A1 Journal article (refereed)
Road to unity? : Nordic economic convergence in the long run (2023)

Bruno, L., Eloranta, J., Ojala, J., & Pehkonen, J. (2023). Road to unity? : Nordic economic convergence in the long run. Scandinavian Economic History Review, 71(3), 229-246. https://doi.org/10.1080/03585522.2022.2032318

JYU authors or editors

Publication details

All authors or editors: Bruno, Lars; Eloranta, Jari; Ojala, Jari; Pehkonen, Jaakko

Journal or series: Scandinavian Economic History Review

ISSN: 0358-5522

eISSN: 1750-2837

Publication year: 2023

Publication date: 20/03/2022

Volume: 71

Issue number: 3

Pages range: 229-246

Publisher: Routledge

Publication country: United Kingdom

Publication language: English

DOI: https://doi.org/10.1080/03585522.2022.2032318

Publication open access: Openly available

Publication channel open access: Partially open access channel

Publication is parallel published (JYX): https://jyx.jyu.fi/handle/123456789/80383

Abstract

This study examines Nordic economic convergence from the sixteenth to twentieth century respective of the economic leaders, in effect the UK before 1914 and USA thereafter. The paper uses a novel approach of combining the analysis of both GDP and wages. The examination of real GDP per capita suggests that there was a catch-up process in play, both with the economic leaders and among the Nordic states, from the early nineteenth century onwards. However, the examination of the adjusted silver wages suggests convergence among the Nordic economies by the end of the eighteenth century. Therefore, we argue, no single Nordic Model emerged from these development patterns, even though the Nordic states today do have striking similarities. Furthermore, they diverged from the West European growth path until the twentieth century, thus they were a part of the Little Divergence at Europe’s other peripheries. The world wars and other crises delayed the full impacts of the convergence process until the latter part of the twentieth century.

Keywords: national economy; economic development; gross domestic product; wages; convergence; economic history

Free keywords: convergence; Nordic countries; GDP; wages; catch up; little divergence

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Ministry reporting: Yes

Reporting Year: 2022

JUFO rating: 2