Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/228173
Authors: 
Kelly, Morgan
Ó Gráda, Cormac
Solar, Peter M.
Year of Publication: 
2019
Series/Report no.: 
Working Paper Series No. WP19/25
Abstract: 
Shipping was central to the rise of the Atlantic economies, but an extremely hazardous activity: in the 1780s, roughly five per cent of British ships sailing in summer for the United States never returned. Against the widespread belief that shipping technology was stagnant before iron steamships, in this paper we demonstrate that between the 1780s and 1820s, a safety revolution occurred that saw shipping losses and insurance rates on oceanic routes almost halved thanks to steady improvements in shipbuilding and navigation. Iron reinforcing led to stronger vessels while navigation improved, not through chronometers which remained too expensive and unreliable for general use, but through radically improved charts, accessible manuals of basic navigational techniques, and improved shore-based navigational aids.
Subjects: 
shipping
insurance
Industrial Revolution
JEL: 
N00
N73
G22
Document Type: 
Working Paper

Files in This Item:
File
Size





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.