Professor Gabriel Kolko in his recent work, Railroads and Regulation, 1877–1916, presents an interpretation or the origin, motivation, and consequences of the movement for federal regulation of railroads which differs in important respects from that which has hitherto been generally accepted. Thus it has generally been held that railway regulation was a response to the demands of farmers and other shippers for protection against monopolistic and discriminatory tactics on the part of the railroads and that regulation was bitterly resisted by the latter. Kolko, on the other hand, holds that regulation was actually welcomed by the railroads as a means of securing the rate and profit stability which they were unable to maintain by their own action, and that “the railroads, not the farmers and shippers, were the most important single advocates of federal regulation from 1877 to 1916” (p. 3). He concedes that “the movement for federal regulation of the railroad system was not, in any strict sense, deliberately initiated by the railroads’ (p. 20) and that legislation could not have been passed without shipper support, but points out that shippers were either inarticulate or divided with respect to the kind of regulation, if any, desired, and that the railroads were always able to secure the support of enough shipper groups to insure passage of the legislation which they favored. Furthermore, the railroads welcomed federal as opposed to state regulation, since they regarded the latter as punitive and restrictive and less amenable to their influence than federal regulation.

The effects of Federal and state land-grant policies on railroad investment, railroad policy, and regional economic development are too varied to be treated in less than a volume. And such a book would require much research that has not as yet been attempted. The following discussion presents only brief notes on a few of the reactions of railroad entrepreneurs to land-grant policy. These notes were accumulated in the course of research on other problems and are in no instance complete enough to warrant broad generalizations.

One of the most controversial economic issues confronting the American public during the nineteenth century was that of protection. The plea for a protective tariff had been raised as soon as the First Congress met in 1789. The issue was sharply debated off and on throughout the nineteenth century but never finally resolved. There is now a large literature relating the outcome of this issue to the economic and political interests of various involved groups.

Differences in institutions are thought to be a key part of the explanation for large cross-country differences in per capita income. Unfortunately, recent empirical research suffers from severe endogeneity problems. In this paper we provide both a theory of why different countries have different institutions and a way of measuring this, which does not suffer from endogeneity. We focus on economies that were colonized by European countries between the sixteenth and nineteenth centuries. Institutions in these countries were shaped by their colonization experience and we can use the differences in these experiences as an exogenous source of variation in institutions. We focus on differences in state institutions that depended crucially on settlement patterns. We use data on the mortality of settlers during the eighteenth and nineteenth centuries as an instrument for current institutional differences and show that institutions are a major determinant of different income levels. In our basic empirical model, once we instrument for institutions, two-thirds of the variation in current per capita income is explained by them.

We explore the effects of human capital on workers during the latter nineteenth century by examining the U.S. Navy. Naval officers belonged either to a regular or an engineer corps and had tasks assigned for their specialized training. We compile education and career data for officers from Naval Academy and navy registers for the years 1858 to 1907. Wage premia for “engineer-skilled” officers deteriorated over their careers; more traditionally skilled officers enjoyed higher gains in earnings and more frequent promotions. This compelled those with engineering skills to leave the service early, hindering the navy's capacity to further technologically develop.

Between 1933 and 1973 the federal government funded the construction of over 1 million units of low-rent housing. Using county-level data, I find that communities with high densities of public housing had lower median family income, lower median property values, lower population density, and a higher percentage of families with low income in 1970. However, I find no negative effects of public housing in 1950 or 1960, implying that long-run negative effects only became apparent in the 1960s. The effects found in 1970 are partially due to a decline in human capital.

Although New England's unit banking system was declining in profitability during the late nineteenth century, the existing competitive environment prevented large institutions from outperforming their smaller rivals. As a result, there was little change in the structure of the banking system during this period. At the turn of the century, however, a wave of mergers radically transformed the banking sectors of Boston and Providence. Although the greater profitability of the mergers indicates they were a better fit to the economic environment than their smaller predecessors, their creation was only made possible by a special combination of historical circumstances.

The mainsprings of the entrepreneur's activity are his expectations of profit. Being aspirations, these are rarely expressed, but they are founded on objective facts—upon the experience of profits actually earned. Until the days of the limited company or corporation, actual profits were close secrets. Few records survive of the profits of individual enterprises before the nineteenth century, and little is known of general levels of profits and profit expectations. This paper attempts to throw some light on the subject by an exploration of some financial records of the English shipping industry in the decades around 1700. The records are of special interest because the assets of this industry were expensive and long-lived units; it was natural to relate earnings to an annual rate of return on the capital invested in those units. The industry was, moreover, a large and rapidly growing one.

Since the days of Queen Elizabeth, emigration has been a habit with the British people. But it was the nineteenth century, when almost seventeen million persons emigrated, that witnessed the United Kingdom's most extensive exodus: approximately eighty per cent of the emigrants went to North America. A broad, historical explanation of the forces that motivated British subjects to abandon their homeland can be found in numerous works. Therefore, this paper is an attempt to view in greater detail one small facet of a not uncommon, yet entangling, subject. A series of specialized studies producing greater exactness of information would perhaps lead to a fuller and more complete understanding of a topic that has been open to much conjecture.

In The first half of the seventeenth century the northern mercan-Itile nations of Europe followed Spain and Portugal in flinging their Ncommercial frontiers westward to the New World. By the end of the century they had surpassed the Iberian nations in western trade and made of the Atlantic basin a single great trading area. Their economic enterprises created not only a crisscrossing web of transoceanic traffic but also a cultural community diat came to form die western periphery of European civilization. The members of this community were widely separated, scattered across three thousand miles of ocean and up and down the coasts of two continents. But the structure of commerce furnished a communication system mat brought these far-flung settlements together. The same structure proved to be a framework upon which certain important elements in colonial society took form. My purpose is to sketch certain characteristics of the Atlantic colonies in die seventeenth century which relate to these social consequences of commercial growth.

The analysis summarized below was made in an attempt to study long-term changes in the level and composition of national income in the United States. For reasons that will become dear, this attempt had to be limited to measures for years since 1870; but before this decision was reached, I had to scrutinize and reject the current and rather widely used estimates for the years prior to 1870. The notes below summarize the results of this scrutiny and may be of interest to other workers in the field.

Developments in industrial organization contributed to the lack of diversification in Britain's older industrial areas during the interwar period. The large-scale firm had not yet developed in appropriate industries to the point where large numbers of branch plants could be sent to the depressed areas (as they were after World War II), even if interwar macroeconomic policy had been more expansionary. At the industry level, barriers to new entrants and restrictive practices were high in the 1930s, precisely the period when the need for structural change in the depressed areas was most apparent.

This article investigates the feminization of poverty prior to 1960 by focusing on three factors that contributed to the increase in the propensity to form female-headed households and to the poverty rate among such households. Compared with 1939, households headed by prime-age women in 1959 included fewer adults, thereby reducing earnings potential. The earnings level at which such women formed independent households was lower relative to the poverty line; and although higher earnings allowed more women to form independent households, the increase was not large enough to lift some of these households out of poverty.

The relation of theoretical economics to empirical historical analysis has been one of the central problems of economic historians ever since the recognition of economic history as a separate discipline. Recent studies in logic and philosophy, by constructing new frames of meaning for both theory and history, have opened up several avenues for a fresh approach to this and other problems of importance to the historian and the economist.