Devaluations were traditionally considered to be expansionary in the short run and have no real long-run effects. Alternatively, some observers in developing countries found that devaluations were contractionary on impact, and that they might foster long-term growth. Using Argentina as a case study, which is convenient due to its long series availability and its subsequent switches in exchange rate regimes, four structural shocks are identified in line with the traditional and alternative views. It is found that devaluations were mostly contractionary, and that real long-run effects were only possible when inflation was either low or moderate. In light of the estimates, a historical revision of Argentinean devaluation episodes from 1854 to 2018 has been carried out.

In Latin America, Colombia stands out for its more significant and persistent rural–urban educational performance gaps. This paper studies the evolution of this under-performance of Colombian rural areas by conducting a long-term descriptive analysis of a new dataset. The results suggest that the role of the national government is a source of these educational inequalities because rural education was introduced late and deficiently. That is, the national government delayed the provision of education to rural areas. Moreover, even when implemented, these rural educational initiatives proved deficient due to their lack of funds, lower quality, curricula detached from the rural context and a design that amplified regional disparities, thus producing and maintaining significant and persistent rural–urban gaps in education.

This article aims to analyse the finances of the Coimbra city council from 1557 to 1836. Our objective is to examine the causes of long-term changes in municipal revenue and expenditure, particularly during the extended period of decline that occurred between the mid-17th century and the late 18th century. This study will focus on the composition of revenue and expenditure, as well as on revenue collection mechanisms. We aim to present the empirical data on the revenue and expenditure components that allow us to understand the changes that took place. Finally, we hope to be able to explain the causes that led to significant variations in revenue and expenditure in a dialogue with existing literature. The primary sources used correspond to municipal revenue and expenditure books, supplemented by other sources such as legislation, correspondence and auction books.

This paper engages with and aims to contribute to the ongoing discussion regarding the role of economic and political elites in inequality dynamics and their reproduction over time. We reconstruct the distribution of wealth employing a sample of wills from the El Colegio de Sonora database covering the period of 1871-1910. We show that the rapid industrialisation and modernisation process that occurred in northern Mexico during the late-19th and early-20th centuries led to a continuous increment in wealth concentration at the top of the distribution. The Gini index measure of 0.58 for the 1871-1885 period rose to 0.80 in 1901-1910. Rather than a natural or «Kuznetsian» inevitability fundamental (kuznetsian) necessity, however, our subsequent analysis of the wills of the upper classes suggests a critical role played by the political economy at the time and highlights the importance of control over natural resources on inequality dynamics.

Foundling hospitals spread across Europe in the 18th and 19th centuries, taking in hundreds of thousands of children each year. In Spain, the hospitals of major cities had staffs of more than 1,000 external wet nurses, who worked mainly in rural localities. Their cash wages were key for the household economies of the poor rural and urban populations. This article presents a methodology to interpret wet-nurse wages and explains their utility with respect to other occupations for men and women. Our results include a series of nominal and real wages for wet nurses and a calculation of their contributions to family income. The level of wages these institutions could offer was a major determinant in the supply of wet-nurse labour.

Did industrialisation improve standards of living in interwar industrial Spain? We seek to contrast this empirically with high frequency data from 1914 until 1936 for the Bilbao area, an emerging industrial centre. Contrary to existing historiography suggesting that overall standards of living improved, we find that welfare ratios remained at the same level and, at times, fluctuated significantly below sustenance levels. Demographic and socioeconomic variables were highly responsive to short-term real wage shocks driven by food price increases and the delay in nominal wage increases. Interwar industrialisation provided improvements, but did not provide protection from recurring deprivations and these may have constituted an important part of future political and socioeconomic polarisation and violence.

Was there an early consumer revolution in Hispanic America? This article presents varied evidence supporting an affirmative answer to this question, especially regarding the case of New Spain. The inauguration of the Manilla Galleon trade route across the Pacific Ocean in 1565 was decisive in this respect. It made it possible that Asian goods (more or less finished silk and cotton textiles, porcelain, lacquerware, ivory religious images, furniture and spices, mainly) experienced an early diffusion throughout New Spain after arriving in Acapulco. This innovation in consumption patterns was adopted first by the elites, not much later, by the intermediate classes and, rather soon than not, by the commoners. Primary (i.e. Avalúos of the galleons' cargo) and secondary sources permit quantitatively exploring the possibilities of consumption of Asian goods by unprivileged segments of New Spain's population. We find that a non-negligible number of those goods were accessible to Mexico City labourers. Thus, it may be inferred that upper segments of society accessed it earlier and more easily. Therefore, New Spain should be included in any global narrative of the changes in consumption during the Early Modern Era.

This paper produces a new estimate of the Argentine cost of living index (COLI) for the period 1912-1943 that amends the oversights of the official series. The lack of an appropriate splice when the shares of the index's components are changed explains the divergence between the official and the Reconstructed COLIs. The 17.3 percentage-point gap for the period 1912-1943 between the official series used by the historiography and the Reconstructed COLI accounts for the oversights of the official estimate. This divergence is also evidenced when generating real wages. Hence, when Juan Domingo Perón arrived at the National Labour Department in 1943, all else being equal, workers of the City of Buenos Aires were worse off economically than the historiography assumes.

This article contributes to the debate on regional disparities in living standards in Italy at the time of national unification (1861) by examining the health standards of army conscripts born between 1843 and 1871. Data regarding the conscripts born in 1843-1856 show that 35.4 per cent of youths examined were unfit for military service. Overall, the rejection rate in the peninsular south was similar to that of the northern regions. In the south, however, the share of conscripts rejected for insufficient height was notably higher. It is very likely that the persistent north-south gradient in average height in Italy is related to genetic factors.

Historical literacy in Spain is characterised by enormous regional disparities and important differences by sex. This paper addresses these issues, focusing initially on the 1887 census returns and also making use of local empirical data and of in-depth interviews of elderly informants. The goal is to propose an interpretation of historical patterns of literacy based, to a large extent, on the existence of important differences in the perceived value of literacy and education, very high in some regions and very low in others. The author argues that these cleavages go beyond the importance of economic structures, have deep historical roots and continue to be present in contemporary Spain despite the substantial growth in educational attainment taking place during this past century.

Este trabajo presenta un análisis de la desigualdad regional en Castilla en la segunda mitad del siglo XVIII, a partir del estudio del consumo per cápita provincial calculado con las recaudaciones de dos rentas que supusieron los mayores ingresos fiscales del estado: alcabalas y cientos. La desigualdad regional presentó unos niveles reducidos y constantes durante la segunda mitad del siglo, analizando la productividad del trabajo, no encontrando elementos que alterasen significativamente la diferencia entre regiones. Asimismo, podemos señalar que se advierten las dificultades relacionadas con el sector agrario, con limitaciones a la producción y bajos rendimientos. Esas dificultades trataron de minimizarse con actuaciones reformistas que, no obstante, no tuvieron un claro impacto sobre la desigualdad, que permaneció homogénea.

This paper examines the role that resource endowments played in the performance of two New World coinages. Massachusetts Bay and the Viceroyalty of Peru provide a useful study in contrasts, having markedly different institutions and resource endowments. Both colonies originally emphasised the provision of «good» money, that is, the provision of a uniform coin (in weight and fineness) and of a sensible mix of large and small denomination coins that would support the domestic economy. Their outcomes, however, differed. We suggest that in Potosi, the sheer volume of the resource endowment (silver) incentivised fraud and the neglect of the provision of fractionary coinage in the viceroyalty. In contrast, in Massachusetts Bay, the scarcity of the resource produced incentives better aligned with the production of «good» money. The northern colony produced a trustworthy coinage that provided small denomination coins for the domestic market.

The aim of our paper is to study some aspects of the textile industry of the city of Segovia and its land in the second half of the 16th century, interpreting them through spatial economy theories and specifically the industrial district approach. It is about seeing the competitive advantages of the integration and diffusion of the business organization in its geographical framework. The district's competitive advantages are linked to both transaction and production costs. One of them is to maximize the benefits of labor market segmentation with the emergence of a primary market for skilled labor. Another is the ease of diffusion of both technology and organizational and commercial techniques.

While some authors defend the existence of a widespread economic crisis in Brazil during the 18th century, motivated by the fall in the extraction of precious metals, others suggest that the colonial economy maintained a positive performance thanks to the growth of its domestic market. The main goal of this article is to challenge these two explanations, showing that different rhythms of development characterised Brazil's economy in each of its regions. We show that between the 1750s and 1790s, the Amazon region (Maranhão and Pará) experienced uninterrupted growth. Despite some fluctuations, Bahia and Pernambuco showed a tendency towards growth while the centre-south (Rio de Janeiro and Minas Gerais) suffered an economic contraction. We conclude that there was a stagnation in the added value of exports from all regions, whilst simultaneous growth for all territories occurred only after 1790.

Global agro-food trade grew strongly during the first globalisation. The increase in demand, the fall in trade costs, liberal policies and technological advances explain this expansion in trade. Within this context, this study analyses the formation and evolution of the international market of a special product: meat. It is a peculiar product because it is perishable. Furthermore, it is important to point out that the increase in its trade was based mostly on the strong demand in the United Kingdom, which acquired an almost monopsonist position, and also on the diffusion of mechanical refrigeration. This enabled the countries of the Río de la Plata, particularly Argentina, together with Australia and New Zealand to become world leaders in meat exports.

This research note documents the revision of a dataset of real wages in Argentina, Brazil, Chile, Colombia, Mexico and Venezuela during 1920-2011. This resource was originally published by this journal in Astorga (2017). The revision affected all eighteen basic wage series plus six weighted-average series, with varying degrees of modification. The revised dataset is made available as supplementary material. Regardless of changes to the data, the key findings and conclusions of the 2017 paper still hold.

The purpose of this paper is to determine trends in the wages and living standards of male agricultural labourers in Central Chile during the agrarian expansion, c. 1870-1930. We found that nominal wages increased eightfold; this is relevant because wage labour became the main rural labour regime in this period. Nominal wages rose steadily from the early 1870s until 1910, and with significant fluctuations thereafter, before plummeting with the Great Depression. Real wages also increased, but only slightly. Furthermore, during certain short periods, agricultural labourers' real wages were similar to or higher than those of low-skilled urban workers. However, the persistent gap between agricultural and non-agricultural wages was one of the causal factors of the outmigration of rural workers.