Scholars are gradually piecing together the puzzle of the economic development of the American colonies through quantitative studies designed to clarify and measure economic variables having theoretical relevance for the wider process of economic growth and development. Recently, researchers such as Jones, Land, Shepherd, Walton, and Thomas have been helping others to build a base that one day may permit the writing of a comprehensive study of the process of early American economic development which may even include reliable estimates of economic growth and living standards. The data problems for the colonial period of American economic history are severe, and much of the research has tended to concentrate on the important role of international trade, where the extant data sources are capable of yielding rich lodes of quantitative information. Customs 16/1, entitled the Ledger of Imports and Exports for America, 1768–1772, has been the most valuable source of trade data, since it is the only comprehensive document which shows the trade of the American colonies with all parts of the world and not just with the British Isles. Still yet to be mined are the rich sources of data buried in the naval office lists for the various colonies. These sources also give the trade of each colony with all parts of the world although they are more tedious to work with than the better collated Customs 16/1.

Japan's transformation into a modern state began shortly after the middle of the nineteenth century when she was forcibly opened to international trade. In the ensuing years, the old social, economic, and political structure was overhauled to the end that Japan might become a powerful nation able to stand on an equal footing with the more advanced Western nations. Early attention was given to land reform and peasant emancipation since the country was predominantly agricultural, with about four fifths of the population engaged in cultivating the soil. In the early 1870's the prevailing system of servile land tenure was swept away and replaced by a system of private ownership of land. Henceforth, the peasants, who had formerly held land from feudal nobles in return for certain dues and services, were given title to land on which they, as owners, paid a land tax.

When labor markets are subject to large demand or supply shocks, as was the case in the late nineteenth-century United States, geographic wage differentials may not be an accurate index of market integration. This article uses a conceptually more appealing measure—the elasticity of local labor supply—to compare the integration of urban labor markets for a variety of occupations in 1890. According to this measure, markets, for unskilled labor and skilled metal-working trades appear relatively well integrated in comparison to those for the skilled building trades.

Contrary to earlier assertions, the historical data for Britain do confirm a (lagged) crowding-out effect during the Industrial Revolution. Heavy government borrowing after 1793 for the wars with France raised interest rates. These results are confirmed with nominal-interest-rate equations rather than with real-rate equations, which impose restrictive assumptions about the adjustment of nominal rates to inflation expectations. We see no reason to abandon the neoclassical, factor- allocation model of saving and investment in favor of a theory asserting that firms accumulate capital for investment independently of household saving decisions.

During the seventeenth century the Dutch had possessions in almost every continent, but their main interest was and continued to be the Malay Archipelago, now known as Indonesia. The search for these islands, known to be the source of spices, had launched die Age of Discovery with the explosive effect of opening the whole world to the countries of Western Europe. The Portuguese and Spanish had divided the world between themselves by the Treaty of Tordesillas (1494). Their aim was twofold: exploitation of newly discovered lands and a crusade to spread the Christian faith. England and the Dutch Republic, both Protestant, refused to abide by this arbitrary division, which had been sanctioned by die Pope. Both countries defended the principle that “the sea was as free as the air.”

Modern writers have usually dated die composition of Mun's work about the period 1630-1635. My article (pages 121-33 above) establishes diat much of die argument was the outcome of die trade crisis of 1620-1624, and die quotations and references there given prove that some of die most important sections of die work were first written, diough probably not as part of a book, during diat period. In addition, there are four pieces of internal evidence which help to date die complete work with some certainty.

We argue that falling farm product prices, incomes, and spending may explain 10–30 percent of the 1930 U.S. output decline. Crop prices collapsed, reducing farmers’ incomes. And across U.S. states and Ohio counties, auto sales fell most in crop-growing areas. The large spending response may be explained by farmers’ indebtedness. Reasonable assumptions about the marginal propensity to spend of farmers relative to nonfarmers and the pass-through of farm prices to retail prices imply that the collapse of farm product prices in 1930 was a powerful propagation mechanism worsening the Depression.

U.S. military production during World War II increased at an impressive rate and led to large declines in unit costs. However, the literature has focused on elucidating detailed mechanisms behind this relationship, using small datasets on specific products. Here we take a step back and, looking at an unprecedently large collection of data, we show that both exogenous technological progress and endogenous effects from increasing production experience were important, in roughly similar proportions. The demand for military products was largely exogenous, and the correlation between production, cumulative production, and time was weak, limiting issues of reverse causality and multicollinearity.

The Cobden-Chevalier treaty of 1860 eliminated French import prohibitions and lowered tariffs between France and Great Britain. The policy change was largely unexpected and unusually free from direct lobbying. A series of commercial treaties with other nations followed. Post-1860, we find a significant rise in French intra-industry trade. Sectors that liberalized more experienced higher two-way trade. Our findings are consistent with the idea that trade liberalization led to “smooth adjustment” that avoided costly inter-sectoral re-allocations of factors.

Religious communities are important providers of social insurance. We show that risk associated with oil dependence facilitated the proliferation of religious communities throughout the U.S. South during the twentieth century. Known oil abundance predicts higher rates of church membership, which are not driven by selective migration or local economic development. Consistent with a social insurance channel, greater oil price volatility increases effects, while greater access to credit, state-level social insurance, and private insurance crowd out effects. Religious communities limit spillovers of oil price shocks across sectors, reducing increases in unemployment following a negative shock by about 30 percent.

The Waltham system of labor force recruitment and treatment is well known to students of American economic history. Inaugurated by the Boston Manufacturing Company at Waltham, Massachusetts, in 1813, the system was widely copied in the establishment of New England textile villages for several decades. And, since the textile industry was the leading manufacturing activity in the United States until the Civil War, the Waltham system for a time formed the core of industrial relations in manufacturing.

The federal budget, a long-sought goal of fiscal reformers, became a reality with the passage of the Budget and Accounting Act of 1921. This paper is concerned with one of the key expectations of the reformers, that the adoption of a formal budget would produce better estimates of federal revenues and expenditures. The conclusion is that there is little evidence of a dramatic improvement that could be attributed to the reform, although there is some evidence that the quality of the estimates improved over the long run. The paper then discusses the reasons for and implications of this finding.

Coal company towns were infamous, being described as exploitive, and charged with providing low-quality services, like sanitation. Yet, the quality of sanitation in coal towns in 1922 appears similar to that in cities of similar size, although lagging behind that in major cities. Within the coal region, company and independent towns provided similar levels of sanitation. The quality of sanitation in company towns varied in response to cost-related factors, including town age, population, and natural location. Meanwhile, workers were mobile and demanded compensating increases in wage rates in towns with lower-quality sanitation and higher rents.