The rising share of British industrial exports in industrial output, 1700-1851

Ongoing research on British overseas trade does not support supply-side explanations of British industrialization. Contrary to widely publicized views, the share of British industrial exports in alternative measures of industrial output rose almost continuously throughout the period 1723 to 1851. This finding rests on the official values of British domestic exports, and it is confirmed by new annual estimates of Britain's domestic export values at current and constant prices from 1772 to 1821. Further research on prices, and on Britain's strikingly underutilized trade records, may lead to a more balanced perception of supply and demand forces during the Industrial Revolution.