Advertisement

Previous Empirical Research

  • Klas RönnbäckEmail author
  • Oskar Broberg
Chapter
Part of the Palgrave Studies in Economic History book series (PEHS)

Abstract

This chapter presents previous research that has attempted to study private gains from investing in colonies—measured either as the profitability of companies or the return on investment enjoyed by investors. The chapter describes how these studies have been delineated in time and space and also what methods and data have been employed. The chapter concludes by showing the gap in the previous literature that this book aims to fill.

References

  1. Acheson, Graeme G., Charles R. Hickson, John D. Turner, and Qing Ye. 2009. Rule Britannia! British Stock Market Returns, 1825–1870. The Journal of Economic History 69 (4): 1107–1137.Google Scholar
  2. Afrifa-Taylor, Ayowa. 2006. An Economic History of the Ashanti Goldfields Corporation, 1895–2004: Land, Labour, Capital and Enterprise. Ph.D. Dissertation, London School of Economics and Political Science.Google Scholar
  3. Annaert, Jan, Frans Buelens, and Marc J.K. De Ceuster. 2012. New Belgian Stock Market Returns: 1832–1914. Explorations in Economic History 49 (2): 189–204.Google Scholar
  4. Bonin, Hubert. 2010. History of the Suez Canal Company 1858–2008. Geneva: Droz.Google Scholar
  5. Buelens, Frans, and Ewout Frankema. 2015. Colonial Adventures in Tropical Agriculture: New Estimates of Returns to Investment in the Netherlands Indies, 1919–1938. Cliometrica, May, 1–28.Google Scholar
  6. Buelens, Frans, and Stefaan Marysse. 2009. Returns on Investments during the Colonial Era: The Case of the Belgian Congo. The Economic History Review 62 (s1): 135–166.Google Scholar
  7. Chabot, Benjamin R., and Christopher J. Kurz. 2010. That’s Where the Money Was: Foreign Bias and English Investment Abroad, 1866–1907. The Economic Journal 120 (547): 1056–1079.Google Scholar
  8. Chilvers, Hedley A. 1939. The Story of De Beers: With Some Notes on the Company’s Financial, Farming, Railway and Industrial Activities in Africa and Some Introductory Chapters on the River Diggings and Early Kimberley. London: Cassell and Co.Google Scholar
  9. Cunningham, Simon. 1981. The Copper Industry in Zambia: Foreign Mining Companies in a Developing Country. New York: Praeger.Google Scholar
  10. Davis, Lance, and Robert Huttenback. 1982. The Political Economy of British Imperialism: Measures of Benefits and Support. The Journal of Economic History 42 (1): 119–130.Google Scholar
  11. ———. 1986. Mammon and the Pursuit of Empire: The Political Economy of British Imperialism, 1860–1912. Cambridge: Cambridge University Press.Google Scholar
  12. ———. 1988. Mammon and the Pursuit of Empire: The Economics of British Imperialism. Abridged ed. Cambridge: Cambridge University Press.Google Scholar
  13. Dimson, Elroy, Paul Marsh, and Mike Staunton. 2002. Triumph of the Optimists: 101 Years of Global Investment Returns. Princeton, NJ: Princeton University Press.Google Scholar
  14. ———. 2016. Credit Suisse Global Investment Returns Sourcebook 2016. Credit Suisse Research Institute.Google Scholar
  15. Edelstein, Michael. 1970. The Rate of Return to U.K. Home and Foreign Investment, 1870–1913. Ph.D. Dissertation, University of Pennsylvania.Google Scholar
  16. ———. 1976. Realized Rates of Return on UK Home and Overseas Portfolio Investment in the Age of High Imperialism. Explorations in Economic History 13 (3): 283–329.Google Scholar
  17. ———. 1982. Overseas Investment in the Age of High Imperialism: The United Kingdom, 1850–1914. London: Methuen.Google Scholar
  18. Eitrheim, Øyvind, Jan T. Klovland, and Jan F. Qvigstad. 2004. Historical Monetary Statistics for Norway 1819–2003. Vol. 35. Oslo: Norges Bank.Google Scholar
  19. Esteves, Rui. 2011. The Belle Epoque of International Finance: French Capital Exports, 1880–1914. SSRN Working Paper.Google Scholar
  20. Frankel, S. Herbert. 1935. Return to Capital Invested in the Witwatersrand Gold-Mining Industry, 1887–1932. The Economic Journal 45 (177): 67–76.Google Scholar
  21. ———. 1967. Investment and the Return to Equity to Capital in the South African Gold Mining Industry 1887–1965: An International Comparison. Oxford: Basil Blackwell.Google Scholar
  22. Goetzmann, William N., Roger G. Ibbotson, and Liang Peng. 2001. A New Historical Database for the NYSE 1815 to 1925: Performance and Predictability. Journal of Financial Markets 4 (1): 1–32.Google Scholar
  23. Grossman, Richard S. 2002. New Indices of British Equity Prices, 1870–1913. The Journal of Economic History 62 (1): 121–146.Google Scholar
  24. ———. 2015. Bloody Foreigners! Overseas Equity on the London Stock Exchange, 1869–1929. The Economic History Review 68 (2): 471–521.Google Scholar
  25. ———. 2017. Stocks for the Long Run: New Monthly Indices of British Equities, 1869–1929. CEPR Discussion Paper No. DP12121.Google Scholar
  26. ———. 2018. Revising ‘Bloody Foreigners! The Economic History Review 71 (4): 1357–1359.Google Scholar
  27. Hannah, Leslie. 2018. The London Stock Exchange, 1869–1929: New Statistics for Old? Economic History Review 71 (4): 1349–1356.Google Scholar
  28. Hansen, Bent, and Khairy Tourk. 1978. The Profitability of the Suez Canal as a Private Enterprise, 1859–1956. The Journal of Economic History 38 (4): 938–958.Google Scholar
  29. Hopkins, Anthony G. 1976. Imperial Business in Africa Part II. Interpretations. The Journal of African History 17 (2): 267–290.Google Scholar
  30. ———. 1988. Accounting for the British Empire. The Journal of Imperial and Commonwealth History 16 (2): 234–247.Google Scholar
  31. Innes, Duncan. 1983. Anglo American and the Rise of Modern South Africa. London: Heinemann Educational.Google Scholar
  32. Jordà, Oscar, Katharina Knoll, Dmitry Kuvshinov, Moritz Schularick, and Alan Taylor. 2019. The Rate of Return on Everything, 1870–2015. Quarterly Journal of Economics. Forthcoming.Google Scholar
  33. Jorion, Philippe, and William N. Goetzmann. 1999. Global Stock Markets in the Twentieth Century. The Journal of Finance 54 (3): 953–980.Google Scholar
  34. Katzenellenbogen, Simon. 1973. Railways and the Copper Mines of Katanga. Oxford: Clarendon press.Google Scholar
  35. ———. 1975. The Miner’s Frontier, Transport and General Economic Development. In Colonialism in Africa, 1870–1960: The Economics of Colonialism, ed. P. Duignan and L.H. Gann, 360–426. Cambridge: Cambridge University Press.Google Scholar
  36. Kubicek, Robert. 1979. Economic Imperialism in Theory and Practice. Durham, NC: Duke University Center for International Studies Publication.Google Scholar
  37. Mollan, S.M. 2009. Business Failure, Capital Investment and Information: Mining Companies in the Anglo-Egyptian Sudan, 1900–13. The Journal of Imperial and Commonwealth History 37 (2): 229–248.Google Scholar
  38. Munro, J. Forbes. 1981. Monopolists and Speculators: British Investment in West African Rubber, 1905–1914. The Journal of African History 22 (2): 263–278.Google Scholar
  39. ———. 1983. British Rubber Companies in East Africa before the First World War. The Journal of African History 24 (3): 369–379.Google Scholar
  40. ———. 1984. Britain in Tropical Africa, 1880–1960: Economic Relationships and Impact. London: Macmillan.Google Scholar
  41. Newbury, Cecil. 2009. Cecil Rhodes, De Beers and Mining Finance in South Africa: The Business of Entrepreneurship and Imperialism. In Mining Tycoons in the Age of Empire, 1870–1945: Entrepreneurship, High Finance, Politics and Territorial Expansion, ed. Raymond Dumett, 85–108. Farnham: Ashgate.Google Scholar
  42. Porter, Andrew. 1988. The Balance Sheet of Empire, 1850–1914. The Historical Journal 31 (3): 685–699.Google Scholar
  43. Rönnbäck, Klas, and Oskar Broberg. 2018. All That Glitters Is Not Gold: The Return on British Investments in South Africa, 1869–1969. Studies in Economics and Econometrics 42 (2): 61–79.Google Scholar
  44. Svedberg, Peter. 1982. The Profitability of UK Foreign Direct Investment under Colonialism. Journal of Development Economics 11 (3): 273–286.Google Scholar
  45. Tignor, Robert. 2007. The Business Firm in Africa. Business History Review 81: 87–110.Google Scholar
  46. Waldenström, Daniel. 2014. Swedish Stock and Bond Returns, 1856–2012. In Historical monetary and financial statistics for Sweden, vol. 2, ed. Rodney Edvinsson, Tor Jacobson, and Daniel Waldenström, 223–292. Stockholm: Sveriges Riksbank and Ekerlids förlag.Google Scholar

Copyright information

© The Author(s) 2019

Authors and Affiliations

  1. 1.Department of Economy and SocietyUniversity of GothenburgGothenburgSweden

Personalised recommendations