Journal article
Korean expansion and decline from the seventeenth to the nineteenth century: a view suggested by Adam Smith
- Abstract:
- The first price runs for Korean rice help us develop a Smithian physiocratic model to explain the low, stable prices of the eighteenth century and the rising, volatile prices of the nineteenth. Ownership rights provided incentives, and productivity after 1600 exceeded subsistence to achieve rural commercialization. Infrastructure investment from the late seventeenth century promoted development and prosperity, but declining investment, dysfunctional institutions, bad weather, and a population crash pushed the economy towards subsistence in the nineteenth. Decline saw rice monoculture, inflation, and price volatility even before imperialism's impact. Parallels with China suggest an "East Asian" premodern agricultural model.
- Publication status:
- Published
- Peer review status:
- Peer reviewed
Actions
Authors
+ "Korean Research Foundation", "U. S. National Science Foundation"
More from this funder
- Funding agency for:
- Ho, J
- Publisher:
- Cambridge University Press
- Journal:
- Journal of Economic History More from this journal
- Volume:
- 68
- Issue:
- 1
- Pages:
- 244-282
- Publication date:
- 2008-01-01
- DOI:
- EISSN:
-
1471-6372
- ISSN:
-
0022-0507
- Language:
-
English
- Keywords:
- Subjects:
- UUID:
-
uuid:383093e0-555f-4af9-b9a0-729e7d2830c4
- Local pid:
-
ora:4278
- Deposit date:
-
2010-10-18
Terms of use
- Copyright holder:
- Cambridge University Press
- Copyright date:
- 2008
- Notes:
- The full-text of this article is not currently available in ORA, but you may be able to access the article via the publisher copy link on this record page.
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