 KB 12/07/2019 07:40:AM
ChinaR text/plain 6.5 KB 12/07/2019 07:40:AM
ChinaYD text/plain 6.4 KB 12/07/2019 07:40:AM
China_di.txt text/plain 169.3 KB 12/07/2019 07:40:AM
EU_18th text/plain 5.3 KB 12/07/2019 07:40:AM
EU_19th text/plain 5.2 KB 12/07/2019 07:40:AM
England text/plain 5.1 KB 12/07/2019 07:40:AM
EuG10_IC.txt text/plain 517.1 KB 12/07/2019 07:40:AM
Europe-Price-Codes.xls application/vnd.ms-excel 29.5 KB 12/07/2019 07:40:AM

Project Citation: 

Shiue, Carol H., and Keller, Wolfgang. Replication data for: Markets in China and Europe on the Eve of the Industrial Revolution. Nashville, TN: American Economic Association [publisher], 2007. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-12-07. https://doi.org/10.3886/E116285V1

Project Description

Summary:  View help for Summary 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)

Scope of Project

Subject Terms:  View help for Subject Terms Market integration; grain prices; law of one price; market efficiency
JEL Classification:  View help for JEL Classification
      N13 Economic History: Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations: Europe: Pre-1913
      N15 Economic History: Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations: Asia including Middle East
      O47 Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
Geographic Coverage:  View help for Geographic Coverage Europe, China
Time Period(s):  View help for Time Period(s) 1690 – 1850
Data Type(s):  View help for Data Type(s) survey data; administrative records data

Methodology

Data Source:  View help for Data Source London Gazette (newspaper), Qing price reporting system, and others
Unit(s) of Observation:  View help for Unit(s) of Observation Region, such as prefecture, county,

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V1 [2019-12-07]

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