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.

In constructing his social theory Saint-Simon made use of the inductive method: by the study of historical facts he endeavored to win knowledge of the laws of the character and movements of society. In shaping his spiritual program he followed a different path, the path of deduction: his goal was to find a great principle in accordance with which the institutions of the future social order could be consciously molded. “Socrates,” he said, putting his ideas into the mouth of the great Greek, “clearly understood that we must criticize a posteriori and organize a priori.” For “any social regime is an application of a philosophical system, and, consequently, it is impossible to institute a new regime without having before established the new philosophical system to which it should correspond.”

Seymour Drescher's comments center on whether British traders exporting slaves from Africa directly to non-British territories in the Americas were able to load more slaves per ton after 1788 than the slave-ton ratios imposed by British laws. The bone of contention here arose originally from attempts to estimate the volume of the trade. I argued that the British traders did load considerably more slaves per ton after 1788. Neglecting this factor would lead to a significant underestimate of the volume. Drescher disagreed and offered comments in Econocide; I replied in Forced Migration. In discussing the profits I found the subject still relevant: I argued that loading considerably more slaves than British laws allowed enhanced profits of the larger firms with access to non-British territories. On this Drescher here takes issue.

Discussion of the role of internally generated funds as a dynamic and influential determinant of investment decisions has been renewed lately in the macroeconomic investment literature. While there is a current revival, the hypothesis is not a new one. In the classic study of the financial history of eight leading American automobile manufacturers over the period 1910 to 1926, Lawrence H. Seltzer concludes that “the greatest part of the growth in their capital resources was derived from reinvested profits; and that this source accounts for much the greater part of their present invested capital.” He estimates that for the period through 1926 net aggregate reinvested profits were equal, on average, to almost 80 percent of the value of tangible invested capital.3 Seltzer suggests that this remarkably high percentage was the result of the unique situation of the automobile industry, although carefully pointing out that the general importance of internal funds may be greater than commonly realized.

Since the early seventies studies on the Italian economy of the thirties have become one of the liveliest aspects of the debate on Fascism as a whole. This trend reverses the long neglect of the early postwar period and the lack of information that went with it. Fresh ideas and facts are now contributed at a fast pace; all attempts to summarize views and trends are bound to be soon outdated by new research. The central notion of these recent studies is that some of the structural features of the present-day Italian economy came to life in the early thirties as a response to die depression.