ABSTRACT
This chapter will pick up where the previous one left off: can one factor out the influence of war on inequality, industrialization and the standard of living prior to Pax Britannica?
Accumulation and crowding out: reprise Chapter 11 argued that between 1761 and 1820 the rate of accumulation would have been 1.43-1.74 per cent per annum higher in the absence of the war debt issue and crowding out. For the shorter period 1791-1820, the figures range between 2.27 and 2.42 per cent per annum higher. These counterfactual estimates will be used in the analysis underlying sections 4 and 5 below.
