SWEET BUSINESS: QUANTIFYING THE VALUE ADDED IN THE BRITISH COLONIAL SUGAR TRADE IN THE 18THCENTURY

Abstract

ABSTRACTThere has been a lot of research into the economic contribution of the periphery to European economic development during the early modern era. This paper estimates quantitatively the value added in the sugar trade from the Caribbean to Britain in the 18thcentury. The trade generated a value equivalent to around 1 per cent of British gross domestic product (GDP) by the early 18thcentury, growing to 4 per cent of GDP a century later. The results show that the sugar trade constituted a dynamic and rapidly growing part of the British economy, most importantly the tertiary sector.