Income Convergence during the Disintegration of the World Economy, 1919-39
Some economists have argued that the process of disintegration of the world economy between the two world wars led to income divergence between the countries. This is in keeping with the view that economic integration leads to income convergence. The paper shows that the view that the period 1919-39 was associated with divergence of incomes among the rich countries is wrong. On the contrary, income convergence continued and even accelerated. Since the mid-19th century, incomes of rich countries tended to converge in peacetime regardless of whether their economies were more or less integrated. This, in turn, implies that it may not be trade and capital and labor flows that matter for income convergence but some other, less easily observable, forces like diffusion of information and technology.
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dig-okr-10986191782024-08-08T17:48:54Z Income Convergence during the Disintegration of the World Economy, 1919-39 Milanovic, Branko AVERAGE GROWTH RATE AVERAGE TARIFF AVERAGE TARIFF RATES BILATERAL ARRANGEMENTS BILATERAL TRADE BILATERAL TREATIES BLOC IMPORTS BONDS CAPITAL FLOWS COMMUNITY COUNTRIES CONSTANT PRICES COUNTRY-SPECIFIC EFFECTS CURRENCY CURRENT ACCOUNT CURRENT ACCOUNT BALANCE CURRENT ACCOUNT DEFICIT DEPENDENT VARIABLE ECONOMETRIC PROBLEMS ECONOMIC ACTIVITY ECONOMIC GROWTH ECONOMIC INTEGRATION ECONOMIC POLICY ECONOMIC SURVEYS ECONOMIC THEORY ECONOMISTS EMPIRICAL EVIDENCE EMPIRICAL SUPPORT ENDOGENOUS GROWTH ENDOGENOUS GROWTH MODEL EVIDENCE OF CONVERGENCE EXCHANGE RATE EXCHANGE RATES EXPORTERS EXPORTS FINANCIAL POSITION FOREIGN INVESTMENTS FOREIGN TECHNOLOGY FREE TRADE FREER TRADE GDP GDP PER CAPITA GINI COEFFICIENT GROWTH MODEL GROWTH RATE GROWTH RATES IMPORTS INCOME INCOME CONVERGENCE INCOME DIFFERENCES INCOME GAPS INCOMES INDUSTRIALIZATION INEQUALITY INVESTMENT RATE KNOWLEDGE SPILLOVER LESS DEVELOPED COUNTRIES LIVING STANDARDS LOCAL MARKET NEGATIVE COEFFICIENT NEGATIVE SLOPE NEIGHBORING COUNTRIES NON-TARIFF BARRIERS OIL OPENNESS PER CAPITA GROWTH POLICY RESEARCH POOR COUNTRIES POOR COUNTRY POPULATION GROWTH PRIMARY GOODS PRODUCTIVITY PROTECTIONISM PURCHASING POWER QUANTITATIVE RESTRICTIONS REAL WAGES REGIONAL BLOCS REGRESSION ANALYSIS SAVINGS SERIES DATA TARIFF BARRIERS TARIFF RATE TARIFF RATES TECHNOLOGICAL PROGRESS TRADE BARRIERS TRADE INTEGRATION TRADE VOLUMES TRADE] AREAS TRADING BLOCS VOLUME OF TRADE WAGE CONVERGENCE WAGES WORLD ECONOMY WORLD TRADE Some economists have argued that the process of disintegration of the world economy between the two world wars led to income divergence between the countries. This is in keeping with the view that economic integration leads to income convergence. The paper shows that the view that the period 1919-39 was associated with divergence of incomes among the rich countries is wrong. On the contrary, income convergence continued and even accelerated. Since the mid-19th century, incomes of rich countries tended to converge in peacetime regardless of whether their economies were more or less integrated. This, in turn, implies that it may not be trade and capital and labor flows that matter for income convergence but some other, less easily observable, forces like diffusion of information and technology. 2014-08-01T16:00:09Z 2014-08-01T16:00:09Z 2003-01 http://documents.worldbank.org/curated/en/2003/01/2126587/income-convergence-during-disintegration-world-economy-1919-39 https://hdl.handle.net/10986/19178 English en_US Policy Research Working Paper;No. 2941 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ application/pdf text/plain World Bank, Washington, DC |
| institution |
Banco Mundial |
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Biblioteca del Banco Mundial |
| language |
English en_US |
| topic |
AVERAGE GROWTH RATE AVERAGE TARIFF AVERAGE TARIFF RATES BILATERAL ARRANGEMENTS BILATERAL TRADE BILATERAL TREATIES BLOC IMPORTS BONDS CAPITAL FLOWS COMMUNITY COUNTRIES CONSTANT PRICES COUNTRY-SPECIFIC EFFECTS CURRENCY CURRENT ACCOUNT CURRENT ACCOUNT BALANCE CURRENT ACCOUNT DEFICIT DEPENDENT VARIABLE ECONOMETRIC PROBLEMS ECONOMIC ACTIVITY ECONOMIC GROWTH ECONOMIC INTEGRATION ECONOMIC POLICY ECONOMIC SURVEYS ECONOMIC THEORY ECONOMISTS EMPIRICAL EVIDENCE EMPIRICAL SUPPORT ENDOGENOUS GROWTH ENDOGENOUS GROWTH MODEL EVIDENCE OF CONVERGENCE EXCHANGE RATE EXCHANGE RATES EXPORTERS EXPORTS FINANCIAL POSITION FOREIGN INVESTMENTS FOREIGN TECHNOLOGY FREE TRADE FREER TRADE GDP GDP PER CAPITA GINI COEFFICIENT GROWTH MODEL GROWTH RATE GROWTH RATES IMPORTS INCOME INCOME CONVERGENCE INCOME DIFFERENCES INCOME GAPS INCOMES INDUSTRIALIZATION INEQUALITY INVESTMENT RATE KNOWLEDGE SPILLOVER LESS DEVELOPED COUNTRIES LIVING STANDARDS LOCAL MARKET NEGATIVE COEFFICIENT NEGATIVE SLOPE NEIGHBORING COUNTRIES NON-TARIFF BARRIERS OIL OPENNESS PER CAPITA GROWTH POLICY RESEARCH POOR COUNTRIES POOR COUNTRY POPULATION GROWTH PRIMARY GOODS PRODUCTIVITY PROTECTIONISM PURCHASING POWER QUANTITATIVE RESTRICTIONS REAL WAGES REGIONAL BLOCS REGRESSION ANALYSIS SAVINGS SERIES DATA TARIFF BARRIERS TARIFF RATE TARIFF RATES TECHNOLOGICAL PROGRESS TRADE BARRIERS TRADE INTEGRATION TRADE VOLUMES TRADE] AREAS TRADING BLOCS VOLUME OF TRADE WAGE CONVERGENCE WAGES WORLD ECONOMY WORLD TRADE AVERAGE GROWTH RATE AVERAGE TARIFF AVERAGE TARIFF RATES BILATERAL ARRANGEMENTS BILATERAL TRADE BILATERAL TREATIES BLOC IMPORTS BONDS CAPITAL FLOWS COMMUNITY COUNTRIES CONSTANT PRICES COUNTRY-SPECIFIC EFFECTS CURRENCY CURRENT ACCOUNT CURRENT ACCOUNT BALANCE CURRENT ACCOUNT DEFICIT DEPENDENT VARIABLE ECONOMETRIC PROBLEMS ECONOMIC ACTIVITY ECONOMIC GROWTH ECONOMIC INTEGRATION ECONOMIC POLICY ECONOMIC SURVEYS ECONOMIC THEORY ECONOMISTS EMPIRICAL EVIDENCE EMPIRICAL SUPPORT ENDOGENOUS GROWTH ENDOGENOUS GROWTH MODEL EVIDENCE OF CONVERGENCE EXCHANGE RATE EXCHANGE RATES EXPORTERS EXPORTS FINANCIAL POSITION FOREIGN INVESTMENTS FOREIGN TECHNOLOGY FREE TRADE FREER TRADE GDP GDP PER CAPITA GINI COEFFICIENT GROWTH MODEL GROWTH RATE GROWTH RATES IMPORTS INCOME INCOME CONVERGENCE INCOME DIFFERENCES INCOME GAPS INCOMES INDUSTRIALIZATION INEQUALITY INVESTMENT RATE KNOWLEDGE SPILLOVER LESS DEVELOPED COUNTRIES LIVING STANDARDS LOCAL MARKET NEGATIVE COEFFICIENT NEGATIVE SLOPE NEIGHBORING COUNTRIES NON-TARIFF BARRIERS OIL OPENNESS PER CAPITA GROWTH POLICY RESEARCH POOR COUNTRIES POOR COUNTRY POPULATION GROWTH PRIMARY GOODS PRODUCTIVITY PROTECTIONISM PURCHASING POWER QUANTITATIVE RESTRICTIONS REAL WAGES REGIONAL BLOCS REGRESSION ANALYSIS SAVINGS SERIES DATA TARIFF BARRIERS TARIFF RATE TARIFF RATES TECHNOLOGICAL PROGRESS TRADE BARRIERS TRADE INTEGRATION TRADE VOLUMES TRADE] AREAS TRADING BLOCS VOLUME OF TRADE WAGE CONVERGENCE WAGES WORLD ECONOMY WORLD TRADE |
| spellingShingle |
AVERAGE GROWTH RATE AVERAGE TARIFF AVERAGE TARIFF RATES BILATERAL ARRANGEMENTS BILATERAL TRADE BILATERAL TREATIES BLOC IMPORTS BONDS CAPITAL FLOWS COMMUNITY COUNTRIES CONSTANT PRICES COUNTRY-SPECIFIC EFFECTS CURRENCY CURRENT ACCOUNT CURRENT ACCOUNT BALANCE CURRENT ACCOUNT DEFICIT DEPENDENT VARIABLE ECONOMETRIC PROBLEMS ECONOMIC ACTIVITY ECONOMIC GROWTH ECONOMIC INTEGRATION ECONOMIC POLICY ECONOMIC SURVEYS ECONOMIC THEORY ECONOMISTS EMPIRICAL EVIDENCE EMPIRICAL SUPPORT ENDOGENOUS GROWTH ENDOGENOUS GROWTH MODEL EVIDENCE OF CONVERGENCE EXCHANGE RATE EXCHANGE RATES EXPORTERS EXPORTS FINANCIAL POSITION FOREIGN INVESTMENTS FOREIGN TECHNOLOGY FREE TRADE FREER TRADE GDP GDP PER CAPITA GINI COEFFICIENT GROWTH MODEL GROWTH RATE GROWTH RATES IMPORTS INCOME INCOME CONVERGENCE INCOME DIFFERENCES INCOME GAPS INCOMES INDUSTRIALIZATION INEQUALITY INVESTMENT RATE KNOWLEDGE SPILLOVER LESS DEVELOPED COUNTRIES LIVING STANDARDS LOCAL MARKET NEGATIVE COEFFICIENT NEGATIVE SLOPE NEIGHBORING COUNTRIES NON-TARIFF BARRIERS OIL OPENNESS PER CAPITA GROWTH POLICY RESEARCH POOR COUNTRIES POOR COUNTRY POPULATION GROWTH PRIMARY GOODS PRODUCTIVITY PROTECTIONISM PURCHASING POWER QUANTITATIVE RESTRICTIONS REAL WAGES REGIONAL BLOCS REGRESSION ANALYSIS SAVINGS SERIES DATA TARIFF BARRIERS TARIFF RATE TARIFF RATES TECHNOLOGICAL PROGRESS TRADE BARRIERS TRADE INTEGRATION TRADE VOLUMES TRADE] AREAS TRADING BLOCS VOLUME OF TRADE WAGE CONVERGENCE WAGES WORLD ECONOMY WORLD TRADE AVERAGE GROWTH RATE AVERAGE TARIFF AVERAGE TARIFF RATES BILATERAL ARRANGEMENTS BILATERAL TRADE BILATERAL TREATIES BLOC IMPORTS BONDS CAPITAL FLOWS COMMUNITY COUNTRIES CONSTANT PRICES COUNTRY-SPECIFIC EFFECTS CURRENCY CURRENT ACCOUNT CURRENT ACCOUNT BALANCE CURRENT ACCOUNT DEFICIT DEPENDENT VARIABLE ECONOMETRIC PROBLEMS ECONOMIC ACTIVITY ECONOMIC GROWTH ECONOMIC INTEGRATION ECONOMIC POLICY ECONOMIC SURVEYS ECONOMIC THEORY ECONOMISTS EMPIRICAL EVIDENCE EMPIRICAL SUPPORT ENDOGENOUS GROWTH ENDOGENOUS GROWTH MODEL EVIDENCE OF CONVERGENCE EXCHANGE RATE EXCHANGE RATES EXPORTERS EXPORTS FINANCIAL POSITION FOREIGN INVESTMENTS FOREIGN TECHNOLOGY FREE TRADE FREER TRADE GDP GDP PER CAPITA GINI COEFFICIENT GROWTH MODEL GROWTH RATE GROWTH RATES IMPORTS INCOME INCOME CONVERGENCE INCOME DIFFERENCES INCOME GAPS INCOMES INDUSTRIALIZATION INEQUALITY INVESTMENT RATE KNOWLEDGE SPILLOVER LESS DEVELOPED COUNTRIES LIVING STANDARDS LOCAL MARKET NEGATIVE COEFFICIENT NEGATIVE SLOPE NEIGHBORING COUNTRIES NON-TARIFF BARRIERS OIL OPENNESS PER CAPITA GROWTH POLICY RESEARCH POOR COUNTRIES POOR COUNTRY POPULATION GROWTH PRIMARY GOODS PRODUCTIVITY PROTECTIONISM PURCHASING POWER QUANTITATIVE RESTRICTIONS REAL WAGES REGIONAL BLOCS REGRESSION ANALYSIS SAVINGS SERIES DATA TARIFF BARRIERS TARIFF RATE TARIFF RATES TECHNOLOGICAL PROGRESS TRADE BARRIERS TRADE INTEGRATION TRADE VOLUMES TRADE] AREAS TRADING BLOCS VOLUME OF TRADE WAGE CONVERGENCE WAGES WORLD ECONOMY WORLD TRADE Milanovic, Branko Income Convergence during the Disintegration of the World Economy, 1919-39 |
| description |
Some economists have argued that the
process of disintegration of the world economy between the
two world wars led to income divergence between the
countries. This is in keeping with the view that economic
integration leads to income convergence. The paper shows
that the view that the period 1919-39 was associated with
divergence of incomes among the rich countries is wrong. On
the contrary, income convergence continued and even
accelerated. Since the mid-19th century, incomes of rich
countries tended to converge in peacetime regardless of
whether their economies were more or less integrated. This,
in turn, implies that it may not be trade and capital and
labor flows that matter for income convergence but some
other, less easily observable, forces like diffusion of
information and technology. |
| topic_facet |
AVERAGE GROWTH RATE AVERAGE TARIFF AVERAGE TARIFF RATES BILATERAL ARRANGEMENTS BILATERAL TRADE BILATERAL TREATIES BLOC IMPORTS BONDS CAPITAL FLOWS COMMUNITY COUNTRIES CONSTANT PRICES COUNTRY-SPECIFIC EFFECTS CURRENCY CURRENT ACCOUNT CURRENT ACCOUNT BALANCE CURRENT ACCOUNT DEFICIT DEPENDENT VARIABLE ECONOMETRIC PROBLEMS ECONOMIC ACTIVITY ECONOMIC GROWTH ECONOMIC INTEGRATION ECONOMIC POLICY ECONOMIC SURVEYS ECONOMIC THEORY ECONOMISTS EMPIRICAL EVIDENCE EMPIRICAL SUPPORT ENDOGENOUS GROWTH ENDOGENOUS GROWTH MODEL EVIDENCE OF CONVERGENCE EXCHANGE RATE EXCHANGE RATES EXPORTERS EXPORTS FINANCIAL POSITION FOREIGN INVESTMENTS FOREIGN TECHNOLOGY FREE TRADE FREER TRADE GDP GDP PER CAPITA GINI COEFFICIENT GROWTH MODEL GROWTH RATE GROWTH RATES IMPORTS INCOME INCOME CONVERGENCE INCOME DIFFERENCES INCOME GAPS INCOMES INDUSTRIALIZATION INEQUALITY INVESTMENT RATE KNOWLEDGE SPILLOVER LESS DEVELOPED COUNTRIES LIVING STANDARDS LOCAL MARKET NEGATIVE COEFFICIENT NEGATIVE SLOPE NEIGHBORING COUNTRIES NON-TARIFF BARRIERS OIL OPENNESS PER CAPITA GROWTH POLICY RESEARCH POOR COUNTRIES POOR COUNTRY POPULATION GROWTH PRIMARY GOODS PRODUCTIVITY PROTECTIONISM PURCHASING POWER QUANTITATIVE RESTRICTIONS REAL WAGES REGIONAL BLOCS REGRESSION ANALYSIS SAVINGS SERIES DATA TARIFF BARRIERS TARIFF RATE TARIFF RATES TECHNOLOGICAL PROGRESS TRADE BARRIERS TRADE INTEGRATION TRADE VOLUMES TRADE] AREAS TRADING BLOCS VOLUME OF TRADE WAGE CONVERGENCE WAGES WORLD ECONOMY WORLD TRADE |
| author |
Milanovic, Branko |
| author_facet |
Milanovic, Branko |
| author_sort |
Milanovic, Branko |
| title |
Income Convergence during the Disintegration of the World Economy, 1919-39 |
| title_short |
Income Convergence during the Disintegration of the World Economy, 1919-39 |
| title_full |
Income Convergence during the Disintegration of the World Economy, 1919-39 |
| title_fullStr |
Income Convergence during the Disintegration of the World Economy, 1919-39 |
| title_full_unstemmed |
Income Convergence during the Disintegration of the World Economy, 1919-39 |
| title_sort |
income convergence during the disintegration of the world economy, 1919-39 |
| publisher |
World Bank, Washington, DC |
| publishDate |
2003-01 |
| url |
http://documents.worldbank.org/curated/en/2003/01/2126587/income-convergence-during-disintegration-world-economy-1919-39 https://hdl.handle.net/10986/19178 |
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AT milanovicbranko incomeconvergenceduringthedisintegrationoftheworldeconomy191939 |
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1807159945138798592 |