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The European Grain Invasion, 1870–1913

Published online by Cambridge University Press:  03 March 2009

Kevin H. O'Rourke
Kevin H. O'Rourke
Affiliation:
Statutory Lecturer in Economics, Department of Economics, University College Dublin, Belfield, Dublin 4, Ireland.
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Extract

The article quantifies the impact of cheap grain on the European economy in the late nineteenth century. Falling transport costs led to dramatic declines in Anglo-American grain price gaps, but price convergence was less impressive between the U.S. and other European economies, and within Europe. Cheaper grain meant lower rents throughout Europe, and protection boosted rents, but the magnitudes involved differed between countries. Similarly, cheap grain increased real wages in Britain, but lowered them elsewhere. The grain invasion implied different shocks across countries, and this partly explains the varying trade policies pursued in Europe during this period.

Type
Articles
Information
The Journal of Economic History , Volume 57 , Issue 4 , December 1997 , pp. 775 - 801
Copyright
Copyright © The Economic History Association 1997

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