Work

British business cycles, 1270–1870

Year: 2025

Type: article

Abstract: Annual estimates of GDP constructed from the output side are used to analyse British business cycles between 1270 and 1870. After c.1670, the scale of recessions tended to diminish as the economy grew, diversified and became more resilient. Until c.1730, business cycles were driven largely by agricultural fluctuations, but shocks to industry and commerce became more important over time as the structure of the economy changed. A number of severe recessions can be identified, associated with harvest failures, disease outbreaks, wars and disruptions to commerce. Monetary and financial factors also played a role in some of these severe recessions.

Source: Cliometrica

DOI: 10.1007/s11698-025-00306-w

Authors: Stephen Broadberry, Bruce M. S. Campbell, Alexander Klein, Mark Overton, Bas van Leeuwen

Institutions: University of Oxford, Queen's University Belfast, University of Sussex, University of Exeter, Utrecht University

Language: English

Topic: Historical Economic and Social Studies

Subfield: Economics and Econometrics

Field: Economics, Econometrics and Finance

Domain: Social Sciences

SDG: Decent work and economic growth

Open Access status: hybrid

Estimated APC paid: $3,190