Occupation charges paid by France to Nazi Germany represent one of the largest international transfers and contributed significantly to the German war effort. We employ a neoclassical growth model that incorporates essential features of the occupied economy to assess the welfare costs of the policies that managed the payments to Germany. Our lower bound estimates show that occupation payments required a severe cut in consumption. A draft of labor to Germany and a reduction of real wages added to this burden. Management of the accumulated domestic debt required large budget surpluses; but post-Liberation inflation slashed the real debt.

The businesses of developed Europe—transporting freight by a more advantageous mix of ships, trains, and horses—encountered logistic barriers to trade lower than those in the sparsely populated United States. Economically integrated, compact northwest Europe was a multinational market space larger than the United States, and, arguably, as open to interstate commerce as the contemporary American domestic market. By the early twentieth century, the First European Integration had enabled its manufacturers to build more than half the world's giant plants—many more than in the United States—as variously required by factor endowments, consumer demand, and scale economies.

Does a legal tradition adopted in the distant past constrain a country's ability to provide the protection that investors need for financial markets to develop? I look at the relationship between legal origin and the development of bond markets and find too much variation over time in bond market size, creditor protections, and court enforcement of bond contracts to assume that the adoption of a legal system constrains future financial development. I examine the evolution of bond markets in Brazil, a French civil law country, and provide preliminary results of similar variation for a small cross-section of countries.

Economists played a crucial role in military intelligence during World War II. Economists working at the Office of Strategic Services estimated enemy battle casualties, analyzed the intentions and capabilities of both enemies and allies, and helped to prepare for negotiations regarding the postwar settlement. Economists working at the Enemy Objectives Unit helped to select enemy targets for bombing. Finally, economists working at the Statistical Research Group worked on a variety of problems brought to them by the U.S. military services. As a consequence of their usefulness during the war, the military continued to employ economists after the war.

Economic historians have devoted enormous attention to the collapse of the interwar gold standard. This article proposes a discrete time duration model (using a panel data set of 24 countries for 1928–1936) to analyze how economic and political indicators affected a country's term on the gold standard. High per capita income, international creditor status, and prior hyperinflation increased the probability of continuation. In contrast, democratic regimes left early. Unemployment, sterling group membership, higher inflation, and the experience of banking crises reduced the time a country remained on the gold standard. This study also predicts sample countries' survival probabilities.

A biological model of nitrogen in agriculture is specified for early modern England and used to analyze the growth in grain yields from the middle ages to the industrial revolution. Nitrogen-fixing plants accounted for about half of the rise in yields; the rest came from better cultivation, seeds, and drainage. The model highlights the slow chemical reactions that governed the release of the nitrogen introduced by convertible husbandry and the cultivation of legumes. However efficient were England's institutions, nitrogen's chemistry implied that the English agricultural revolution would be much more gradual than the Green Revolution of the twentieth century.

The rapid decline of German emigration before World War I constitutes a puzzle that traditional explanations have difficulty in solving. The article shows that the social legislation implemented by Bismarck during the 1880s—the most developed at the time—played a key role in this process. Indeed, candidates for migration considered not only the gap between “direct wages” (labor earnings) in the United States and Germany, but also the differential in “indirect wages,” that is, social benefits. In that way, Bismarck's insurance system partly offset low wage rates in Germany and furthered the fall of the emigration rate.

O sprecht! warum zogt ihr von dannen?
Das Neckartal hat Wein und Korn;
Der Schwarzwald steht voll finstrer Tannen,
Im Spessart klingt des Ålplers Horn.
Wie wird es in den fremden Wäldern
Euch nach der Heimatberge Grün,
Nach Deutschlands gelben Weizenfeldern,
Nach seinen Rebenhügeln ziehn!
Ferdinand Freiligrath1

The first price runs for Korean rice help us develop a Smithian physiocratic model to explain the low, stable prices of the eighteenth century and the rising, volatile prices of the nineteenth. Ownership rights provided incentives, and productivity after 1600 exceeded subsistence to achieve rural commercialization. Infrastructure investment from the late seventeenth century promoted development and prosperity, but declining investment, dysfunctional institutions, bad weather, and a population crash pushed the economy towards subsistence in the nineteenth. Decline saw rice monoculture, inflation, and price volatility even before imperialism's impact. Parallels with China suggest an “East Asian” premodern agricultural model.