The British Balance of Payments, 1772-1820: India Transfers and War Finance
The Economic History Review, 54 (1):
58--86 (February 2001)Abstract
New annual estimates of Britain's net exports, carrying earnings, and mercantile profits in the slave trade and elsewhere, are combined with other figures into balance of payments accounts for 1772-1820. Major sources of error are identified, and readers' input is encouraged. Seemingly positive balances on current account to 1809 would qualify the alleged contribution of European foreigners to the British war effort or to British industrialization. Without the accumulated credits from India transfers since 1757, Britain's financing of land warfare during the French wars could have been compromised.