Cycles in the British Economy: 1790–1914
The previous chapter sought to outline the broad pattern of growth to which the British economy conforms, over the century and a quarter from about 1790 to 1914. Within the framework set by the expansion of population and total production, an attempt was made to establish and briefly to explore five periods during which the nature of new enterprise, in Britain and throughout the world, is judged to have given a distinctive cast to the movements of real wages, commodity prices, interest rates, and the terms of trade. The present chapter seeks to move an approximation closer to the pattern of economic events as they actually unfolded, by examining shortperiod fluctuations in total industrial output and employment.
KeywordsInterest Rate Trade Cycle Foreign Trade Money Market Full Employment
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