Revisiting an old debate between “traditional” historians and “New” economic historians about the short-run monetary effects of President Jackson's war on the Second Bank, I offer new arguments for the traditionalists. I develop a framework accounting for growth in commercial bank credit based on the “investment club” characteristics of antebellum state-chartered banking and apply it to state bank balance sheet data for 1830–1836. The removal of the Second Bank indeed magnified the boom in commercial banking, and the replacement of Second Bank branches with state-chartered banks as lenders and federal government depositories amplified the boom in frontier lands and state debt.

This article explores the location of industry in pre–World War I Britain using a model that takes account both of factor endowment and also of New Economic Geography influences. Broadly speaking, the pattern of industrial location in this period was quite persistent and regional specialization changed little. The econometric results show that factor endowments had much stronger effects than proximity to markets, although the latter was an attraction for industries with large plant size. Overall, falling transport costs had relatively little effect on industrial location at a time when proximity to natural resources, notably coal, mattered most.

This article examines key questions about the development of Pennsylvania's mid-nineteenth-century iron industry. The analysis is based on new data and exhaustive examination of previously underutilized sources within the framework of a geographic information system (GIS). Hypotheses are tested on the timing of adoption of mineral-fuel technologies across the state; the temporal relationships between investment in ironworks, business cycles, and tariff policy; the substitutability of different types and qualities of iron; how transport costs affected iron prices; and the geographical segmentation of iron markets in the antebellum period. The findings reveal complex and dynamic patterns of regional economic development.

This article assesses train speeds in England and Wales 1843–1912. Trains were fast compared with coaches or walking, and the social saving of time saved grew over time to become over 10 percent of national income in 1912. Including fare savings as well, social savings were 14 percent of national income in 1912, with consumer surplus of 6 percent. Time savings dominated fare savings once railways became a new good: travel for the masses. Using the social savings-total factor productivity identity, we show that railways accounted for around a sixth of economy-wide productivity growth in this era.

We examine the politics of the “Salary Grab” of 1873, legislation that increased congressional salaries retroactively by 50 percent. A group of New England and Midwestern elites opposed the Salary Grab, along with congressional franking and patronage-based civil service appointments, as part of a reform effort to reshape “who should govern Congress.” Our analyses of congressional voting confirm the existence of this nonparty elite coalition. Although these elites lost many legislative battles in the short run, their efforts kept reform on the legislative agenda throughout the late nineteenth century and ultimately set the stage for the Progressive movement in the early twentieth century.

Fundamental to the Malthusian model of pre-industrial society is the assumption that higher income increased reproductive success. Despite the seemingly inescapable logic of this model, its empirical support is weak. We examine the link between income and net fertility using data from wills on reproductive success, social status and income for England 1585–1638. We find that for this society, close to a Malthusian equilibrium, wealth robustly predicted reproductive success. The richest testators left twice as many children as the poorest. Consequently, in this static economy, social mobility was predominantly downwards. The result extends back to at least 1250 in England.

The 1940s marked a turning point in the labor market outcomes of African-American women. They experienced large wage gains relative to white women, sharp declines in agricultural and domestic service work, and significant increases in formal sector employment. Using a semiparametric decomposition technique, we assess the influence of changes in productive and personal characteristics, in workers' distribution across occupations and locations, and in the wage structure on both black women's absolute wage gains and those relative to white women's. We argue that the pattern of changes is most consistent with increasing demand for their labor in the formal sector.

This article contributes to the debate on the causes of unemployment in interwar Germany. It applies the Layard-Nickell model of the labor market to interwar data. The results indicate that demand shocks, combined with nominal inertia in the labor market, were important in explaining unemployment. Real wage pressures due to procedures for wage determination were a major influence on unemployment, but were partly offset by movements in other supply-side variables, such as the replacement ratio and the pricing policy of cartels. Demand- and supply-side variables were mutually reinforcing in the Great Depression and in the recovery under the Nazis.

This study provides, for the first time, an overview of the growth record of the Middle East since 1820 and inserts it into a comparative framework. GDP per capita estimates are offered for individual countries in the region for the benchmark years of 1913, 1870, and 1820. The Middle East began to participate in modern economic growth during the nineteenth century. Yet, per capita income differences with the high-income regions of the world widened considerably until World War I. In the twentieth century, the most important single factor contributing to increases in per capita incomes was oil.

This is a subject about which we know little and where, in all likelihood, our knowledge will not grow greatly.Charles IssawiIssawi, Economic History of the Middle East, p. 103.