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Finance capitalism in industrializing autocracies: Evidence from corporate balance sheets in imperial Germany and Russia 工业化专制国家的金融资本主义：帝国德国和俄罗斯企业资产负债表的证据
The Economic History Review Pub Date : 2024-04-22 DOI: 10.1111/ehr.13342
Caroline M. Fohlin, Amanda Gregg
{"title":"Finance capitalism in industrializing autocracies: Evidence from corporate balance sheets in imperial Germany and Russia","authors":"Caroline M. Fohlin, Amanda Gregg","doi":"10.1111/ehr.13342","DOIUrl":"https://doi.org/10.1111/ehr.13342","url":null,"abstract":"Russia and Germany both industrialized later than England and the United States, and both countries retained authoritarian autocracies until World War I. On the basis of a large collection of firm‐level balance sheets, this paper presents new evidence revealing the likely impact of these systematic disparities on emerging industry's access to capital. Contrary to the standard ‘economic backwardness’ and ‘law and finance’ literatures, we argue that differences in financing between Russian and German corporations were consistent with authoritarian control of corporate entry as well as Russia's agricultural economy and overall lower level of economic development.","PeriodicalId":505850,"journal":{"name":"The Economic History Review","volume":"18 22","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-04-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140675026","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Spatial inequality in prices and wages within a late‐developing economy: Serbia, 1863–1910 后发经济体中价格和工资的空间不平等：塞尔维亚，1863-1910 年
The Economic History Review Pub Date : 2024-04-19 DOI: 10.1111/ehr.13348
Stefan Nikolić
{"title":"Spatial inequality in prices and wages within a late‐developing economy: Serbia, 1863–1910","authors":"Stefan Nikolić","doi":"10.1111/ehr.13348","DOIUrl":"https://doi.org/10.1111/ehr.13348","url":null,"abstract":"Serbia emerged as a small independent nation‐state in the economic periphery of nineteenth‐century Europe. This article leverages uniquely abundant town‐level data to examine spatial inequality in prices and wages within this late‐developing economy. I first build a new dataset on prices of traded and household goods, and wages of skilled and unskilled workers for a panel of 42 urban settlements in Serbia in the period from 1863 to 1910. I apply the welfare ratio approach to calculate real wages of day labourers and masons. Second, I find strong spatial convergence in grain prices and costs of living, but divergence in wages, both nominal and real. Lastly, I investigate the determinants of price convergence and wage divergence with panel‐data models. The results suggest that falling transport costs decreased price gaps between locations, whereas rising population differences increased inter‐urban wage gaps.","PeriodicalId":505850,"journal":{"name":"The Economic History Review","volume":" 4","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-04-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140682854","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Nominal wage patterns, monopsony, and labour market power in early modern England 现代早期英格兰的名义工资模式、垄断和劳动力市场力量
The Economic History Review Pub Date : 2024-04-14 DOI: 10.1111/ehr.13346
Meredith M. Paker, Judy Z. Stephenson, Patrick Wallis
{"title":"Nominal wage patterns, monopsony, and labour market power in early modern England","authors":"Meredith M. Paker, Judy Z. Stephenson, Patrick Wallis","doi":"10.1111/ehr.13346","DOIUrl":"https://doi.org/10.1111/ehr.13346","url":null,"abstract":"Records of long‐eighteenth‐century English wage rates exhibit almost absolute nominal rigidity over many decades, alongside significant dispersion between the wages paid by different organizations for the same type of work in the same location. These features of preindustrial wages have been obscured by data aggregation and the construction of real wage series, which introduce variation. In this paper, we argue that the standard explanations for wage rigidity in economic history are insufficient. We show econometric evidence for monopsony power in one major organization and argue that the main historical wage series are also affected by employer power. Eighteenth‐century England had an imperfectly competitive labour market with large frictions. This gave large organizations the power to set wage policies. We discuss the implications for the eighteenth‐century British economy and research into long‐run wages more generally.","PeriodicalId":505850,"journal":{"name":"The Economic History Review","volume":"60 4","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-04-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140705889","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Anglo–Dutch financial connections and contrasts in the late eighteenth century: The Amsterdam phase of the 1772–3 credit crisis 十八世纪末英荷金融联系与对比：1772-3 年信贷危机的阿姆斯特丹阶段
The Economic History Review Pub Date : 2024-04-03 DOI: 10.1111/ehr.13345
Stein Berre, Paul Kosmetatos
{"title":"Anglo–Dutch financial connections and contrasts in the late eighteenth century: The Amsterdam phase of the 1772–3 credit crisis","authors":"Stein Berre, Paul Kosmetatos","doi":"10.1111/ehr.13345","DOIUrl":"https://doi.org/10.1111/ehr.13345","url":null,"abstract":"We examine the Amsterdam phase of the 1772–3 financial crisis using the British experience in the same episode as comparative context. We conclude that, notwithstanding some direct exposures by Amsterdam institutions to the principals of the London crisis, the main linkage between the two outbreaks was the requirement for cash margin on loans backed by British East India Company shares. No significant contagion via the bills of exchange network spread from London to Amsterdam in the period separating the two outbreaks, but some feeding back of distress to London is noticeable after the Dutch outbreak. The crisis was rooted in credit expansion, a deterioration in asset risk profiles, and speculation in West Indian mortgage securities and British equity markets. Speculators were enabled by information inefficiencies in the specialized and layered Amsterdam markets, and by the absence of a gatekeeper who could have regulated the provision of credit to them. To contain the outbreak, the Dutch drew on the cohesion of an informal club of insiders who led business and civic affairs. Though the credit markets resumed normal operations relatively quickly, the incurred losses were transformative for their long term prospects by devastating some of their most important firms.","PeriodicalId":505850,"journal":{"name":"The Economic History Review","volume":"86 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-04-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140746954","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Modifying the success story of Sweden: Revised output and labour productivity figures for manufacturing, 1869–1950 修改瑞典的成功故事：修订后的 1869-1950 年制造业产出和劳动生产率数据
The Economic History Review Pub Date : 2024-03-28 DOI: 10.1111/ehr.13332
Jesper Hamark, Svante Prado
{"title":"Modifying the success story of Sweden: Revised output and labour productivity figures for manufacturing, 1869–1950","authors":"Jesper Hamark, Svante Prado","doi":"10.1111/ehr.13332","DOIUrl":"https://doi.org/10.1111/ehr.13332","url":null,"abstract":"The rampant growth rate of output and productivity in manufacturing borne out by Swedish Historical National Accounts (HNA) has nurtured the notion that the Swedish rise to prosperity was propelled by the confluence of disproportionately high levels of sophistication and very low levels of output per worker. The thrust of the argument is that this unique configuration allowed Sweden to leapfrog into modernization. The time has come to put this arresting claim under scrutiny, which is the foremost aim of this paper. This claim, we argue, is founded on a questionable empirical foundation. The most frequently used series of outputs from manufacturing at large and from groups of industries are those of the Swedish HNA. For several reasons, these series are inappropriate to use in studies assessing the rate of output and productivity increases before 1950. We have established new series of output and labour input for manufacturing at large between 1869 and 1950 that are suitable for investigations of productivity growth rates. The resulting series significantly raises the level of output per worker in the early part of the period and hence lowers the estimated growth rates of productivity for the era as a whole.","PeriodicalId":505850,"journal":{"name":"The Economic History Review","volume":"87 24","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-03-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140370957","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
How not to measure the standard of living: Male wages, non‐market production and household income in nineteenth‐century Europe 如何衡量生活水平？十九世纪欧洲的男性工资、非市场生产和家庭收入
The Economic History Review Pub Date : 2024-03-22 DOI: 10.1111/ehr.13339
J. Burnette
{"title":"How not to measure the standard of living: Male wages, non‐market production and household income in nineteenth‐century Europe","authors":"J. Burnette","doi":"10.1111/ehr.13339","DOIUrl":"https://doi.org/10.1111/ehr.13339","url":null,"abstract":"While real male wages can be used to measure input costs, they do not provide accurate measures of the standard of living. This paper uses detailed accounts of nineteenth‐century European families collected by Le Play and his colleagues to demonstrate the importance of non‐market production for household consumption. If we measure income from all sources, including non‐market production, the British advantage in material consumption was only about half of the British advantage in male wages. While British male wages were high, British wives worked less and British families were more dependent on the income of the male head than continental families.","PeriodicalId":505850,"journal":{"name":"The Economic History Review","volume":" 38","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-03-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140216476","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Firm survival and the rise of the factory 企业生存与工厂崛起
The Economic History Review Pub Date : 2024-03-18 DOI: 10.1111/ehr.13328
Thor Berger, Vinzent Ostermeyer
{"title":"Firm survival and the rise of the factory","authors":"Thor Berger, Vinzent Ostermeyer","doi":"10.1111/ehr.13328","DOIUrl":"https://doi.org/10.1111/ehr.13328","url":null,"abstract":"This paper uses longitudinal establishment‐level data to trace the rise of the factory during Sweden's industrialization between 1864 and 1890. We document a sharp shift from the small artisan shop to the mechanized factory, which can largely be ascribed to differences in survival. Whilst non‐mechanized establishments could compete with the factory during early industrialization, a distinct survival advantage of the factory appeared at later stages of industrialization. The evolving advantage of the factory can mainly be attributed to its larger scale, labour productivity, and technology use. By the end of the nineteenth century, these factors became increasingly important determinants of firm survival.","PeriodicalId":505850,"journal":{"name":"The Economic History Review","volume":"116 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-03-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140233805","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Firm profitability and forced wage labour in Portuguese Africa: Evidence from the Sena Sugar Estates, 1920–74 葡萄牙非洲的企业盈利能力和强迫雇佣劳动：1920-74 年塞纳糖厂的证据
The Economic History Review Pub Date : 2024-03-15 DOI: 10.1111/ehr.13343
Sam Jones, Peter Gibbon
{"title":"Firm profitability and forced wage labour in Portuguese Africa: Evidence from the Sena Sugar Estates, 1920–74","authors":"Sam Jones, Peter Gibbon","doi":"10.1111/ehr.13343","DOIUrl":"https://doi.org/10.1111/ehr.13343","url":null,"abstract":"Forced wage labour (FWL) in colonial‐era Portuguese Africa came to encompass a majority of working age men and persisted until the early 1960s. On the basis of reconstructed financial records from the Sena Sugar Estates in today's Mozambique, we estimate the long‐run profitability of the firm. With this we associate rates of extraction from native labour, defined as the difference between actual levels of remuneration and those under counterfactual freer market conditions. We estimate that coercion suppressed workers’ remuneration by about two‐fifths, representing a significant cost saving to the firm. However, a production function analysis indicates that coercion also negatively affected productivity. Using these results, we calculate that the firm's profitability might have remained broadly robust without FWL. This suggests other factors, including fiscal imperatives and technological factors, likely contributed to the persistence of labour coercion in Mozambique.","PeriodicalId":505850,"journal":{"name":"The Economic History Review","volume":"8 6","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-03-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140238948","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
What happened to the workshop of West Africa? Resilience and decline of handicraft textiles in colonial northern Nigeria, 1911–52 西非工坊怎么了？1911-1952年尼日利亚北部殖民地手工纺织品的复兴与衰落
The Economic History Review Pub Date : 2024-02-02 DOI: 10.1111/ehr.13324
Emiliano Travieso, Tom Westland
{"title":"What happened to the workshop of West Africa? Resilience and decline of handicraft textiles in colonial northern Nigeria, 1911–52","authors":"Emiliano Travieso, Tom Westland","doi":"10.1111/ehr.13324","DOIUrl":"https://doi.org/10.1111/ehr.13324","url":null,"abstract":"The Sokoto Caliphate of northern Nigeria was the workshop of West Africa in the pre‐colonial nineteenth century, producing famous blue‐black cloth that reached many markets south of the Sahara as well as across it. Under British colonial rule this large handicraft textile industry was faced with the winds of foreign competition. We rely on a newly digitized set of colonial district reports to measure the impact of trade on northern Nigerian textile manufacturing and find that (contrary to British expectations) areas closer to railway stations were less likely to experience industrial decline. We argue that the resilience of local textiles relied on the low opportunity cost of dry‐season labour. Analysing a piece of tax microdata, we show that a low opportunity cost of labour outside of the rainy season was associated with a higher likelihood of engaging in textile by‐employment. Seasonal changes in relative factor prices were a trap as well as a refuge. Part‐time employment limited specialization and technological innovation, and can help to explain why northern Nigerian textiles eventually declined. Thus, beyond our particular case study, these results contribute to our understanding of the role of seasonality in determining the structure and pace of development of tropical economies.","PeriodicalId":505850,"journal":{"name":"The Economic History Review","volume":"7 7","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-02-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139809163","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Three centuries of corporate governance in the United Kingdom 英国公司治理的三个世纪
The Economic History Review Pub Date : 2024-01-30 DOI: 10.1111/ehr.13326
John D. Turner
{"title":"Three centuries of corporate governance in the United Kingdom","authors":"John D. Turner","doi":"10.1111/ehr.13326","DOIUrl":"https://doi.org/10.1111/ehr.13326","url":null,"abstract":"As articulated by Adam Smith, one of the central issues facing companies is that managers will not run the business in the interests of its owners and will misuse resources. This ultimately has a detrimental consequence for the wealth of the nation. This survey reviews the nature and evolution of the corporate governance of UK public companies over the past 300 years. It makes two principal arguments. First, because the separation of ownership and control was one of the rationales for the introduction of the corporate form, we should not be surprised that corporate ownership has generally been diffuse. Second, over time, the way in which owners ensure that managers act in their interests has gradually changed from a system in which shareholders monitored and exercised voice to one where there was more reliance on external forces and exiting ownership.","PeriodicalId":505850,"journal":{"name":"The Economic History Review","volume":"65 ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-01-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140481382","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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