The demand for land in the United States was shaped by inherited attitudes and modern asset creation. Immigrants inherited the view that landowners had an enhanced chance of survival in a “starving time.” But the United States farmer also found that by clearing his unimproved acres he could create assets from otherwise idle time between seasonal peaks in the use of family labor. Public land sales in the South from 1820 to 1860 correlate well with variables that reflect expected money return and supply price. Substantial residuals for 1835–1837 chiefly trace to specific policy actions in Washington.

Historians frequently use values to explain behavior. Since their studies focus on the behavior, they have neglected to measure values and change in values. The current practices of historians of values will not yield conclusions usable in the history of behavior.

The integration of capital markets is usually tested with an interest rate arbitrage model even though much different financial assets must be compared. This paper compares prices of identical assets that are traded simultaneously in two or more markets. The range, average level, and time series pattern of the differences can be used to infer threshold levels, transaction cost levels, and the efficiency of arbitrage operations, respectively.Examples are given for financial crises from 1745 to 1907, using prices from the London, Amsterdam, Paris, and New York stock exchanges. These show European capital markets to be well integrated by mid-eighteenth century.

I present estimates here of the geographic persistence of estate owners and managers in Barbados during 1673–1723. The estimates are based on evidence generated by the functioning of an economic market; the evidence was produced by tracing the names of purchasers over time through the invoice accounts of slave sales held by the Royal African Company on the island.Estimated rates of out-migration from Barbados were low during the 1670s, comparable in magnitude to those found in colonial New England towns, but the rates rose considerably during the following decades. The initially low rates of out-migration might have been the result of the great profitability of sugar planting in early Barbados, while the subsequent increase might have been due to the development of methods of plantation management that allowed estate owners to earn profits as absentees.

William H. Dean, Jr. argued the development of a commercial agglomeration at any site is a function of three interrelated variables: trade routes, position, and nodality. Industrial agglomerations follow commercial ones. Dean's theory is discussed and applied to Chicago's growth before the Great Fire of 1871. The initial development of Chicago's transportation infrastructure is described. Data for the balance of receipts and shipments of selected items and growth rates for receipts and shipments from 1854 to 1871 are presented.

The factors responsible for the South Carolina Low Country's rapid economic rise in the eigthteenth century and for the area's subsequent lapse into stagnation and decline are described and analyzed. The conclusion is that the rise and fall of the Low Country grew out of the white settlers' early economic commitment to the production of plantation staples with bound labor. The Low Country was locked into a pattern of economic development that required a high demand for low country staples. When demand for low country staples abated, the area faced economic ruin.

The expansion of short-staple cotton production into the southern backcountry during the nineteenth century opened opportunities for backcountry planters and yeomen alike. But contrary to the claims made by agricultural reformers, South Carolina upcountry farmers did not neglect the production of foodstuffs. The Upcountry as a whole was self-sufficient in foodstuffs though a significant minority of farms failed to achieve self-sufficiency. Thus a limited local market in foodstuffs developed, but it did little to stimulate the development of towns in the region.

The southern textile mill village has received little empirical attention. I summarize the results of ongoing research using the records of the Courtenay Mill of Newry, South Carolina. There is evidence that stable family life was rewarded, mill housing was used to create dependence, and locally recruited workers recieved less pay than those from other areas. I conclude with a discussion of the possible causes of the local operative earnings differential and indicate other areas for future research.

The pre-1914 U.S. banking industry is not easily characterized as a market operating through a price system. The endogenous development of the clearinghouse as the industry's organizing institution can be explained by inherent characteristics of demand deposits. During banking panics the clearinghouse united banks into an organization resembling a single firm which produced deposit insurance.

The merger movement between the First World War and the Great Depression played an important role in the evolution of the American banking industry. The first complete statistical series on mergers is presented and the factors that contributed to the merger are analyzed.

The technology of charcoal iron manufacture in late nineteenth-century Canada is examined in this paper. Use of a super-heated and hard-driven furnace blast contributed to a resurgence of production after 1890. A lag in the diffusion of these techniques is explained by the small size of the Canadian market. Contrasts are noted with charcoal iron smelting in several regions of the United States.

Fire destroyed the Patent Office on December 15, 1836. From the ensuing actions by the Congress and Commissioner, it is possible to create a comprehensive and accurate description of the scope and level of technology and changes therein, as the United States transformed itself into an industrial society. This paper reports the progress made toward that description (in the form of a unified reference work), illustrates some uses of the data, and suggests other uses of the final version in expanding understanding of the processes of sociocultural change, particularly those of capitalist development.

A chronology of invention in farming is given, based on patent data, for England between 1611 and 1850. The chronology is explained using market analysis. Technological constraints determined the timing of some inventions, most notably for fertilizers. Relative input costs explain the early development of the seed drill and the threshing machine. Inventive output also depended on the market for food. The overall level of patents issued was related to the level of population and to changing food prices.The output market for food was influencing invention through of population growth on the advance of farming technology.

This article uses data on regional output and imports to examine the relationship between imports and regional growth in the Northeast. The tariff rates, both nominal and effective, are considered as evidence of national policy that may have benefited this particular region. The findings are that particular industries do benefit from tariff protection, but their location is due to regional resource advantages.

Newly estimated national accounting data for the Arab community are utilized to provide a comparative economic profile of the Arab and Jewish sectors in mandatory Palestine's dual economy. It is shown that the Arab economy grew substantially, but at a much slower rate than the Jewish economy. Productivity advance, however, seems to have made a significantly larger relative contribution to Arab growth. General and specific dualistic features of Arab-Jewish trade and their growth promoting effects are also explored, suggesting that the political conflict between the two communities played only a minor role in shaping their economic interrelationship and performance.

Private savings–often through employer-based pension plans–account for a larger proportion of retirement incomes in Britain than elsewhere. The strength of employer–based pension plans in Britain can be traced to a variety of factors; their early development and security are emphasized. The pattern of spread, with heavy concentration initially in bureaucratic firms, suggests that old-age saving entered the employment relationship around 1900 because large-scale bureaucracies needed conditional, lifetime payment systems. By the 1930s, the other main intermediaries for old-age saving, specializing in private provision on an individual basis, had moved into the market for collective, employer-based pension plans.

Mortality differentials for 122 cities in the United States in 1910 are examined with specific attention given to the influence of public works projects. Sewage systems are found to have significantly reduced mortality, while water filtration systems had no impact. This runs counter to the theories and beliefs of many public health officials and sanitary engineers of the era. Other factors, including the racial and immigrant composition of the population, urban density, number of physicians, and the standard of living, are also examined.

We use a genealogical data base to question the idea that the frontier was a “safety valve” for Americans in the years of the founding of the republic. Our findings about the relative wealth of members of nine families show how the frontier affected their migration patterns. We find that it was the middle class, not the poor, who seemed to make best use of the opportunity of the frontier.