NBER Series on Long-Term Factors in Economic Development
1 total work
This study traces the American whaling industry from its rise in the 1840s to its precipitous fall at the end of the 19th century. It uses detailed and comprehensive data to describe more than 4000 whaling voyages from New Bedford, Massachusetts, and explores the market for whale products, crew quality and labour contracts, and whale biology and distribution. It also assesses the productivity of the American fleet, and examines the new whaling techniques developed at the end of the 19th century. Despite the common belief that the whaling industry declined due to a fall in whale stocks, the authors argue that the industry's collapse was related to changes in technology and market conditions.