Jose Miguel Sanjuan-Marroquin, Martin Rodrigo-Alharilla
{"title":"‘No commercial activity leaves greater benefit’: The profitability of the Cuban-based slave trade during the first half of the nineteenth century","authors":"Jose Miguel Sanjuan-Marroquin, Martin Rodrigo-Alharilla","doi":"10.1111/ehr.13272","DOIUrl":"10.1111/ehr.13272","url":null,"abstract":"<p>In this paper, we discuss the basis of the illegal slave trade between Africa and Cuba, measuring its volume and profit during the first half of the nineteenth century. Due to its illegal nature, the sources for exploring this trade were systematically destroyed, but we have been able to locate the accountancy of 17 expeditions that gives us a comprehensive understanding of the profits, margins, and risks. The basis to understanding this business was the murderous use of enslaved persons in the sugar mills, which forced a continuous repositioning through an illegal, although tolerated by the Spanish authorities, business. We demonstrate that from an economic point of view, the slave trade after illegalization was highly profitable, as the financial return of successful expeditions was near 100 per cent of the invested capital in less than a year. The risk of capture by the British authorities, associated with its illegal nature, was only high during the initial moments, and became steadily lower afterwards. In terms of volume, the trade of a half million enslaved persons illegally smuggled into Cuba produced what was probably the island's most important market.</p>","PeriodicalId":47868,"journal":{"name":"Economic History Review","volume":"77 1","pages":"268-287"},"PeriodicalIF":2.2,"publicationDate":"2023-07-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ehr.13272","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42172023","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}
Maria Stanfors, Tobias Karlsson, Lars-Fredrik Andersson, Liselotte Eriksson
{"title":"Between voluntarism and compulsion: Membership in mutual health insurance societies in Swedish manufacturing, c. 1900","authors":"Maria Stanfors, Tobias Karlsson, Lars-Fredrik Andersson, Liselotte Eriksson","doi":"10.1111/ehr.13271","DOIUrl":"10.1111/ehr.13271","url":null,"abstract":"<p>Membership in mutual health insurance societies spread among industrial workers in the late nineteenth century. We study determinants of such membership among male workers in Swedish manufacturing by using matched employer–employee data from three industries covering all workers (i.e. members and non-members, <i>N</i> > 12 000) and firms around 1900. We find remarkably high rates of membership overall, and especially among married workers. The association between marital status and health insurance suggests that selection into health insurance societies was ‘propitious’ rather than ‘adverse’. Many workers became members well before the age of 40 years, when their health began to deteriorate, and this coincided with the average age of first marriage for men, occurring in their late twenties. Being married and having membership was more marked in firms with voluntary membership and was important for the viability of the mix of voluntary and compulsory health insurance societies emerging in Nordic countries around 1900. Findings support the idea that health insurance can attract high levels of membership under voluntary schemes and suggest why it took so long before statutory health insurance covering sickness absence and workplace accidents was introduced in Sweden.</p>","PeriodicalId":47868,"journal":{"name":"Economic History Review","volume":"77 1","pages":"244-267"},"PeriodicalIF":2.2,"publicationDate":"2023-07-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ehr.13271","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41905755","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":"Correction to ‘Early inventory management practices in the foreign exchange market: Insights from sixteenth-century Lyon’","authors":"","doi":"10.1111/ehr.13258","DOIUrl":"https://doi.org/10.1111/ehr.13258","url":null,"abstract":"<p>Matringe, N., ‘Early inventory management practices in the foreign exchange market: Insights from sixteenth-century Lyon’, <i>Economic History Review</i>, 75, (2022), pp. 739−778. https://doi.org/10.1111/ehr.13112</p><p>In the above article, In Appendix II, graph (b) was incorrectly published on page 775.</p><p>The correct graph (b) should read as follows:</p><p>(b) Inventory rebalancing (three-party transaction)</p><p></p><p>We apologize for this error.</p>","PeriodicalId":47868,"journal":{"name":"Economic History Review","volume":"76 3","pages":"995"},"PeriodicalIF":2.2,"publicationDate":"2023-07-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ehr.13258","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50117935","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":"Exchange Journalism from the Position of Behavioral Finance: Economic Thinking of a Stock Market Speculator in the Beginning\u0000\u0000of the 20th Century","authors":"I. N. Galushko","doi":"10.15507/2409-630x.061.019.202302.188-196","DOIUrl":"https://doi.org/10.15507/2409-630x.061.019.202302.188-196","url":null,"abstract":"Introduction. Modern financial theory still wonders the degree of behavioral factors influence on the financial assets pricing. We assume that it necessary to consider this problem within the framework of historical and economic science, since exchange prices are widely used in modern research as a historical source. Turning to the materials of professional stock exchange journalism, in this article we sought to determine how market participants described the pricing mechanism and how their market behavior were built in accordance with these analytical settings.\u0000\u0000Materials and Methods. We chose the book “Political, economic and financial issues of recent times” as our main source. That work includes analytical articles by I. P. Manus (1860–1918), a well-known stock speculator who made a millionth fortune on the Saint Petersburg Stock Exchange.\u0000\u0000Results. I. P. Manus’s articles demonstrate how the practice of economic analysis of financial markets combines a rational assessment of the financial results with taking into account “inefficient”, speculative price factors. In our source we trace the idea of uncertainty that cannot be overcome by formal analysis methods. All of that actualizes the need to use the methodology of behavioral finance when working with financial history materials.\u0000\u0000Discussion and Conclusion. We believe that it is not entirely correct for our material to draw a rigid methodological boundary between “behavioral” and “rational”. If we use the terminology of social history, it is much more effective to consider these concepts in their complex interaction, which forms a special “frame” of financial practice of the early 20th century.","PeriodicalId":47868,"journal":{"name":"Economic History Review","volume":"81 1","pages":""},"PeriodicalIF":2.2,"publicationDate":"2023-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90400965","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}