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Volumn 10, Issue 4, 1996, Pages 432-450

The second hundred years war: Some reflections

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EID: 0007205814     PISSN: 02691191     EISSN: 14774542     Source Type: Journal    
DOI: 10.1093/fh/10.4.432     Document Type: Article
Times cited : (39)

References (52)
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    • However, Patrick O'Brien considers that, even though governments and Parliament allocated for military purposes a very large share of the taxes they raised, their policies were not derived from a 'Mercantilist vision' for empire and the domination of world commerce. But they were obsessed with national security and, one might add, for most of the political elite there was no security as long as France was not destroyed as a naval and commercial power. O'Brien, 'Power with profit: the state and the economy, 1688-1815', inaugural lecture delivered in the University of London (7 March 1991), pp. 1-3
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    • This is a problem which has been much discussed since a pioneering article by Williamson. In this author's view, the idea that there was some crowding-out has to be accepted. Beckett and Turner admit that high taxation reduced domestic demand and thus slowed down industrialization, but stress that successful wars opened new markets and new sources of raw materials, so that the crowding-out in the short term was more than made good in the long run, as the Industrial Revolution was made more secure. J. V. Beckett and M. Turner, 'Taxation and economic growth in eighteenth-century England', Econ Hist R, ser. 2, 43 (1990), 377-403
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    • The present author had previously maintained that it was mainly during the last twenty years of the eighteenth century that exports made a strong contribution to the growth of industrial output, but this view has been criticized by N. Crafts and is probably incorrect. Cf. F. Crouzet, Britain ascendant: comparative studies in Franco-British economic history (Cambridge and Paris, 1990), pp. 250-61 (reprinting an article of 1980)
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    • Cambridge
    • The debate on the relationship between the growth of foreign trade and the Industrial Revolution goes on. In the most recent synthesis of British economic history, two contributors (D. McCloskey and C. K. Harley) play down the influence of overseas trade; S. Engerman is rather inconclusive, but P. K. O'Brien sticks to his guns: it is 'necessary to escape from the preoccupations of liberal economists . . . with the opportunity costs of taxes and the crowding out effects of loans'; the policies of Hanoverian governments 'contributed positively (even significantly) to the long-term progress of the economy'. R. Floud and D. McCloskey (eds.), The economic history of Britain since 1700. I. 1700-1860 (Cambridge, 1994), p. 241
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    • O'Brien's chapter
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