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Domestic markets and international integration: paths to industrialisation in the Nordic countries

Domestic markets and international integration: paths to industrialisation in the Nordic countries Abstract This article scrutinises the role of structural change and foreign trade in the Nordic countries, except Iceland, in industrialization prior to 1914. Sector contribution to GDP as well as the role of the foreign trade is compared across the countries. The comparison uncovers different paths to industrialization that cannot be explained by reference to received views, such as the shock of free trade or open economy forces. Denmark was not only richer than the rest of the ‘Nordic Periphery’ but also earlier in industrialization. Furthermore, agriculture had a much neglected role in Swedish catch-up, and despite its relatively large export sector, Norway lagged behind, as did Finland. Economic growth was characterised not only by rising exports but also by capital imports and increasing consumption, indicating wider economic and social change. Different sector structures in the Nordic countries largely explain why there was no clear pattern of catch-up or convergence, neither in the region nor in relation to the Western European leaders. We conclude that the social capability of the Nordic countries to integrate and respond to external influences 1850–1914 must be seen in the perspective of the evolving domestic markets and the prior establishment of market institutions. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Scandinavian Economic History Review Taylor & Francis

Domestic markets and international integration: paths to industrialisation in the Nordic countries

21 pages

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References (51)

Publisher
Taylor & Francis
Copyright
Copyright Taylor & Francis Group, LLC
ISSN
1750-2837
eISSN
0358-5522
DOI
10.1080/03585522.2013.784214
Publisher site
See Article on Publisher Site

Abstract

Abstract This article scrutinises the role of structural change and foreign trade in the Nordic countries, except Iceland, in industrialization prior to 1914. Sector contribution to GDP as well as the role of the foreign trade is compared across the countries. The comparison uncovers different paths to industrialization that cannot be explained by reference to received views, such as the shock of free trade or open economy forces. Denmark was not only richer than the rest of the ‘Nordic Periphery’ but also earlier in industrialization. Furthermore, agriculture had a much neglected role in Swedish catch-up, and despite its relatively large export sector, Norway lagged behind, as did Finland. Economic growth was characterised not only by rising exports but also by capital imports and increasing consumption, indicating wider economic and social change. Different sector structures in the Nordic countries largely explain why there was no clear pattern of catch-up or convergence, neither in the region nor in relation to the Western European leaders. We conclude that the social capability of the Nordic countries to integrate and respond to external influences 1850–1914 must be seen in the perspective of the evolving domestic markets and the prior establishment of market institutions.

Journal

Scandinavian Economic History ReviewTaylor & Francis

Published: Jun 1, 2013

Keywords: Convergence; industrialization; structural change; foreign trade; N13; O14

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