Recent scholarship contends that ancient Mediterranean economies grew intensively. An explanation is that Smithian growth was spurred by reductions in transaction costs and increased trade flows. This paper argues that an ancient Greek institution, proxenia, was among the key innovations that allowed such growth in the period 500–0 BCE. Proxenia entailed a Greek city-state declaring a foreigner to be its “public friend,” a status that conferred both duties and privileges. The functions performed by “public friends” could facilitate economic transactions between communities. Accordingly, network and regression analyses establish a strong relationship between proxenia grants and trade intensity.

Economists ignore caring labor since most is provided unpaid. Disregard is unjust, theoretically indefensible, and probably misleading. Valuation requires estimates of time spent and the replacement or opportunity costs of that time. I use the maintenance costs of British workers, costs which cover both the material inputs into upkeep and the domestic services needed to turn commodities into livings, to isolate the costs of paid domestic labor. I then impute the value of unpaid domestic labor from these market equivalents, and aggregate across households without domestic servants. Historically, unpaid domestic labor represented c. 20 percent of total income, a contribution that suggests the need to revise some standard narratives.

This paper highlights the importance of endogenous changes in the foundations of legitimacy for political regimes. It focuses on the central role of legitimacy changes in the rise of constitutional monarchy in England. It first defines legitimacy and briefly elaborates a theoretical framework enabling a historical study of this unobservable variable. It proceeds to substantiate that the low-legitimacy, post-Reformation Tudor monarchs promoted Parliament to enhance their legitimacy, thereby changing the legislative process from the “crown and Parliament” to the “crown in Parliament” that still prevails in England. The break with Rome permanently altered England’s political development.

This paper studies the relationship between military conflicts and state-building in pre-imperial China. I develop an incomplete contract model to examine rulers’ and local administrators’ incentives in conflict. Defensive wars drive decentralization: landowning local administrators have more to gain from a successful defense and are therefore more committed to it. Offensive wars drive centralization: the landowning ruler has personnel control over the non-land-owning local administrator and can therefore force the latter to participate in less lucrative attacks. Model predictions are corroborated with empirical evidence and historical case studies, and offer broader implications for the political divergence between China and Europe.

This article exploits two newspaper archives to track economic policy uncertainty in Spain from 1905–1945. We find that the outbreak of the Civil War in 1936 was anticipated by a striking upward level shift of uncertainty in both newspapers. We study the reasons for this shift through a natural language processing method, which allows us to leverage expert opinion to track specific issues in our newspaper archives. We find a strong empirical link between increasing uncertainty and the rise of divisive political issues like socio-economic conflict. This holds even when exploiting content differences between the two newspapers in our corpus.

The Industrial Removal Office funded 39,000 Jewish households to leave enclave neighborhoods in New York City from 1900 to 1922. Compared to neighbors with the same baseline occupation, program participants earned 4 percent more ten years after relocation. These gains persisted to the next generation. Benefits increased with more years spent outside of an enclave. Participants were more likely to speak English, and married spouses with less Jewish names. More Jewishly-identified men (as measured by own names) were more likely to return to the city. We contextualize these results with new national evidence on Jewish economic and cultural assimilation.

I study native-born white men’s internal migration in the United States over all possible 10- and 20-year periods between 1850 and 1940. Inter-county migration rates—after implementing a new method to correct for errors in linkage—were stable over time. Migrant selection on the basis of occupational status was neutral or slightly negative and also largely stable. But the orientation of internal migration changed over time, declining in distance and increasingly driving urbanization. In the 1930s, migration became less common and less urban oriented. These results provide a clearer understanding of historic U.S. internal migration than previously possible.

This paper examines how the worship of ancient wisdom affects economic progress in historical China, where the learned class embraced classical wisdom for millennia but encountered the shock of Western industrial influence in the mid-nineteenth century. Using the number of sage temples to measure the strength of classical worship in 269 prefectures, I find that classical worship discouraged intellectuals from appreciating modern learning and thus inhibited industrialization between 1858 and 1927. By contrast, industrialization grew faster in regions less constrained by classicism. This finding implies the importance of cultural entrepreneurship, or the lack thereof, in shaping modern economic growth.

This paper estimates the migratory and fertility effects of the federal Relocation Program, which attempted to move Native American individuals to urban areas under the promises of financial assistance and job training. I find the Relocation Program increased the Native American population in the target cities by more than 100,000 people. I also find that second- and third-generation Native American women living in cities have a 50 percent lower fertility rate than those living in areas with historically large Native American populations. These findings indicate that this program meaningfully shifted the spatial distribution of the Native American population.

I reconstruct the historical performance of individual portfolios owned by Parisian investors during the French Belle-Epoque, which was characterized by a massive concentration of wealth. Using the value of inherited bequests as a proxy for ex ante wealth, I show that wealthier investors not only exhibited greater betas and thus benefited from the bull market, but also captured positive alphas, which translated into greater Sharpe ratios. Their performance was enhanced by diversification tilted toward equity and foreign assets. I identify heterogeneity in returns as a significant driver of the rise of wealth inequalities during the Belle-Epoque.

We study art markets in the Greco-Roman world to explore the origins of artistic innovations in classical Greece and the mass production of imitative works in the Roman Empire. Economic factors may have played a role, on one side fostering product innovations when a few rival Greek city-states competed, outbidding each other to obtain higher-quality artworks, and on the other side fostering process innovations when a large integrated market promoted art trade across the Mediterranean Sea. The evidence on art prices is consistent with this. Literary evidence on classical Greek painting from V–III centuries BC (largely from Pliny the Elder) shows that the real price of masterpieces increased up to the peak of creativity reached with Apelles. Epigraphic evidence on Roman sculpture from I–III centuries AD (largely from inscriptions at the base of statues) shows that the real price of statues was stable and largely equalized across the imperial provinces.

I analyze factory worker households in the early 1920s in Osaka to examine idiosyncratic income shocks and consumption. Using the household-level monthly panel dataset, I find that while households could not fully cope with idiosyncratic income shocks at that time, they mitigated fluctuations in indispensable consumption during economic hardship. In terms of risk-coping mechanisms, I find suggestive evidence that savings institutions helped mitigate vulnerabilities and that both using borrowing institutions and adjusting labor supply served as risk-coping strategies among households with less savings.

This paper contributes to the literature on the determinants of the expansion of mass schooling and the long-term legacy of educational institutions. Based on a new provincial-level dataset for Italy in the period 1861–1911, we argue that different models of schooling provision adopted by the different pre-unification polities influenced primary-education organizations across macro-regions up to WWI. As a result, school access and the capability to generate literacy given current rates of enrollment differed substantially, with the Northern regions aiming to increase schooling for all, while the Center and the South implemented a more elitist model.

Sumptuary laws that regulated clothing based on social status were an important part of the political economy of premodern states. We introduce a model that captures the notion that consumption by ordinary citizens poses a status threat to ruling elites. Our model predicts a non-monotonic effect of income—sumptuary legislation initially increases with income, but then falls as income increases further. The initial rise is more likely for states with less extractive institutions, whose ruling elites face a greater status threat from the rising commercial class. We test these predictions using a new dataset of country and city-level sumptuary laws.

It is unfortunately an established fact that both men and womenfolk have, in utterly irresponsible manner, driven extravagance in dress and new styles to such shameful and wanton extremes that the different classes are barely to be known apart.

How do external threats to state sovereignty benefit local development? In this paper, we look at Thailand’s railroad projects in the late-nineteenth and early-twentieth centuries as an example of a state’s strategic response to colonial encroachment. By transporting government officials and establishing a permanent administrative presence, the railways served to ensure Thailand’s sovereignty over peripheral regions and bring them under direct governance. These regions, long considered economically unviable and disconnected from Bangkok, gained rail access due to their strategic importance and, in turn, witnessed urbanization and increased agricultural production.

Within the turmoil of the Norman Conquest, did religious institutions affect the economic outcomes of their land? Exploiting historical data about the changes in holdings’ lordship that occurred after the Conquest, we compare the economic performance of estates controlled by different types of lords. Holdings controlled by Benedictine monasteries (vis-à-vis secular lords) experienced a better performance, although, once accounting for the unchanging upper level of the feudal structure, we cannot fully disentangle this effect from the persistence of Benedictine Overlordship. A comparison with Celtic monasteries, with a different organizational structure, suggests a role for the governance structure of Benedictine monasteries.

What was the impact of urban political structure on preindustrial wealth inequality? I document that more closed political institutions were associated with higher inequality in a panel of early-modern German cities. To investigate the mechanisms behind that macro-relationship, I construct a unique individual-level panel dataset on personal wealth and political office-holding in the city-state of Nördlingen (1579–1700). I employ a difference-in-differences setting to show that political elites enriched themselves substantially, increasing inequality. To address endogeneity concerns, I exploit the Thirty-Years’ War as a shock to elites’ potential for enrichment from public office. Officials manipulated this crisis to enrich themselves further.

Due to a dearth of data, nineteenth century lending to sovereign borrowers was a blind date. We argue this is the reason for collateral pledges found in contemporary lending covenants, which enabled not execution, but the production of reliable fiscal data. Lawyers injected collateral clauses in sovereign debt covenants to permit credible disclosure of hard-to-access tax data. The study foregrounds the importance of big law firms as financial intermediaries and information producers. It also contributes a new view on the role played by contracts in sovereign debt.

In this paper, we study newspaper partisan behavior and content, which we measure using coverage of and commentary on partisan activities, institutions, and actors. We use this measure to describe the levels of relative partisan behavior during the period 1880 to 1900, and to describe changes over the period 1880 to 1980. We find that, on average, newspapers were initially highly partisan, but gradually became less partisan over time. Importantly, we find as much change after the 1910s as before, which contributes to the existing literature that focuses on changes in the nineteenth and early twentieth centuries. We also investigate words and phrases that had negative or positive partisan connotations in particular periods. Finally, we examine whether some of the common hypotheses offered in the literature can account for the changes. The initial findings suggest that these explanations can only account for part of the decline.

The 1965 Immigration Act represented a radical shift in U.S. policy, which has been credited with dramatically expanding the volume and changing the composition of immigration. Its passing has often been described as the result of political machinations negotiated within Congress without regard to public opinion. We show that congressional voting was consistent with public opinion on abolishing the country-of-origin quotas but not with the desire to limit the volume of immigration. While the former initially reflected attitudes toward civil rights, the latter is consistent with contemporary expectations that the expansion in numbers would be modest.