Commodity Exports, Invisible Exports and Terms of Trade for the Middle Colonies, 1720 to 1775

39 Pages Posted: 15 Sep 2008 Last revised: 2 Sep 2022

See all articles by Peter C. Mancall

Peter C. Mancall

University of Southern California - Department of History

Joshua L. Rosenbloom

National Bureau of Economic Research (NBER); Iowa State University - Department of Economics

Thomas Weiss

University of Kansas - Department of Economics; National Bureau of Economic Research (NBER)

Date Written: September 2008

Abstract

Economic historians of the eighteenth-century British mainland North American colonies have given considerable weight to the role of exports as a stimulus for economic growth. Yet their analyses have been handicapped by reliance on one or two time series to serve as indicators of broader changes rather than considering the export sector as a whole. Here we present new comprehensive export measures for the middle colonies. We find that aggregate exports in constant prices grew very quickly, but barely faster than population during the period under consideration. Furthermore, improvements in the terms of trade increased the colonists' ability to buy imports over time, especially after 1740. Although the export sector performed well, it constituted a relatively small part of the region's economy. It is uncertain if this export success was sufficient to propel the entire economy at a rate that exceeded the growth of population.

Suggested Citation

Mancall, Peter C. and Rosenbloom, Joshua L. and Weiss, Thomas, Commodity Exports, Invisible Exports and Terms of Trade for the Middle Colonies, 1720 to 1775 (September 2008). NBER Working Paper No. w14334, Available at SSRN: https://ssrn.com/abstract=1267565

Peter C. Mancall

University of Southern California - Department of History ( email )

Los Angeles, CA 90089
United States

Joshua L. Rosenbloom (Contact Author)

National Bureau of Economic Research (NBER)

1050 Massachusetts Avenue
Cambridge, MA 02138
United States

Iowa State University - Department of Economics ( email )

260 Heady Hall
Ames, IA 50011
United States

Thomas Weiss

University of Kansas - Department of Economics ( email )

Lawrence, KS 66049
United States

National Bureau of Economic Research (NBER)

1050 Massachusetts Avenue
Cambridge, MA 02138
United States

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