This book provides a fascinating insight into the development of the nineteenth century Atlantic economy and the nature of contemporary migration. In particular the author argues that the assumption that the United States economy was the unmoved mover in the fluctuations of the international economy between 1860 and 1913 is incorrect. He presents evidence on regional housebuilding cycles in nineteenth-century Britain and shows that the British cycle was inverse to the American, and that both were primarily determined by demographic factors. From the mid-nineteenth century, Professor Thomas concludes, the countries of new settlement — America, Canada, Argentina and Australia — experienced long swings in urban development opposite in timing to those in Britain, the principal suppliers of funds. The result was a converse pattern of capital formation and export upsurges in Britain and her overseas borrowers.

This book was first published in 1972.