The paper analyzes family-level wealth inequality and social mobility in Dudelange (Luxembourg) over five generations between 1766 and 1872, a period that saw the end of feudal social relations. While the integration of Luxembourg into the French revolutionary regime produced a reduction in the Gini coefficient for the ownership of land, the social mobility analysis reveals a relative stability of

This paper examines the identity and origins of Swedish inventors prior to WWI, drawing on the universe of patent records linked to census data. We document that the rise of innovation during Sweden’s industrialization can largely be attributed to a small industrial elite belonging to the upper-tail of the economic, educational, and social status distribution. Analyzing children’s opportunities to

This paper highlights the importance of endogenous changes in the foundations of legitimacy for political regimes. It focuses on the central role of legitimacy changes in the rise of constitutional monarchy in England. It first defines legitimacy and briefly elaborates a theoretical framework enabling a historical study of this unobservable variable. It proceeds to substantiate that the low-legitimacy

I study native-born white men’s internal migration in the United States over all possible 10- and 20-year periods between 1850 and 1940. Inter-county migration rates—after implementing a new method to correct for errors in linkage—were stable over time. Migrant selection on the basis of occupational status was neutral or slightly negative and also largely stable. But the orientation of internal migration

I reconstruct the historical performance of individual portfolios owned by Parisian investors during the French Belle-Epoque, which was characterized by a massive concentration of wealth. Using the value of inherited bequests as a proxy for ex ante wealth, I show that wealthier investors not only exhibited greater betas and thus benefited from the bull market, but also captured positive alphas, which

How do external threats to state sovereignty benefit local development? In this paper, we look at Thailand’s railroad projects in the late-nineteenth and early-twentieth centuries as an example of a state’s strategic response to colonial encroachment. By transporting government officials and establishing a permanent administrative presence, the railways served to ensure Thailand’s sovereignty over

Within the turmoil of the Norman Conquest, did religious institutions affect the economic outcomes of their land? Exploiting historical data about the changes in holdings’ lordship that occurred after the Conquest, we compare the economic performance of estates controlled by different types of lords. Holdings controlled by Benedictine monasteries (vis-à-vis secular lords) experienced a better performance

New data covering 23 countries reveal that banking crises of the Great Depression coincided with a sharp international increase in deposits at savings institutions and life insurance. Deposits fled from commercial banks to alternative forms of savings. This fueled a credit crunch since other institutions did not replace bank lending. While asset prices fell, savings held in savings institutions and

This paper examines the international role of sterling during the Bretton Woods era and argues that it was not a competitor to the U.S. dollar. I construct a novel dataset to measure the reserve role of sterling in Europe and sterling area countries. The postwar reserve role of sterling was limited to the sterling area and was artificial as this area was built as a captive market. I document how British

Elites were pivotal for Latin America’s modernization, yet granular evidence of their industrial entrepreneurship is limited. I study Antioquia, an early center of industrialization, from the late nineteenth to early twentieth centuries. Analyzing elite interactions via newfound archival data and exploiting unexpected deaths as exogenous shocks, I find global connectivity—not local—drove industrial

Large and persistent racial disparities in land-based wealth were an important legacy of the Reconstruction era. To assess how these disparities were transmitted intergenerationally, we build a dataset to observe Black households’ landholdings in 1880 alongside a sample of White households. We then link sons from all households to the 1900 census records to observe their economic and human capital

We provide decadal estimates of GDP per capita for the Russian Empire from the 1690s to the 1880s, making it possible for the first time to compare the economic performance of one of the world’s largest economies with other countries. Significant Russian economic growth before the 1760s resulted in catching-up on northwest Europe, but this was followed by a period of negative growth between the 1760s

This paper uses a new linked sample constructed from full-count census data of 1851–1911 to revise estimates of intergenerational occupational mobility in England. I find that conventional estimates of intergenerational elasticities are attenuated by classical measurement error and severely underestimate the extent of father-son association in socioeconomic status. Instrumenting one measure of the

I investigate the effects of trade on labor coercion under the dual-coercive institutions of slavery and state coercion. Employing novel data from Egypt, I document that the cotton boom in 1861–1865 increased both imported slaveholdings of the rural middle class and state coercion of local workers by the elite. As state coercion reduced wage employment, it reinforced the demand for slaves among the

This paper analyzes and documents a new long-term income inequality series for Argentina, Brazil, Chile, Colombia, Mexico, and Venezuela based on dynamic social tables with four occupational groups. This enables the calculation of comparable Overall (four groups) and Labor Ginis (three groups) with their between- and within-group components. The main findings are the absence of a unique inequality

The Industrial Removal Office funded 39,000 Jewish households to leave enclave neighborhoods in New York City from 1900 to 1922. Compared to neighbors with the same baseline occupation, program participants earned 4 percent more ten years after relocation. These gains persisted to the next generation. Benefits increased with more years spent outside of an enclave. Participants were more likely to speak

What was the impact of urban political structure on preindustrial wealth inequality? I document that more closed political institutions were associated with higher inequality in a panel of early-modern German cities. To investigate the mechanisms behind that macro-relationship, I construct a unique individual-level panel dataset on personal wealth and political office-holding in the city-state of Nördlingen

In this paper, we study newspaper partisan behavior and content, which we measure using coverage of and commentary on partisan activities, institutions, and actors. We use this measure to describe the levels of relative partisan behavior during the period 1880 to 1900, and to describe changes over the period 1880 to 1980. We find that, on average, newspapers were initially highly partisan, but gradually

Economists ignore caring labor since most is provided unpaid. Disregard is unjust, theoretically indefensible, and probably misleading. Valuation requires estimates of time spent and the replacement or opportunity costs of that time. I use the maintenance costs of British workers, costs which cover both the material inputs into upkeep and the domestic services needed to turn commodities into livings

We study art markets in the Greco-Roman world to explore the origins of artistic innovations in classical Greece and the mass production of imitative works in the Roman Empire. Economic factors may have played a role, on one side fostering product innovations when a few rival Greek city-states competed, outbidding each other to obtain higher-quality artworks, and on the other side fostering process

Sumptuary laws that regulated clothing based on social status were an important part of the political economy of premodern states. We introduce a model that captures the notion that consumption by ordinary citizens poses a status threat to ruling elites. Our model predicts a non-monotonic effect of income—sumptuary legislation initially increases with income, but then falls as income increases further

This article exploits two newspaper archives to track economic policy uncertainty in Spain from 1905–1945. We find that the outbreak of the Civil War in 1936 was anticipated by a striking upward level shift of uncertainty in both newspapers. We study the reasons for this shift through a natural language processing method, which allows us to leverage expert opinion to track specific issues in our newspaper

This paper estimates the migratory and fertility effects of the federal Relocation Program, which attempted to move Native American individuals to urban areas under the promises of financial assistance and job training. I find the Relocation Program increased the Native American population in the target cities by more than 100,000 people. I also find that second- and third-generation Native American

I analyze factory worker households in the early 1920s in Osaka to examine idiosyncratic income shocks and consumption. Using the household-level monthly panel dataset, I find that while households could not fully cope with idiosyncratic income shocks at that time, they mitigated fluctuations in indispensable consumption during economic hardship. In terms of risk-coping mechanisms, I find suggestive

Due to a dearth of data, nineteenth century lending to sovereign borrowers was a blind date. We argue this is the reason for collateral pledges found in contemporary lending covenants, which enabled not execution, but the production of reliable fiscal data. Lawyers injected collateral clauses in sovereign debt covenants to permit credible disclosure of hard-to-access tax data. The study foregrounds

The 1965 Immigration Act represented a radical shift in U.S. policy, which has been credited with dramatically expanding the volume and changing the composition of immigration. Its passing has often been described as the result of political machinations negotiated within Congress without regard to public opinion. We show that congressional voting was consistent with public opinion on abolishing the

This paper shows how to remove attenuation bias in regression analyses due to measurement error in historical data for a given variable of interest by using a secondary measure that can be easily generated from digitized newspapers. We provide three methods for using this secondary variable to deal with non-classical measurement error in a binary treatment: set identification, bias reduction via sample

Recent scholarship contends that ancient Mediterranean economies grew intensively. An explanation is that Smithian growth was spurred by reductions in transaction costs and increased trade flows. This paper argues that an ancient Greek institution, proxenia, was among the key innovations that allowed such growth in the period 500–0 BCE. Proxenia entailed a Greek city-state declaring a foreigner to

This paper contributes to the literature on the determinants of the expansion of mass schooling and the long-term legacy of educational institutions. Based on a new provincial-level dataset for Italy in the period 1861–1911, we argue that different models of schooling provision adopted by the different pre-unification polities influenced primary-education organizations across macro-regions up to WWI

During the late 1930s, the Home Owners’ Loan Corporation (HOLC) developed a series of area descriptions with color-coded maps of cities that summarized mortgage lending risk. We analyze the maps to explain the oft-noted fact that black neighborhoods overwhelmingly received the lowest rating. Our results suggest that racial bias in the construction of the HOLC maps can explain at most 4 to 20 percent

Napoléon Bonaparte revolutionized the practice of war with his reliance on a mass national army and large-scale conscription. This system faced one major obstacle: draft evasion. This article discusses Napoléon’s response to widespread draft evasion. First, we show that draft dodging rates across France varied with geographic characteristics. Second, we provide evidence that the regime adopted a strategy

How were unskilled workers selected and hired in preindustrial labor markets? We exploit records from the rebuilding of St Paul’s Cathedral, London (1672–1748), to analyze the hiring and employment histories of over 1,000 general building laborers, the benchmark category of “unskilled” workers in long-run wage series. Despite volatile demand, St Paul’s created a stable workforce by rewarding the tenure

This paper investigates the evolution of gender equality in Sweden during a phase characterized by industrialization, urbanization, and demographic transition. To this end, we build a database with quantitative indicators to construct a spatial Historical Gender Gap Index. We find that after a period of stagnation, Sweden made significant progress in closing the gender gap from the 1940s onward to

This paper proposes a novel approach to assessing the efficiency and distributional consequences of occupational licensing statutes during the Gilded and Progressive eras, based on the practice of judicial review. At the time, state judges ruling on the constitutionality of police powers regulation operated under powerful legal norms that militated against redistribution and class legislation. Evidence

Cross sections of coal prices in England for 1695, 1795, and 1842 are used to infer transportation rates by sea, river, canal, and road. The effectiveness of monopolies, the degree of market integration, and the patterns of regional supply of each mining district are then established. The growth rates of productivity in sea, river, and road transport from 1695–1842 are computed and combined with a

We study the effect of railroads, the single largest public investment in colonial India, on human capital. Using district-level data on literacy and two different identification strategies, we find railroads had positive effects on literacy, in particular on male and English literacy. We show that railroads increased literacy by raising secondary and elite primary schooling, rather than vernacular

This paper shows that the Glorious Revolution of 1688 broadened access to Parliament for families needing rights to sell land in so-called estate bills. Bills were on average 14–27 percentage points more likely to be for gentry families and not aristocratic families in legislative sessions after the Revolution compared to sessions before. Regression and archival evidence suggest that parliamentary

We offer new evidence on the spatial economic impact of Italian unification. Adopting municipal population as a proxy for local economic activity, we construct a new geocoded dataset spanning the pre- and post-unification periods and discover robust evidence of an acceleration in growth near the former borders. A disproportionate improvement in market access boosted growth in these locations when barriers

Religious communities are important providers of social insurance. We show that risk associated with oil dependence facilitated the proliferation of religious communities throughout the U.S. South during the twentieth century. Known oil abundance predicts higher rates of church membership, which are not driven by selective migration or local economic development. Consistent with a social insurance

In the second half of the eighteenth century, Dutch bankers channeled investors’ funds to sugar and coffee plantations in the Caribbean, Surinam in particular. Agency problems between plantation owners, bankers, and investors led to an arrangement called negotiaties. Bankers oversaw plantations’ cash flows and placed mortgage debt with investors. We demonstrate how this securitization arrangement worked

Economists have reported results based on populations for every country in the world for the past two thousand years. The source, McEvedy and Jones’ Atlas of World Population History, includes many estimates that are little more than guesses and that do not reflect research since 1978. McEvedy and Jones often infer population sizes from their view of a particular economy, making their estimates poor

External revenues blunt investments in fiscal capacity. But how do external revenues affect investments in legal capacity? In a simple model of state capacity investment, external revenues should be positively correlated with investments in legal capacity. But this implication could flip if fiscal capacity lowers the cost of legal capacity investments. I test the model by looking at Haiti in 1942 when

This paper examines the patterns of technology transfer from Britain to France during the early phases of industrializing using a dataset comprising all patents granted in France in the period 1791–1844. Exploiting the peculiarities of French legislation, we construct an array of patent quality indicators and investigate their determinants. We find that patents filed by British inventors or French

The 1930s American Dust Bowl created archetypal “Dust Bowl migrants,” refugees from environmental collapse. I examine this archetype, comparing migration from more-eroded and less-eroded counties to distinguish Dust Bowl migrants from other migrants. Dust Bowl migrants were “negatively selected,” in years of education, compared to other migrants who were “positively selected.” Dust Bowl migrants had

The economic history of the United States is that of Europeans and their institutions. Indigenous nations are absent. This absence is partly due to a lack of data but perhaps also to a perception that Indigenous communities contributed little to U.S. growth. Three case studies explore the economic complexity and social stratification across different nations/regions prior to contact. Migrants to the

The Marshall Plan (1948–1952) was the largest aid transfer in history. This paper estimates its effects on Italy’s postwar economic development. It exploits differences between Italian provinces in the value of reconstruction grants they received. Provinces that could modernize their infrastructure more quickly experienced higher increases in agricultural production, especially for perishable crops

Does the prosperity of medieval manors depend on their position in the feudal system? How large are these effects? And what are the underlying economic mechanisms? Using Domesday Book, a unique country-wide survey conducted by William the Conqueror, we reinterpret the eleventh-century English feudal system as a network in which manors are linked to one another based on their common ownership structure

This paper estimates the causal impact of short-term aggregate fluctuations in Egypt, 1911–48, using global cotton price shocks. Firm entry was procyclical, and exit was acyclical. There were persistent differences between cohorts over the cycle; expansionary cohorts were of lower quality. The evidence supports models of firm entry with ex-ante heterogeneity. The findings highlight the extensive margin

We use historical census data to show that Sweden exhibited high levels of intergenerational occupational mobility several decades before the rise of the welfare state. Mobility rates were higher than in other nineteenth- and twentieth-century European countries, closer to those observed in the highly mobile nineteenth-century United States. We leverage mobility variation across Swedish municipalities

This paper provides the first evidence of the effect of tax policy on violent attacks against Black politicians. I find a positive effect of local tax revenue on subsequent violence against Black politicians. A dollar increase in per capita county taxes in 1870 increased the likelihood of a violent attack by more than 25 percent. The result is robust to controls for numerous economic, historical, and

The literature has pointed out the negative aspects of political dynasties. But can political dynasties help prevent autocratic reversals? We argue that political dynasties differ according to their ideological origin and that those whose founder was a defender of democratic ideals, for simplicity labeled “pro-democratic dynasties,” show stronger support for democracy. We analyze the vote by the French

Flightiness, or depositor sensitivity to liquidity needs, can be an important determinant of financial distress. I leverage institutional differences—that attract depositors with varying flightiness—across building and loan associations in California during the Great Depression. A new type of plan, the Dayton plan, involved less restrictive savings plans and lower withdrawal penalties. Dayton plans

In this article, I investigate the effect of landholding inequalities on the democratization process in nineteenth-century France. I focus on the 1849 election, which followed the establishment of the Second Republic (1848–1851), and on the first six elections of the Third Republic (1870–1940), which took place between 1876 and 1893. I find that stronger landholding inequalities were associated to

Secure property rights are usually considered to be essential for sustained economic development. In England, it is debated whether property rights have been secure since the medieval period or if they were only established after the Glorious Revolution. In this context, the paper examines the Court of Wards, which from 1540 to 1646 administered the Crown’s right to take custody of children and their

Does market access affect information technology by shaping its diffusion and adoption? The introduction of the telephone in Bavaria is used to demonstrate that local and external market access affected both. External connections shortened the diffusion time of exchanges by 3 percent on average, while 4 percent of lines were due to such inter-city communication links. However, relatively stronger local

We study the impact of the 1907 Panic, the most severe economic crisis before the Great Depression, on the selection of Mexican immigration. We find that migrants were positively selected on height before the crisis. This pattern changed to negative selection during the crisis but returned to positive selection afterward. Adjustments in selection were partially mediated by the enganche, a historical

We study the role of denominational competition in the expansion of higher education in the nineteenth-century United States. We document that nearly all colleges established in this period were affiliated with a Christian denomination. Empirical analysis reveals a robust positive relationship between the denominational fragmentation of the county and the number of colleges established. We take several

Alfred Marshall argued that the malaise of public companies in Edwardian Britain was due to the separation of ownership from control and a lack of professional management. In this paper, we examine the ownership and control of the c.1,700 largest British companies in 1911. We find that most public companies had a separation of ownership and control, but that this had little effect on their performance

We study the impact of non-pharmaceutical interventions (NPIs) on mortality and economic activity across U.S. cities during the 1918 Flu Pandemic. The combination of fast and stringent NPIs reduced peak mortality by 50 percent and cumulative excess mortality by 24 to 34 percent. However, while the pandemic itself was associated with short-run economic disruptions, we find that these disruptions were

Black and white Americans tend to have different names today. This divide was long in the making. I show that the racial divergence in naming patterns was a gradual and continuous process spanning the nineteenth and twentieth centuries. I then exploit the migration of households from the South to determine if place matters for name choices. Children born after their households moved receive names that