The Rate of Growth of World Trade, 1830–1973

Abstract

Why did world trade grow so rapidly after the Second World War, up at least to the recession commencing in 1974? The growth rate from say 1953 to 1973 averaged 8.0 per cent per year. 1 The period immediately preceding the war was disastrous; 1913 to 1939 averaged only 0.9 per cent per year. But even in the so-called golden age of capitalism, say 1873 to 1913, the rate of growth of world trade averaged only 3.3 per cent per year. These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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