The French (Trade) Revolution of 1860: Intra-Industry Trade and Smooth Adjustment

• 成果类型: Article
• 署名作者: Universite de Bordeaux; University of California System; University of California Davis; National Bureau of Economic Research
• 刊物名称: JOURNAL OF ECONOMIC HISTORY
• ISSN/ISSBN: 0022-0507
• DOI: 10.1017/S0022050721000371
• 发表日期: 2021
• 页码: 688-722
• 关键词: favored-nation clause; INTERNATIONAL-TRADE; LIBERALIZATION; COMPETITION; BILATERALISM

摘要

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.