Based on information related to the Stop of Exchequer, 1672, this article calculates the current yields of sovereign debt and examines the effect of the Glorious Revolution on the government’s credibility. The results show that even though the interest payment had not been paid for years, when Parliament authorized the resumption of payment, the current yields fell not only below the level when the interest payment was made by Charles II, but quickly converged to the rates of return of alternative investment. The movement of current yields supports that the constitutional change of 1689 did enhance the government’s credibility.

This article analyzes the integration of the Spanish money market in the nineteenth century. We use a Band-Threshold Autoregression model of prices of bills-of-exchange in ten cities to measure market convergence and efficiency in 1825–1875. While price gaps generally decreased during the period, progress in efficiency was limited to a small group of cities. We suggest that convergence was associated to the reduction in transaction costs, which started well before the railways through improvements in roads and postal services. By contrast, the heterogeneous behavior of efficiency might be associated to economic geography changes and their effects on monetary leadership.

We construct the first time-series for Portugal’s per capita GDP for 1527–1850, drawing on a new database. Starting in the early 1630s there was a highly persistent upward trend which accelerated after 1710 and peaked 40 years later. At that point, per capita income was high by European standards, though behind the most advanced Western European economies. But as the second half of the eighteenth century unfolded, a phase of economic decline was initiated. This continued into the nineteenth century, and by 1850 per capita incomes were not different from what they had been in the early 1530s.

The Great Reform Act of 1832 was a watershed for democracy in Great Britain. We study the vote on 22 March 1831 in the House of Commons to test three competing theories of democratization: public opinion, political expedience, and threat of revolution. Peaceful agitation and mass-support for reform played an important role. Political expedience also motivated some members of Parliament to support the reform, especially if they were elected in constituencies located in counties that would gain seats. Violent unrest in urban but not in rural areas had some influence on the members of Parliament. Counterfactual scenarios suggest that the reform bill would not have obtained a majority in the House of Commons in the absence of these factors.

In this article we document Canada’s trade policy response to late nineteenth and early twentieth century globalization by linking newly digitized annual productspecific data on the value of Canadian imports and duties paid from 1870–1913, to establishment-specific production and location information drawn from the manuscripts of the 1871 industrial census. We find evidence of a highly selective move towards protectionism following the adoption of the National Policy in 1879. Changes in the Canadian tariff schedule narrowly targeted manufactured import products that had close substitutes produced by relatively large, urban, politically influential domestic manufacturers.

Bodenhom, Guinnane, and Mroz (2017) are critical of anthropometric research using based on non-random samples. Declining height trends in military and prison data, they argue, are artifacts of negative selection during favorable labor market conditions. We study height trends in the United States in the antebellum decades, which coincided with the onset of modem economic growth. We find that neither the historical evidence nor their own statistical analysis support their views. The decline in physical stature in the decades before the Civil War was real, as Zimran (2019) has also shown.

Turkey imposed a controversial tax on wealth to finance the army in 1942. This tax was arbitrarily assessed and fell disproportionately on non-Muslim minorities. We study the heterogeneous impact of this tax on firms by assembling a new dataset of all enterprises in Istanbul between 1926 and 1950. We find that the tax led to the liquidation of non-Muslim-owned firms, which were older and more productive, reduced the formation of new businesses with non-Muslim owners, and replaced them with frailer Muslim-owned startups. The tax helped “nationalize” the Turkish economy, but had negative implications for productivity and growth.

With use of innovative proxies and new annual data, I demonstrate that relatively high legal capacity and regulatory activity of the early-modern Polish parliament, the Seym, was positively associated with deeper domestic commodity market integration. Conversely, the lack of effective law-making, caused by the right of a single delegate to discontinue the Seym’s sessions, fostered market fragmentation. This indicates that early parliamentary regimes required legal capacity to harmonize domestic institutions and reduce the transaction costs. The Polish case suggests a hypothesis that the pre-1800 “Little Divergence” between European parliamentary regimes could be explained by differences in their governments’ capacities.

Our 2017 article in this Journal stresses the pitfalls of using choice-based samples in economic history. A prominent example is the literature addressing the so-called antebellum puzzle. Heights researchers claim that Americans grew shorter in the first half of the nineteenth century, a period of robust economic growth. We argue that this result relies on choice-based samples. Without knowing the process that led to inclusion in the sample, researchers cannot properly estimate conditional mean heights. We proposed a diagnostic that can detect, but not correct for, selection bias. Komlos and A’Hearn’s interpretation of our analysis confuses diagnosis with cure. We dispute their view that selection bias has been appreciated in the heights literature.

In the 1950s the United States conducted scores of atmospheric nuclear tests at the Nevada Test Site. This article studies the effects of radioactive fallout from nuclear tests on agriculture in regions hundreds of miles from the NTS. While research has shown that this radioactive material posed a health risk near the NTS, little is known about the direct economic effects nuclear testing may have had. I find that fallout from nuclear tests adversely affected U.S. agricultural production, and this result suggests that nuclear testing had a much broader economic and environmental impact than previously thought.