Fiscal regimes have become progressively more centralized and though the trend extends over nearly a millennium, the process accelerated in the early nineteenth century. The growth of central government budgets as a fraction of the economy and relative to local and regional budgets is well known. Many believe that the process has been driven by changes in citizens' demand for social services and therefore have associated it with democratization and with crises such as World War I and the Great Depression. In this paper we take a different tack and consider the evolution of fiscal institutions and changes in the preferences of the central executive. Our reconsideration is prompted by the observation that from and institutional standpoint fiscal centralization long preceded the massive expansion of the welfare state in the twentieth century.

The economic history of the United States is that of Europeans and their institutions. Indigenous nations are absent. This absence is partly due to a lack of data but perhaps also to a perception that Indigenous communities contributed little to U.S. growth. Three case studies explore the economic complexity and social stratification across different nations/regions prior to contact. Migrants to the United States came not to an empty land but one with settled agriculture, complex production processes, and extensive trade relations, upon which Europeans built.

This research examines whether an alternative exchange rate policy could have mitigated Germany’s recession from April 1930 to May 1932, when Heinrich Brüning was Reichskanzler of the Weimar Republic. Using an open-economy dynamic model as our analytical framework, we examine the arguments against adopting the devaluation policy. Our counterfactual analysis suggests that a widely held belief—that floating the Reichsmark would have led to high inflation—is unwarranted. Despite Germany’s high foreign debt, floating the Reichsmark would have led to less of a decline in both real GDP and employment for the country during the Great Depression.

Much labor has been spent upon the history of the cultivated and occupied lands of the medieval English village and the social life of its inhabitants, and as a result a fairly clear framework has been constructed into which alterations and additions may be fitted where necessary. This statement is not true of the great background of all early village life, of the activities concerned with the waste or unoccupied land lying outside fields and even village bounds, and either lying idle, or else used for pasture, estovers, and hunting. Modern students have been negligent of this side of the medieval countryside, being more engaged with the human interests of the village; and little allowance has been made for changes and developments occurring within decades or even centuries. The great history of common rights, an extremely important subject, has yet to be written. This paper has a few suggestions to make which might sometime be useful in a study of a very large field.