The Industrial Revolution and the Atlantic Economy: Selected by Thomas Brinley

By Thomas Brinley

In recent times it has turn into normal to downplay notions of an commercial revolution and argue as a substitute that Britain's transformation was once sluggish and incremental. within the commercial Revolution and the Atlantic economic system Brinley Thomas contests this view, arguing that modify within the strength base and for this reason in expertise has enabled Britain to beat an power drawback and maintain dramatic inhabitants progress. all through those essays illustrate the natural method of financial progress that Brinley Thomas pioneered.

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Now suppose that the increase in demand is not a once-and-for-all affair and that before the new equilibrium price is reached, the demand curve shifts upward to D3; assume again that, before the supply response gives an equilibrium at intersection point b, the demand curve moves up to D4. If the market behaves in this way, disequilibrium will persist and the price will continue to rise along the locus of the dotted line. The magnitude of this dynamic shortage depends on the extent of the demand shifts, the reaction speed in the market (the ratio of the rate of price rise to the excess demand) and the elasticities of demand and supply (see Arrow 1958 and Arrow and Capron 1959).

In the New Forest ‘the small number of trees of a size fit for the Navy in 1707, or could be cut in 40 years, containing not more than 1/15 part of what was growing in 1608, proves the account given of the devastation during the Civil Wars’ (House of Commons Journal 1788–9, 44:65). The Forest of Dean suffered intense exploitation during the period 1610–48. ‘The incessant assaults on the cover had much reduced the number and quality of its trees and the acreage of its coppices. Few forests had been attacked with equal intensity’ (Hart 1966:135).

This makes British imports from Sweden about 3,300 tons. If a quarter of British imports came from non-Swedish sources, the estimated total is 4,400 tons per annum. e. e. 1,000 tons a year. This gives a Swedish total of 5,600 tons. If a third of British 26 BRITAIN’S ENERGY CRISIS imports came from non-Swedish sources, the estimate for total British imports per annum in the 1650s is 8,400 tons. 7). We know that in 1695 just over 58 per cent of Gothenburg’s exports of iron went to England and Scotland (Heckscher 1936:475).

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