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"Although many modern studies find large and significant effects of prior colonial status on bilateral trade, there is … very little empirical research that has focused on the contemporaneous impact of empire on trade. We employ a new database … of over 21,000 bilateral trade observations during the Age of High Imperialism, 1870-1913, to quantitatively assess the …
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"In a seminal contribution, Acemoglu, Johnson, and Robinson (2001) argue property-rights institutions powerfully affect national income, using estimated mortality rates of early European settlers to instrument capital expropriation risk. However 36 of the 64 countries in their sample are...
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otherwise entrenched first generation of wealthy industrialists; and remained open to foreign trade and capital. …
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