The lion's share: Britain's export performance revisited, 1899–1929

Abstract

The decline in the British share of world trade from the 1870s onward has been attributed to its failure to shift resources from low to high growth sectors, i.e. those of increasing importance in world trade. This thesis is examined for the period 1899–1929 using detailed data and a new method of constant market shares analysis. The results indicate that neither the adaptability of Britain's export sector nor the commodity or country pattern of world trade was working against it to a degree sufficient to account for most of its loss of share in world trade. Instead, the British loss of market share in its traditional exports to its traditional markets explains the overwhelming proportion of the decline.