For many decades, there were stock exchanges operating in provincial cities across Britain. We analyze why companies listed on these markets and how this changed over time. We find that the provincial exchanges had traditionally been complementary to London, providing a trading venue for smaller regional companies. However, they gradually lost their uniqueness and were increasingly competing with London by listing similar stocks. Much of this change can be explained by shifts in industrial composition, leading to more companies being headquartered and listed in the capital and many of the remaining regional firms cross-listing in London to achieve certification.

The transfer of technology to China in the nineteenth century was carried out both by Chinese and foreigners. Given the half-hearted interest of the Chinese government in such activities, however, the role of direct foreign investment was enhanced. The profitability of such investments was determined not only by comparative costs and other conventional economic variables, but also by the interaction of each project with China's traditional system of political economy. The nature and importance of this interaction is examined by means of a number of case studies. The results emphasize the importance of cultural elements in the transfer of technology.

When I began to prepare this talk, I recalled that the first such address I ever listened to helped persuade me to become an economic historian. It was Herbert Heaton's delightful “The Making of an Economic Historian,” which began with a bit of elegant doggerel. If a discipline could produce such an address, I decided that this association was certainly worth joining. But alas, I was optimistic. I was to hear more erudite presidential addresses but few so witty and informative. Nearly all these rituals, in this association or others, have followed the traditional recipe so well summarized by Shepard Clough. In a systematic review of our past meetings Shep found that “most of our presidential addresses have been devoted to making suggestions for research (mostly to be undertaken by others), to delineating the broad ‘tasks’ of economic history, to defending the kind of work in which the speaker has been engaged, and to advocating some particular methodology in our discipline.” Mine is no exception.

With the growing emphasis on structural change and Schumpeterian innovation in economic development, the paradoxical concept “creative destruction” has come into wide use among economists and economic historians. It is an appealing concept because it recalls the death and birth cycles of nature and various tribal myths of gods shuttling between ferocity and compassion. But the concept has been applied to economic situations rather casually. This paper suggests that “creative destruction” is not an apt description of the way dominant production methods succeeded one another in the United States from 1850 to 1914, even though the term is applled to this era more than to any other. Data are presented to show that apparently obsolete methods survived and grew in the face of novel competition. An explanation of the staying power of partially outdated production methods is attempted.

Using annual data on nationally chartered U.S. and Canadian banks from 1929 to 1989, this article empirically evaluates the impact of various regulations on bank profitability. An intercountry comparison reveals that the less restrictive regulatory environment in Canada has historically resulted in higher bank profits. Specifically, higher leverage, greater securities investment and lending opportunities, and the freedom to establish branch units all significantly contribute to higher bank profitability in Canada. Evidence presented also shows that U.S. banks would have been more profitable over the sample period in a regulatory environment similar to Canada's.

This article examines the impact of the 1850 Austro-Hungarian customs union on production land-use outcomes. Using newly digitized data from the Second Military Survey of the Habsburg Monarchy, we apply a spatial discontinuity design to estimate the impact of trade liberalization on land use. We find that the customs union increased cropland area by 8 percent per year in Hungary between 1850 and 1855, while forestland area decreased by 6 percent. We provide suggestive evidence that this result is not confounded by the emancipation of the serfs, population growth, or technological change in agriculture.

Using individual measures of adult and child literacy, this article examines human capital acquisition in one Southern city, Charleston, 1790–1840. White adult literacy rates differed greatly by sex and class and rose gradually over time. Mothers played a critical role in human capital transmission in early childhood and long after children had left their care. Both relatively recent literacy acquisition and early childhood family structure influenced the occupation to which children were apprenticed. These results are consistent with present-day studies that trace sources of adult well-being back into childhood.

Most studies of female workers in the 1940s focus on labor supply. We use the basics of supply and demand to measure the impact of WWII on the short- and medium-run demand for female workers in manufacturing. Demand rose for both salaried and production female workers during the war and then fell after the war. However, the post-war demands for both groups were substantially higher than before the war and higher than the levels that would have been reached had the demands followed a counterfactual growth path from the boom period in the 1920s.

The labor-force participation rate (LFPR, hereafter) of older males in the United States has fallen dramatically over the last 120 years.For the discussions of the long-term trend of the labor force participation rate of older males prior to 1940, see Durand, Labor Force; Long, Labor Force; Ransom and Sutch, “Labor” and “Trend”; Moen, Essays and “Labor”; Margo “Labor Force Participation”; Carter and Sutch, “Fixing the Facts”; and Lee, “Long-Term Unemployment.” In 1880 nearly four out of five men 65 and older were gainfully employed. Today, only 15 percent of males at those ages participate in the labor market. Such a sharp decline in the labor market activity of older men has been regarded as one of the most marked changes in the U.S. labor market that the twentieth century witnessed. In addition to the secular rise in retirement, the sharp increase in the share of the aged population has made this retirement behavior a major social issue in the post–World War II era. Many economists have attributed this phenomenon to the implementation and expansion of social insurance programs, especially Social Security.See Boskin, “Social Security”; Parsons, “Decline” and “Male Retirement Behavior”; Hurd and Boskin, “Effect”; and Gruber and Wise, Social Security. See Krueger and Pischke, “Effect”; and Lee “Rise” for some evidence against this argument. However, about half of the fall in the LFPR of older men took place prior to 1940, when the public programs for old-age security were not as yet well developed. Though a number of factors have been suggested, including rising retirement incomes and a changing industrial environment, it is not entirely clear what caused the exit of older workers from the work force during this period.Costa, Evolution.

If by land policy we mean a comprehensive, well-thought-out plan that made for an efficient long-range use of our agricultural resources, we are reasonably safe in saying we had none. If we had anything that came close to resembling a policy, it was that of throwing open vast quantities of public and private lands to cultivation which resulted in maladjustments that made it difficult, if not impossible, for many farmers to adjust themselves to capitalistic methods of production and distribution. The extent of these maladjustments may be gauged in part by observing the status of agriculture on the eve of the New Deal. Shrinking foreign markets, world-wide competition, rising tariff walls, poor farm management practices, and excessive production and distribution costs were accompanied by sharp increases in indebtedness, farm foreclosures, and tenancy. Agriculture was receiving a dwindling share of the national income, capital formation was being discouraged, and farming had been relegated to a subordinate position within the economy.

The Committee on Research in Economic History was established in 1940, more than a generation ago. Most of those who were active in its creation and administration have died or retired from active academic life; and surely a fresh direction of internal evolution has altered, at least in important ways, the objectives of the discipline. Accordingly, it appears appropriate to set down here an account of what were the hopes and intentions of those especially active in its initiation and early planning, and to record its more obvious achievements. Members of ensuing generations will have time in their later lives to pass judgment on the intellectual value of this particular effort at academic improvement and intellectual growth. Indeed, I propose to close my survey with the transmogrification of the Committee into the Council—an event of the mid-1950's, at a point in time already far enough removed to offer a considerable perspective.

Pierre Prévost lived from 1751 to 1839. In 1780 he was invited by Frederick the Great to go to Berlin as a professor of young boys at the Academy of Nobles. He became a member of the Academy of Sciences at Berlin, and his entry dissertation dealt with political economy. In 1784 Prévost returned to Geneva, where he became professor of literature at the university of that city. In 1793 he was a member of the National Assembly at Geneva, but retired after four months. In 1794 he was imprisoned for twenty days by a revolutionary tribunal. Immediately upon his release he became professor of physics and philosophy at the University of Geneva, a chair which he exchanged in 1810 for that of general physics. With Marc-Auguste Pictet, Prévost was the codiscoverer of the moving equilibrium of temperature.

The Saint Esprit was a merchant ship which sailed from the harbor of Marseilles in the spring of 1248, bound for Acre. One hundred and fifty contracts relating directly to this voyage are preserved in the notarial records. This article attempts to reconstruct the circumstances surrounding this venture and analyzes the statistical data available with regard to passengers, investors, and cargo. The general picture which emerges from studying the total venture offers a new perspective on medieval business.

This article begins by disputing the claim by some scholars that the concept of a demographic transition is not applicable to Japan. Next, analysis of differentials and trends in natality over the period 1920 to 1960 suggests that changes in infant mortality and the degree of child employability may have been crucial reasons for Japan's modern fertility decline. In the short run, costs of birth regulation significantly helped determine levels of marital fertility. But in the long run, changes in such costs, without changes in attitudes toward desired number of births, could not have caused fertility decline.

The compound steam engine was one of the majorthe substitution of steam for sail in ocean transportation. This factors inarticle is an inquiry into the productivity effects of the adoption and diffusion of this innovation in the German merchant marine fleet between 1871 and 1887. A number of relevant questions may be raised: What was the change in total industry productivity? How much of the total productivity change resulted from the diffusion of the compound engine? How much resulted from improvement of the engine itself during this period and how much from improvements in sailing ship technology? Answers to these questions may provide fresh insight into the controversial issues of the ascendancy of the sailing ship in ocean transportation and the contribution of changes in sailing ship productivity to the decline of ocean freight rates after 1870.

The coastal trade of the British North American colonies, as well as the coastal trade among the American states and the remaining British colonies after the American Revolution and well into the nineteenth century, remains one of those areas in North American economic history about which we know very little. The broad outlines and patterns of this coastal trade, or various segments of it, have been described by others, but as Arthur L. Jensen has put it: “Trade among the continental colonies has been treated as something of a poor relation in many studies of colonial commerce.” The most serious inadequacy is the lack of any overall view of the specific patterns and magnitudes of the coastal trade and its relationship both to the overseas trades and to overall economic activity. Various and strikingly contrasting views have been expressed. One historian of transportation states: “Prior to the Revolution intercolonial commerce was inconsiderable, and intercolonial trade-routes, where they existed, were entirely inadequate.” On the other hand, Innis, in referring to the trade between Newfoundland and New England, states that in 1765 exports from New England to Newfoundland probably exceeded £200,000 sterling (including smuggling), and that by 1774 they had reached £.300,000 or £400,000.