The Development of Infrastructure

Summerhill, William R.

doi:10.1017/chol9780521812900.010

Cited by 24 publications

(19 citation statements)

References 11 publications

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“…The transport revolution of the late 19th century is a well-documented process and its trade-creating effects in the 19th century have been studied by Williamson and O'Rourke (1999). Economic historians have shown that before the construction of railways transportation costs were prohibitively high in wide parts of the Americas and Asia (Summerhill, 2006). The development of railway infrastructure opened up the American west, the Argentinian Pampas, and East and South Asia (Summerhill, 2006).…”

Section: Transport Revolution and Land Supplymentioning

confidence: 99%

“…Economic historians have shown that before the construction of railways transportation costs were prohibitively high in wide parts of the Americas and Asia (Summerhill, 2006). The development of railway infrastructure opened up the American west, the Argentinian Pampas, and East and South Asia (Summerhill, 2006). Glaeser and Kohlhase (2004) calculate that the average cost of moving a ton a mile was 18.5 cents (in 2001 Dollars) in 1890 but had fallen to 2.3 cents at the beginning of the 2000s, with about half of the drop occurring between 1890 and World War I.…”

Section: Transport Revolution and Land Supplymentioning

confidence: 99%

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No Price Like Home: Global House Prices, 1870–2012

Knoll

Schularick

Steger

2017

American Economic Review

369

258

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How have house prices evolved in the long-run? This paper presents annual house price indices for 14 advanced economies since 1870. Based on extensive data collection, we are able to show for the first time that house prices in most industrial economies stayed constant in real terms from the 19th to the mid-20th century, but rose sharply in recent decades. Land prices, not construction costs, hold the key to understanding the trajectory of house prices in the long-run. Residential land prices have surged in the second half of the 20th century, but did not increase meaningfully before. We argue that before World War II dramatic reductions in transport costs expanded the supply of land and suppressed land prices. Since the mid-20th century, comparably large land-augmenting reductions in transport costs no longer occurred. Increased regulations on land use further inhibited the utilization of additional land, while rising expenditure shares for housing services increased demand.

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Section: Transport Revolution and Land Supplymentioning

confidence: 99%

Section: Transport Revolution and Land Supplymentioning

confidence: 99%

No Price Like Home: Global House Prices, 1870–2012

Knoll

Schularick

Steger

2017

American Economic Review

369

258

View full text Add to dashboard Cite

show abstract

“…Economic historians have shown that before the construction of railways transportation costs were prohibitively high in wide parts of the Americas and Asia (Summerhill, 2006). The development of railway infrastructure opened up the American west, the Argentinian Pampas, and East and South Asia (Summerhill, 2006). calculate that the average cost of moving a ton a mile was 18.5 cents (in 2001 Dollars) in 1890 but had fallen to 2.3 cents at the beginning of the 2000s, with about half of the drop occurring between 1890 and World War I.…”

Section: Transport Revolution and Land Supplymentioning

confidence: 99%

No Price Like Home: Global House Prices, 1870–2012

Knoll¹,

Schularick²,

Steger³

2014

gwp

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“…3 See among others, Summerhill (2006), Cortés Conde (1979) and Coatsworth (1979), for economic histories of these processes. Between 1870 and 1930, the length of railway tracks in service in Latin America went from practically zero to approximately 150000 kilometers; see Sanz Fernandez (1998).…”

mentioning

confidence: 99%

“…A first issue regards the incentives for expropriation perceived by a democracy and an oligarchy when the contractual price of the transport service has already been fixed. In order to study this question we characterize the deci-5 See Summerhill (2006). 6 To the extend this effect generates a conflict between the elite and the workers, our paper contributes to a recent literature on the links between trade and social conflict.…”

mentioning

confidence: 99%

Investment and Expropriation under Oligarchy and Democracy in a Heckscher-Ohlin World

2008

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We study the incentives to expropriate foreign capital under democracy and oligarchy. We model a two-sector small open economy where foreign investment triggers Stolper-Samuelson effects through reducing exporting costs. We show how incentives to expropriate depend on the distributional effects of the investment and on how these affect the interests of the group in power. How investment affects the incomes of the different groups in society depends on the sectors where these investments are undertaken and on structural features of the economy such as factor intensities. We characterize expropriation equilibria and show that if investment is undertaken in the sector that uses labor less intensively; democracies are generally more prone to expropriate. This result provides one possible rationalization for the wave of expropriations in Latin America under governments with a broad popular base during the 20th Century. Abstract

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The Development of Infrastructure

Cited by 24 publications

References 11 publications

No Price Like Home: Global House Prices, 1870–2012

No Price Like Home: Global House Prices, 1870–2012

No Price Like Home: Global House Prices, 1870–2012

Investment and Expropriation under Oligarchy and Democracy in a Heckscher-Ohlin World

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