Herring exports to the Baltic from the Netherlands in the seventeenth and eighteenth centuries were closely related to exports of the previous year rather than to aggregate levels of trade. Dutch domination of the European market for salted herring in the seventeenth century thus cannot be explained by some external factor but rather by the internal nature of the Dutch fishery: by technology, organization, and the institutions which administered it. Regulation was designed to maximize rents but, as other fishermen gained the skills of their Dutch competitors, that strategy'turned into one which at first limited sales and then returns to the Dutch industry.

… O, wot een gulden Neeringh

en voedsel brengt ons toe de Conincklijke Heringh;

hoe menig duysend ziel bij dezen handel leeft en

winnende sijn brood God dank en eere gheeft.

We examine bargaining between the Northwest Company and the Hudson's Bay Company using recent models of bargaining under incomplete information. Two previously undisturbed bodies of correspondence are analyzed: letters between the two companies and letters between the Hudson's Bay Company and its London committee. Through merger the companies achieved a joint maximum, but the lengthy and costly bargaining process dissipated much of the potential gain through depletion of animal stocks. Achievement of a joint maximum was hindered by incomplete information, commitment to a strategy which led to bargaining breakdowns, delineation of each party's rights under law, and environmental changes.

Seventeenth-century English immigrants to the Chesapeake and their children experienced a trade-off. They died early and raised few children who survived to adulthood, most worked harder than in England at more boring tasks, and, except for food, they had a material standard of living inferior to what the homeland could offer at equivalent levels of wealth; but people ate well, there was work for all, and until late in the century the poor who lived long enough found opportunities not available in England to exercise control of their lives—opportunities to acquire land and the economic independence and community standing that it brought.

The American people have usually been regarded as forward-looking and progressive, willing frequently to move their activities from one place to another to attain their hopes and inclined to be impatient with the heritage of the past. But there seems to have been, almost from the beginning, a minority of people in this country who found pleasure in looking back over the road that they and their forebears had traveled and in encouraging a scholarly chronicling of such progress. Perhaps the fact that so many early immigrants came from western Europe, with its much longer high-ways of economic and cultural advance, had something to do with this. But there was also the circumstance that the early settlers in America, as well as many later migrants to our West, were a Bible-reading people. The Bible is, after all, a record of movements among peoples through the centuries, and the duty placed on members of Protestant churches to become thoroughly familiar with their source of divine guidance could well have implanted a bias toward, or a fondness for, historical ideas and writings. And the citizens of a new country, it may be suggested, could hardly fail to be conscious of change through time as a true fact of life.

Despite its wealth of economic data, Domesday Book, complied almost nine hundred years ago, has been surprisingly neglacted by quantitative economic historians. In analyzing one of the central issues in Domesday book—namely the relationship between manorial resurces and income—we here provide a first step in the attempt to redress the balance, by employing recently developed statistical techiniques. The result of the analysis constitutes strong grounds for rejecting the traditional interpretation of the relationship. It also suggests that the English economy of 1086 can be reconstructed more completely than previously thought possible.

The wage book of a Derbyshire farm, which includes payments to laborers for 1772 to 1775 and 1831 to 1845, allows me to examine the employment patterns of male and female day-laborers at this farm before and after important innovations in agriculture. I find a fall in relative female employment which appears to be due to a fall in demand. Male employment shifted to the spring, but female employment maintained the same seasonal pattern. These seasonal and sexual shifts in the demand for labor probably resulted from the changes in animal husbandry that followed enclosure.

Some leading modern theories of exchange-rate determination are pitted against each other in explaining fundamental movements of the freely floating U.S. dollar in the foreign-exchange market during the greenback period, 1862–1878. A purchasing-power-parity theory augmented to incorporate interest-rate, and possibly income, effects provides the best explanation of the exchange rate. The standard works on the greenback period are subject to some amendments in light of the study.

By the mid-eighteenth century, tidewater Chesapeake households at all levels of wealth were both able and willing to buy a wide range of non-essential consumer goods either previously unavailable or long considered unimportant. The use of amenities and often luxuries as props for increasingly elaborated and differentiated life styles was not a result of country folk imitating city consumption patterns, however. Urban life styles did produce new spending habits, but the vast majority of the population who lived in rural areas managed to improve their consumption levels without altering traditional patterns of resource allocation.

Recent scholarly work in the economic history of the precivil War United States has produced an impressive array of statistical data. Estimates of income, output, capital stock, and population growth and distribution have been generated utilizing a variety of empirical sources and statistical techniques. But, despite these welcome advances in our knowledge and understanding of the early American economy, a number of important statistical records continue to elude scholars of the period. Information concerning immigration before 1820, the occupational distribution of the labor force, employment statistics, the cost of living, and the level and movement of retail prices and wages would, if available, prove valuable additions to our growing knowledge of the United States economy before 1860.

New York City historiography holds that Manhattan developed two business centers—downtown and midtown—because the bedrock is close to the surface at these locations, with a bedrock “valley” in between. This article is the first effort to measure the effect of depth to bedrock on construction costs and the location of skyscrapers. We find that while depth to bedrock had a modest effect on costs (up to 7 percent), it had relatively little influence on the location of skyscrapers.

An Essential factor in the rise of the investment banker to a dominant position in the American economy in the decades following 1880 was his command of the mobilized savings of the country's financial institutions. While considerable research has been devoted to the investment bankers' domination of transport and industry, little attention has been paid to their organization of financial institutions and their significance for the development of these institutions and their reorientation toward the securities market. This paper is a study of the relationship between the large life insurance companies and investment banking in the years immediately preceding the Armstrong Investigation.

Abundant land and strong property rights are conventionally viewed as key factors underpinning U.S. economic development success. This view relies on the “Pristine Myth” of an empty undeveloped land, but the abundant land of North America was already made productive and was the recognized territory of sovereign Indigenous Nations. We demonstrate that the development of strong property rights for European/American settlers was mirrored by the attenuation and increasing disregard of Indigenous property rights. We argue that the dearth of discussion of the dispossession of Indigenous nations results in a misunderstanding of some of the core themes of U.S. economic history.

I study the impact of transportation on health in the rural United States, 1820–1847. Measuring health by average stature, I find that greater transportation linkage, as measured by market access, in a cohort’s county-year of birth had an adverse impact on its health. A one-standard-deviation increase in market access reduced average stature by 0.14 inches, and rising market access over the study period can explain 37 percent of the contemporaneous decline in average stature, known as the Antebellum Puzzle. I find evidence that transportation affected health by increasing population density, leading to a worse epidemiological environment.

This article identifies four problems in the recent interdisciplinary studies of property rights, law, and economic development in the nineteenth-century United States. First, recent studies stress too exclusively the positive functions of law in either the “release of entrepreneurial energy” or the exploitative allocation of advantages (by courts and legislatures) to the business interests leading industrialization. Second, the dichotomy between alleged “instrumentalism” as the prevailing judicial style before 1860 and “formalism” after 1865 has been exaggerated. Third, generalizations have been based too much on the eastern states and Wisconsin. Fourth, there has been a failure to identify accurately the winners and losers in the struggle over regulation and the definition of property rights. Thus, although rediscovery of the importance of institutions by economists and the renaissance of legal history among historians and legal scholars constitute welcome (converging) developments in recent scholarship, much more research is needed on these main themes in the literature.

At thirty-seven John Luccock was looking forward with quiet assurance to a gentle transition into the comfortable middle age of a sedentary merchant. Napoleon and Jefferson spoiled his view, and before he was thirty-eight he had gone rolling down to Rio. There for ten years he imported and exported; watched a sleepy colonial outpost transform itself painfully into an imperial capital city; rambled, notebook in hand, around the almost trackless interior of Brazil, studying the remnants of an aboriginal culture and the way of life of those who had come to conquer. At forty-eight he returned home, leaving his health and middle age behind him. At fifty-six he died.

The Bardi and Peruzzi of Florence became in the early fourteenth century the largest merchant-bankers ever seen in medieval Europe. Their collapse in the 1340s has been attributed by most historians to huge losses on loans to Edward III of England. This article explores some flaws in the conventional explanation and shows that the firms lacked the resources to have made loans on the generally accepted scale. It also suggests means by which the companies could have recovered at least part of their advances to the king without the results appearing in government ledgers.

The literature on national capital market integration in nineteenth-century America has overlooked the role of markets at a regional level. Such markets were important in reducing the possible burden of isolation by efficiently recycling local savings, and in promoting eventual integration into a national financial market. This article presents evidence that a commercial market centered on San Francisco extended into the Pacific Coast states and formed the basis for a regional financial market. The degree of market integration is measured through tests of interest rate covariability and convergence.

The small railway coal wagon was an early example held up to demonstrate Edwardian Britain’s technological stagnation. The small wagons have been blamed for inflated rail freight rates and depressed railway profits. What has been overlooked is that the small wagon was integral to the local coal market. The coal wagon was a substitute for costly distribution and delivery by road transport; although some railway specific costs may have been inflated, beyond the railhead other costs were economized. Seen in the appropriate context the small coal wagon was neither a bad choice nor an oddity.

Mortality differentials for 122 cities in the United States in 1910 are examined with specific attention given to the influence of public works projects. Sewage systems are found to have significantly reduced mortality, while water filtration systems had no impact. This runs counter to the theories and beliefs of many public health officials and sanitary engineers of the era. Other factors, including the racial and immigrant composition of the population, urban density, number of physicians, and the standard of living, are also examined.

Recent studies of job tenure raise the question of the appropriate duration statistic to use in historical research. This article compares duration measures and examines their empirical and theoretical implications for historical research on employment tenure. Using a variety of data from the late nineteenth and early twentieth centuries, we find that although there existed a sector of stable jobs, most industrial jobs were brief. Since World War I, however, there has been a sharp shift in the relative size and importance of the short- and long-term job sectors.