Access

You are not currently logged in.

Access your personal account or get JSTOR access through your library or other institution:

login

Log in to your personal account or through your institution.

If You Use a Screen Reader

This content is available through Read Online (Free) program, which relies on page scans. Since scans are not currently available to screen readers, please contact JSTOR User Support for access. We'll provide a PDF copy for your screen reader.

Wealth Bias in the First Global Capital Market Boom, 1870-1913

Michael A. Clemens and Jeffrey G. Williamson
The Economic Journal
Vol. 114, No. 495 (Apr., 2004), pp. 304-337
Published by: Wiley on behalf of the Royal Economic Society
Stable URL: http://www.jstor.org/stable/3590097
Page Count: 34
  • Read Online (Free)
  • Subscribe ($19.50)
  • Cite this Item
Since scans are not currently available to screen readers, please contact JSTOR User Support for access. We'll provide a PDF copy for your screen reader.
Wealth Bias in the First Global Capital Market Boom, 1870-1913
Preview not available

Abstract

Why do rich countries receive the lion's share of international investment flows? Although this wealth bias is strong today, it was even stronger during the first global capital market boom before 1913. Very little of British capital exports went to poor countries, whether colonies or not. This paper constructs panel data for 34 countries that as a group received 92% of British capital. It concludes that international capital market failure had only second-order effects on the geographical distribution of British capital. The three local fundamentals that mattered most were schooling, natural resources and demography.

Page Thumbnails

  • Thumbnail: Page 
304
    304
  • Thumbnail: Page 
305
    305
  • Thumbnail: Page 
306
    306
  • Thumbnail: Page 
307
    307
  • Thumbnail: Page 
308
    308
  • Thumbnail: Page 
309
    309
  • Thumbnail: Page 
310
    310
  • Thumbnail: Page 
311
    311
  • Thumbnail: Page 
312
    312
  • Thumbnail: Page 
313
    313
  • Thumbnail: Page 
314
    314
  • Thumbnail: Page 
315
    315
  • Thumbnail: Page 
316
    316
  • Thumbnail: Page 
317
    317
  • Thumbnail: Page 
318
    318
  • Thumbnail: Page 
319
    319
  • Thumbnail: Page 
320
    320
  • Thumbnail: Page 
321
    321
  • Thumbnail: Page 
322
    322
  • Thumbnail: Page 
323
    323
  • Thumbnail: Page 
324
    324
  • Thumbnail: Page 
325
    325
  • Thumbnail: Page 
326
    326
  • Thumbnail: Page 
327
    327
  • Thumbnail: Page 
328
    328
  • Thumbnail: Page 
329
    329
  • Thumbnail: Page 
330
    330
  • Thumbnail: Page 
331
    331
  • Thumbnail: Page 
332
    332
  • Thumbnail: Page 
333
    333
  • Thumbnail: Page 
334
    334
  • Thumbnail: Page 
335
    335
  • Thumbnail: Page 
336
    336
  • Thumbnail: Page 
337
    337