A1 Journal article (refereed)
Road to unity? : Nordic economic convergence in the long run (2022)


Bruno, L., Eloranta, J., Ojala, J., & Pehkonen, J. (2022). Road to unity? : Nordic economic convergence in the long run. Scandinavian Economic History Review, Early online. https://doi.org/10.1080/03585522.2022.2032318


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Publication details

All authors or editorsBruno, Lars; Eloranta, Jari; Ojala, Jari; Pehkonen, Jaakko

Journal or seriesScandinavian Economic History Review

ISSN0358-5522

eISSN1750-2837

Publication year2022

Publication date20/03/2022

VolumeEarly online

PublisherRoutledge

Publication countryUnited Kingdom

Publication languageEnglish

DOIhttps://doi.org/10.1080/03585522.2022.2032318

Publication open accessOpenly available

Publication channel open accessPartially 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.


Keywordsnational economyeconomic developmentgross domestic productwagesconvergenceeconomic history

Free keywordsconvergence; Nordic countries; GDP; wages; catch up; little divergence


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Ministry reportingYes

Reporting Year2022

JUFO rating2


Last updated on 2024-30-04 at 18:17