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European Economic Development: The Contribution of the Periphery
The Economic History Review
New Series, Vol. 35, No. 1 (Feb., 1982), pp. 1-18
Stable URL: http://www.jstor.org/stable/2595100
Page Count: 18
You can always find the topics here!Topics: International economics, Economic development, Imports, Commerce, Trade, International trade, Capitalism, Economic growth, Long run economic growth
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A new school of development history (Wallerstein, Frank, Amin et al) claims that the evolution of international commerce between core and periphery over long cycles of expansion and construction for three centuries after 1450 created conditions which form a significant part of the explanation for the accelerated rate of economic growth experienced by north-western Europe from 1750 onwards. This article attempts to measure the contribution of trade with the periphery for the growth of output and the formation of capital at the core; takes up the issues of supernormal profits and externalities supposedly generated by this trade; explores the impact of imported bullion on the European money supply and concludes: "for the economic growth of the core the periphery was peripheral".
The Economic History Review © 1982 Economic History Society