In this article I present new calculations for the evolution of prices and standards of living in Seville from 1521 to 1603. Using new data on prices and new research on changes in nutrition and consumption, I improve the consumer price index. Two major improvements can be highlighted: the inclusion of rented housing prices and the use of three baskets of goods, according to the transformations identified in the consumption patterns. As a result of these improvements, the new data show that prices increase more (336%) than previously estimated by Hamilton (155%) and when using the Allen method (234%). Consequently, real wages decrease more with the new index (32%).

The skill composition of European migrants to the New World and their contribution to the human capital and institutional formation in destination countries are popular topics in economic history. This study assesses the skill composition of 19th century transatlantic migrants to Cuba. It finds that nearly half of the European immigrants originate from the Spanish province of the Canary Islands, which displays the lowest literacy and numeracy rates of Spain. Even within this province, those who left belonged to the least skilled section of the population. By promoting the influx of a cheap and poorly educated white workforce that replaced African slaves on their sugar estates, large landowners in Cuba contributed to the perpetuation of high economic, political and social inequality.

This paper attempts to establish a debate between alternative views of living standards in Spanish America during the viceregal period. Since 2009, a growing literature has shared a «common language» based on a similar, though not identical, methodology. As never before, this «new generation» of studies is built upon long series of quantitative data and international comparisons of nominal wages and prices which, in some cases, cover the whole Early Modern Era. Part of this literature also complements the examination of economic welfare using height as an indicator of biological welfare. Inequality is also quantitatively approached in one of the works discussed. In spite of significant similarities, some methodological differences lead to contrasting results. For the sake of simplicity, the relevant literature is divided into two views: «pessimism» and «optimism». It is my contention that the latter is more consistent with the available evidence.

The objective of this article is to offer empirical evidence regarding the behaviour of the exports and relative prices of agricultural and food products from South America between 1900 and 1950. These were years of intense turbulence, which profoundly affected the countries of the region, generating a deep pessimism concerning the potentiality of the export-led development model. This study offers a new quantitative base to analyse the evolution of exports of agrifood products from South America between 1900 and 1938. The paper also offers a series for the evolution of the terms of trade in the region which takes into account in its construction, for the first time, the relative weights of South American exports of the distinct agricultural products.

Apart from Appendini (1972) for 1900, there are, so far, no Mexican regional GDP estimates for the period before 1930. The aim of this paper is to fill this gap by presenting new Mexican regional GDP per capita estimates for several benchmark years between 1895 and 1930. The paper presents the methodology and sources used to estimate the new series, compares them with the previous estimates and offers a first long-term picture of Mexican regional per capita GDPs (1895-2010).

This paper discusses some of the criticisms recently raised by Rafael Dobado-González about our work on real wages in the Americas in the long run. Although addressing a series of issues, Dobado mainly questions our use of the welfare ratio methodology to assess standards of living in colonial Spanish America. In this article we explain how, despite its limitations, this methodology provides a solid, transparent metric to compare economic development across space and time. In particular, welfare ratios present more economically relevant information on living standards than the commodity wages that Dobado prefers (Dobado González and García Montero 2014). We argue that Dobado fails to offer convincing evidence against our findings; hence, we stand by these results, which suggest that the divergence between North and Latin America began early in the colonial period.

Can low emigration rates from the Mediterranean to the Atlantic economy partly explain its relative economic decline over the 19th century? Time series tests of real wage integration show that the Maghreb and Eastern Mediterranean exported enough labourers to experience labour market integration, while the emigration rates of the northern Mediterranean, were not high enough. As the latter group comprised most of the region’s economic weight, the Mediterranean as a whole was held back. The wage gap between the first two groups and the Atlantic economy was the highest, but journey costs relative to wage levels were roughly similar across the Mediterranean. The incentive-vs.-cost arithmetic favoured emigration from the Maghreb and Eastern Mediterranean.

The foundation of specialised economic journals was one of the main traits in the process of institutionalisation of political economy in 19th century Western Europe. Spain joined this trend at an early stage and in the 1850s and 1860s some specialised, albeit ephemeral, journals sponsored by the liberal school of economic thought – the Economist School – emerged. However, when these reviews ceased publication, Spanish economists lacked specialised periodicals as an outlet for their contributions. Miscellaneous literary reviews addressing a wider audience represented an alternative for the diffusion of economic papers into educated society, sharing space with many other scientific and literary disciplines. This paper analyses the presence of texts on political economy in four of the most important of these reviews in the period 1868-1914, when Spain lacked economic publications. In spite of not being specialised reviews, these publications played a central role in the process of diffusion and popularisation of political economy as a valuable field of knowledge, acting as a good substitute for specifically economic journals.

In order to understand Uruguay’s long-run economic evolution it becomes crucial to interpret its export performance during the First Globalization. The lack of accuracy of official figures, especially official prices used, calls for an adjustment of Uruguayan export series. We have used empirical evidence to test the accuracy of quantities and values of export records, first, according to import partners’ records and, second, according to international market prices. Results show a general undervaluation of official export values during the period along with severe distortions in the registers caused by transit trade. We reconstructed new Uruguayan export f.o.b values and an export price index which present a more unstable and less dynamic export evolution than that of neighbouring Argentina.

Replying to Rafael Dobado-González’s article on living standards in Spanish America during the colonial period, we discuss the methodology and evidence published in Arroyo Abad, Davis, and van Zanden (2012).

The development of postal services has played an indisputable role in industrialization, market integration and state formation. Smooth functioning of these services depended on the existence of a well-paid and motivated body of civil servants. I study the organization of the internal labour market for civil servants in postal services in Spain from 1890 to 1935 showing a career in the postal services offered high entry wages, growing wages over the life cycle, and a secure job until retirement. There were two downsides to pursuing a career in the postal services. Firstly, entry and promotion depended on the expansion of employment. Secondly, nominal wages were upward rigid, causing large real wage losses during WWI.

In this article I examine the history of the Mexican Stock Exchange from the end of the Revolution until 1975, under the hypothesis that it did not carry out its pertinent functions in corporate financing but was rather an economic and political instrument of the government. Due to state intervention and the deficient definition of property rights, its functioning was completely anomalous except during this period. The article represents a first step in the study of the role of the stock exchange in Latin American corporatist economic models.

This study builds the first internationally comparable index of real wages for Mexico City bridging the 18th and the early 20th century. Real wages started out in relatively high international levels in the mid 18th century, but declined from the late 1770s on, with some partial and temporal rebounds after the 1810s. After the 1860s, real wages recovered and eventually reached 18th-century levels in the early 20th century. Real wages of Mexico City’s workers subsequently fell behind those of high-wage economies to converge with the lower fringes of middle-wage economies. The age of the global Great Divergence was Mexico’s own age of stagnation and decline relative to the world economy.

In this article I build an analytic narrative to provide an integrated and analytical view of the economic reforms that took place in Colombia during the years 1974-1978. Through the use of basic game theory and historical evidence, I present the core of the strategic interactions between several players: Government is depicted as a committed but poorly endowed agenda setter, Coffee as the dominant player and Industry as the contending but relatively weak player. The analysis shows that the 1976 coffee boom changed the interaction between sectors from an assurance to a prisoner’s dilemma game, and identifies as the post-boom solution the Government–Coffee coalition, which carried out a soft version of the initial reforms.

This article presents and analyses wholesale price series of Santa Fe (Argentina), an essential core of colonial commercial circuits, during the period 1700-1810. Mainly from monastic sources, the presented series include 14 products from local and regional origin. Production data has also been deflated using these indexes and purchasing power of wages has been measured. This allows studying inflation, deflation and standards of living and their relation to economic growth. Growth, even prior to trade liberalization of 1778, was matched by deflation so it may suggest improvements in mercantile circuits. This new evidence provides a solid tool for regional and international comparative analysis.