The French (Trade) Revolution of 1860: Intra-Industry Trade and Smooth Adjustment
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EN
Article de revue
Ce document a été publié dans
Journal of Economic History. 2021-09-01, vol. 81, n° 3, p. 688-722
Résumé en anglais
The Cobden-Chevalier treaty of 1860 eliminated French import prohibitions and lowered tariffs between France and Great Britain. The policy change was largely unexpected and unusually free from direct lobbying. A series of ...Lire la suite >
The Cobden-Chevalier treaty of 1860 eliminated French import prohibitions and lowered tariffs between France and Great Britain. The policy change was largely unexpected and unusually free from direct lobbying. A series of commercial treaties with other nations followed. Post-1860, we find a significant rise in French intra-industry trade. Sectors that liberalized more experienced higher two-way trade. Our findings are consistent with the idea that trade liberalization led to “smooth adjustment” that avoided costly inter-sectoral re-allocations of factors.< Réduire
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