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. © 2008 The Economic History Association.

Publication status:: Published

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APA Style

Ho, J., Lewis, J., & Han-Rog, K. (2008). Korean expansion and decline from the seventeenth to the nineteenth century: A view suggested by Adam Smith. JOURNAL OF ECONOMIC HISTORY, 68(1), 244–282.

MLA Style

Ho, J., et al. “Korean Expansion and Decline from the Seventeenth to the Nineteenth Century: A View Suggested by Adam Smith.” JOURNAL OF ECONOMIC HISTORY, vol. 68, no. 1, 2008, pp. 244–82.

Chicago Style

Ho, J, J Lewis, and K Han-Rog. 2008. “Korean Expansion and Decline from the Seventeenth to the Nineteenth Century: A View Suggested by Adam Smith.” JOURNAL OF ECONOMIC HISTORY 68 (1): 244–82.
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Publisher copy:: 10.1017/S0022050708000089

Authors

+ Ho, J More by this author

Role:: Author

+ Lewis, J More by this author

Institution:: University of Oxford
Division:: HUMS
Department:: Oriental Studies Faculty
Role:: Author

+ Han-Rog, K More by this author

Role:: Author

Journal:: JOURNAL OF ECONOMIC HISTORY More from this journal
Volume:: 68
Issue:: 1
Pages:: 244-282
Publication date:: 2008-03-01
DOI:: 10.1017/S0022050708000089
EISSN:: 1471-6372
ISSN:: 0022-0507

Language:: English
Pubs id:: pubs:145053
UUID:: uuid:5231265b-082c-45df-a5e1-471fd6ea09be
Local pid:: pubs:145053
Source identifiers:: 145053
Deposit date:: 2012-12-19

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Copyright date:: 2008

Licence:: Terms and Conditions of Use for Oxford University Research Archive

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