{"title":"European business cycles and economic growth, 1300–2000","authors":"Stephen Broadberry , Jason Lennard","doi":"10.1016/j.eeh.2024.101602","DOIUrl":"https://doi.org/10.1016/j.eeh.2024.101602","url":null,"abstract":"<div><p>The modern business cycle features long expansions combined with short recessions, and is thus related to the emergence of sustained economic growth. It also features significant international co-movement, and is therefore associated with growing market integration and globalisation. When did these patterns first appear? This paper explores the changing nature of the business cycle using historical national accounts for nine European economies between 1300 and 2000. For the sample as a whole, the modern business cycle emerged in the nineteenth century.</p></div>","PeriodicalId":47413,"journal":{"name":"Explorations in Economic History","volume":null,"pages":null},"PeriodicalIF":2.6,"publicationDate":"2024-06-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S001449832400038X/pdfft?md5=73cc7db1de30d114f46402c0a6c72ccc&pid=1-s2.0-S001449832400038X-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141593492","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"历史学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Stefan Nikolić , Filip Novokmet , Piotr Paweł Larysz
{"title":"Income inequality in Eastern Europe: Bulgaria and Czechoslovakia in the twentieth century","authors":"Stefan Nikolić , Filip Novokmet , Piotr Paweł Larysz","doi":"10.1016/j.eeh.2024.101594","DOIUrl":"https://doi.org/10.1016/j.eeh.2024.101594","url":null,"abstract":"<div><p>This article provides novel estimates of long-term income inequality in Bulgaria and Czech Lands/Czechoslovakia in the twentieth century. Relying on newly-constructed datasets and the social tables approach, we measure inequality between salient social strata. We find that Czechoslovakia was significantly more unequal than Bulgaria before 1945. Inequality converged to similarly low levels under socialism. Decomposition analysis by social classes reveals that different levels of inequality in the first half of the century were principally driven by higher within social-class inequality in Czechoslovakia, owing to a more stratified industrial society; whereas a low dispersion within the dominant agricultural sector held down the within social-class component in Bulgaria. A dramatic fall in total inequality after 1945 was a result of the social revolution that encompassed the virtual disappearance of between social-class inequality and a marked reduction in within social-class inequality. Our findings point to the critical role of institutional and political factors in driving inequality in Eastern Europe throughout the twentieth century.</p></div>","PeriodicalId":47413,"journal":{"name":"Explorations in Economic History","volume":null,"pages":null},"PeriodicalIF":2.3,"publicationDate":"2024-05-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0014498324000305/pdfft?md5=ce6e411fb53561380835efa04d3681c7&pid=1-s2.0-S0014498324000305-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141308176","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"历史学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Banking on innovation: Listed and non-listed equity investing, evidence from société générale de Belgique, 1850–1934","authors":"Gertjan Verdickt , Marc Deloof","doi":"10.1016/j.eeh.2024.101593","DOIUrl":"https://doi.org/10.1016/j.eeh.2024.101593","url":null,"abstract":"<div><p>Société Générale de Belgique was the world's first universal bank. It pioneered another innovation: investing in non-listed equity. We use hand-collected data to show that the bank earned significant positive risk-adjusted returns from 1850 to 1934. This offset its flat return on the listed equity portfolio and underperforming bond portfolio. Other Belgian universal banks followed this strategy. As such, we argue that this innovation laid the groundwork for other financial institutions to invest in listed and non-listed assets.</p></div>","PeriodicalId":47413,"journal":{"name":"Explorations in Economic History","volume":null,"pages":null},"PeriodicalIF":2.3,"publicationDate":"2024-05-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0014498324000299/pdfft?md5=9e921d16ef28e17f85e3c08259c65d3d&pid=1-s2.0-S0014498324000299-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141241801","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"历史学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"How rich were the rich? An empirically-based taxonomy of pre-industrial bases of wealth","authors":"Branko Milanovic","doi":"10.1016/j.eeh.2024.101592","DOIUrl":"https://doi.org/10.1016/j.eeh.2024.101592","url":null,"abstract":"<div><p>The paper uses fifty-three social tables, ranging from Greece in 330 BCE to Mexico in 1940 to estimate the share and level of income of the top 1 % in pre-industrial societies. The share of the top 1 % covers a vast range from around 10 % to more than 40 % of society's income and does not always move together with the estimated Gini coefficient and the Inequality Extraction Ratio. I provide a taxonomy of pre-industrial societies based on the social class and type of assets (land, control of government, merchant capital, citizenship) that are associated with the top classes as well as lack of assets associated with poverty.</p></div>","PeriodicalId":47413,"journal":{"name":"Explorations in Economic History","volume":null,"pages":null},"PeriodicalIF":2.3,"publicationDate":"2024-05-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140893398","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"历史学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Courts, legislatures, and evolving property rules: Lessons from eminent domain","authors":"Robert K. Fleck, F. Andrew Hanssen","doi":"10.1016/j.eeh.2024.101581","DOIUrl":"10.1016/j.eeh.2024.101581","url":null,"abstract":"<div><p>This paper examines judicial and legislative modifications to a specific property rule, the benefit offset, which was widely employed by railroad companies during the 19th century as a way to reduce required compensation for land taken through eminent domain. At the beginning of the railroad boom, all states allowed the benefit offset; by the end of the boom, most states had banned it, some via court decisions, others via legislation. Consistent with a simple model in which a court and a legislature act as (imperfect) agents of the public: 1) challenges to the benefit offset generally began with litigation; 2) all states that litigated the offset eventually restricted it, but not always through litigation; 3) where courts chose to allow the offset, legislation restricted it, often with substantial lags; 4) those lags tended to be longer (i.e., more time passed between litigation and subsequent legislation) when the litigation efforts took place early in the track building process (at which time the offset was more likely to be socially valuable); 5) states that never banned the benefit offset were those where landowners were unlikely to have ever been harmed by the practice (principally western states with vast expanses of public and private land). The model and historical evidence illustrate how a system that grants both the court and the legislature the power to alter property rules can establish a beneficial redundancy that increases the value of modifiable property rules.</p></div>","PeriodicalId":47413,"journal":{"name":"Explorations in Economic History","volume":null,"pages":null},"PeriodicalIF":2.3,"publicationDate":"2024-03-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140182459","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"历史学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Fabrizio Almeida Marodin , Kris James Mitchener , Gary Richardson
{"title":"Contagion of fear: Panics, money, and the Great Depression","authors":"Fabrizio Almeida Marodin , Kris James Mitchener , Gary Richardson","doi":"10.1016/j.eeh.2024.101589","DOIUrl":"10.1016/j.eeh.2024.101589","url":null,"abstract":"<div><p>Despite its centrality in debates about the causes and consequences of the Great Depression, banking panics’ impact on the money supply during this period remains a subject of ongoing debate. Before 1936, the Fed's decentralized structure meant that panics impacted money creation regionally while monetary impulses impacted bank stability nationally. We use this structure and newly digitized data to construct monetary aggregates at the Federal Reserve district level and apply a novel identification strategy that allows us to isolate the panics’ impact on monetary aggregates. We find that panics reduced the money supply by 27%, or in other words, that panics caused most of the decline in the money supply from June 1929 to December 1932.</p></div>","PeriodicalId":47413,"journal":{"name":"Explorations in Economic History","volume":null,"pages":null},"PeriodicalIF":2.3,"publicationDate":"2024-03-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140117656","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"历史学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The Customary Atlas of Ancien Régime France","authors":"Victor Gay , Paula E. Gobbi , Marc Goñi","doi":"10.1016/j.eeh.2024.101588","DOIUrl":"10.1016/j.eeh.2024.101588","url":null,"abstract":"<div><p>Customary law governed most European societies during the Middle Ages and early modern period. To better understand the roots of legal customs and their implications for long-run development, we introduce an atlas of customary regions of Ancien Régime France. We also describe the historical origins of French customs, their role as a source of law, and their legal content. We then offer some insights into the research possibilities opened by this database.</p></div>","PeriodicalId":47413,"journal":{"name":"Explorations in Economic History","volume":null,"pages":null},"PeriodicalIF":2.3,"publicationDate":"2024-03-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S001449832400024X/pdfft?md5=426a7bafa6e5b6df166234caf4994025&pid=1-s2.0-S001449832400024X-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140117692","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"历史学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Does time heal all wounds? The rise, decline, and long-term impact of forced labor in Spanish America","authors":"Leticia Arroyo Abad , Noel Maurer","doi":"10.1016/j.eeh.2024.101580","DOIUrl":"https://doi.org/10.1016/j.eeh.2024.101580","url":null,"abstract":"<div><p>For most of human history, free wage labor was uncommon compared to various coercive institutions based on the threat of force. Latin America was no exception to this general rule. A number of scholars argue that past coercive labor institutions explain regional and national divergence within Latin America long after the institutions themselves have disappeared. A review of the literature, however, shows less agreement than is commonly recognized. There is evidence that forced labor on Spanish American mainland collapsed endogenously under its own weight, in which case it may have left few echoes in the present.</p></div>","PeriodicalId":47413,"journal":{"name":"Explorations in Economic History","volume":null,"pages":null},"PeriodicalIF":2.3,"publicationDate":"2024-03-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140103234","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"历史学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Linked samples and measurement error in historical US census data","authors":"Sam Il Myoung Hwang, Munir Squires","doi":"10.1016/j.eeh.2024.101579","DOIUrl":"10.1016/j.eeh.2024.101579","url":null,"abstract":"<div><p>The quality of historical US census data is critical to the performance of linking algorithms. We use genealogical profiles to correct measurement error in census names and ages. Our findings suggest that one in every two records has an error in name or age, and human capital is correlated with lower error rates. While errors in age decline across subsequent census rounds from 1850 to 1930, errors in names do not exhibit such trends. Fixing all transcription errors, hence leaving only those errors made at the time of enumeration, would reduce error rates in names by 41 percent. Correcting all names and ages using genealogical profiles leads to 20%–36% more links and fewer false positives. Reassuringly, we find that reducing such errors has a negligible effect on estimates of intergenerational mobility.</p></div>","PeriodicalId":47413,"journal":{"name":"Explorations in Economic History","volume":null,"pages":null},"PeriodicalIF":2.3,"publicationDate":"2024-02-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0014498324000093/pdfft?md5=d8f8b6d65a73be19b0ccf64c92eafa30&pid=1-s2.0-S0014498324000093-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139670425","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"历史学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The long-run effects of childhood exposure to market access shocks: Evidence from the US railroad network expansion","authors":"Jeff Chan","doi":"10.1016/j.eeh.2022.101503","DOIUrl":"10.1016/j.eeh.2022.101503","url":null,"abstract":"<div><p>In this paper, I use the expansion of the US railroad network from 1900 to 1910 and the resulting spatial variation in increased market access to investigate whether economic shocks that occur during childhood have long-run ramifications on later-life outcomes, and the channels through which such effects manifest. I link individuals across the 1900, 1910, and 1940 full-count US Censuses and incorporate an instrumental variable strategy to help isolate the causal effect of market access. I find that, in the short run, sons are less likely to be literate and have more siblings. In the long-run, these sons then become less likely to be well-educated and earn lower incomes. The results of this paper shed light on the mechanisms through which railroad-induced market access and other economic shocks during childhood can impact individuals even in later life.</p></div>","PeriodicalId":47413,"journal":{"name":"Explorations in Economic History","volume":null,"pages":null},"PeriodicalIF":2.3,"publicationDate":"2024-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78309077","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"历史学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}