The author traces and evaluates the major trends in the history and theory of the modern corporation: the literature dealing with market control, the New Business History that emphasizes efficiency, and recent developments by the Chicago School and the theorists of transactions costs. He concludes with an analysis of the recent problems U.S. corporations have experienced in managing innovation.

This article proposes to do three things: to test for and date the emergence and integration of regional farm labor markets in Massachusetts; to demonstrate their growth consequences for the preindustrial economy; and to present new wage and labor productivity indices for the agricultural economy of Massachusetts from 1750 to 1855. Together with my previous studies it makes the case that the economy of rural Massachusetts was transformed by and under the subtle dominion of commodity, capital, and labor markets, the simultaneous emergence of which by 1800 is observed in the behavior of relevant prices and ratified in the growth of labor productivity.

A sample of patent records from the United States between 1790 and 1846 is employed to study the patterns in inventive activity. Patenting was pro-cyclical, and yet began to grow rapidly with the interruptions in foreign trade that preceded the War of 1812. A strong association between patenting and proximity to navigable waterways is also demonstrated. Although the importance of specific mechanisms remains unclear, both the temporal and cross-sectional evidence imply that inventive activity was positively related to the growth of markets during early industrialization.

Scholars still disagree about why unions in different countries are radical or conservative. The differences between unions in France and America can be traced to the different requirements for success in strikes before 1914. In France radical unions could win large-scale strikes by involving state officials. In contrast, American unions, facing a more hostile government, avoided state intervention and learned to win strikes by providing financial support to small groups of critically positioned workers. The divergence between American and French union strategy reflected the greater success of American capitalists in winning state support against labor.

This article demonstrates that new industrial technology caused a revolutionary decline in nineteenth-century freight rates. This overturns Douglass North's well-known conclusion that organizational improvements were the dominant source of savings. While North's American freight rate series declines prior to the use of the metal steamship, British rates decline only modestly prior to 1850 and then rapidly as metal steamships come into use. Cotton freights dominate North's index and declined when cotton became more tightly packed for shipment. Metal ships and steam propulsion, however, caused a general decline in freight rates after 1850.

Based on the mercantile model of urban growth, I analyze the formative development of Atlanta during the antebellum period. Located at the intersection of three railroads, Atlanta's early growth and economic structure reflected its nodal position in the transport system. Subsequent railroad construction, however, eroded its initial locational advantage, while creating the opportunity for its emergence as a regional metropolis. This transformation was delayed until after the Civil War because of the marginal political and economic position of Atlanta and the Upcountry region, as a whole, within the state.

When arrayed in time series, the rates of signature literacy of free persons in colonial Perquimans County, North Carolina, exhibit the ∪-shaped pattern found in the records of many other new communities of early America. In Perquimans, the pattern was due to coincident movements in the literacy rates of immigrants and natives of the county. The initial drop was associated with pronounced political and social disorder; the rise, with improved political stability and with demographic and economic growth.

This study draws upon a large sample of probated estates from early Connecticut and Massachusetts. It finds that total probate wealth per adult male grew slowly over the colonial period and its growth was confined entirely to real estate. The value of consumption goods per estate fell during the early eighteenth century which raises questions about the impact of economic growth on household life.

The thesis that free banking laws lowered barriers to entry in the U.S. banking industry is tested by examining entry of firms and output of banking services before and after the institution of free banking. The output of banking services and the number of banks remained the same or declined after the institution of free banking, in all states with viable free banking laws except New York. In light of this evidence, the belief that free banking in the antebellum United States increased competition and efficiency of the banking industry by lowering barriers to entry must be reconsidered.

The connection between the spatial pattern of the urban growth spurt of the 1880s and the mortgage market is an aspect of the familiar capital market segmentation hypothesis that has received little attention. Although mortgage lending expanded most rapidly in the smaller western cities during the decade, I conclude that an underlying pattern of segmentation impeded urbanization in these areas at least until 1890. The initial advantage that segmentation conferred on borrowers in the East was reduced to some extent by binding usury ceilings along the Atlantic seaboard.

The efforts of some American colonials, who complained of monetary scarcity and advocated increased government involvement in supplying paper money, were valid attempts to improve economic welfare and facilitate transactions. The potential for improvement depended crucially on the fiscal and monetary policies of colonial governments. This approach to monetary scarcity is useful for explaining variation in the real supply of money across colonies and over time. The role of fiscal and monetary policies in determining the changing value of the continental, and the consequences for real currency supply during and after the Revolution, are examined in detail.

The redemption system transformed the American auction of immigrant servants. The potential for exploiting immigrants was created by search restrictions in the redemption auction. A model of the auction was estimated using 4,455 German and British servant contracts. Average servant compensation equaled resident free labor compensation, and the variance in servant compensation was systematically related to the variance in servant productivity, contract restrictions, and work amenities. Competition among buyers overcame the search restrictions placed on immigrants in the redemption auction.

I study the changing role of the banknote market in interregional financial arrangements of the antebellum American economy, using the Old Northwest as a case study. On the basis of a comparative analysis of the cyclical behavior of the banknote market, I conclude that the role of the banknote market in interregional balance of payments adjustments declined as the Old Northwest became more closely integrated into the external financial system.

This article explores differences between the cotton industries in England and America in the early nineteenth century. I show that the two countries produced almost entirely different products: the Enlish made fine fabrics; the Americans, coarse. The cause of this disjunction is found in the American tariff policy, whichwas influenced by the Massachusetts cotton manufacturers. Since coarse spinning promoted vertical integration, the American product structure favored integration. This argument reveals that the variables analyzed were jointly determined, since the Massachusetts firms with the political clout to affect the tariff were vertically integrated.

Nineteenth-century Italy experienced the long swings in migration, capital flows, and construction characteristic of the international Kuznets cycle, but in an unusual combination: its external migration swing may have resembled Britain's, but its capital flows and construction swing resembled America's. Construction in Italy was finance-sensitive rather than population-sensitive, and reacted primarily to exogenous shifts in the supply of foreign capital. The Italian experience suggests that changes in perceived risk altered the relative supply of capital in Britain and abroad and thereby induced the opposite swings in construction and the swing in migration.

Recent research on the standard-of-living controversy has argued that a marked improvement in the economic well-being of British workers began shortly after 1815 and continued unabated until 1850. I test that new optimism by generating a synthetic annual “standard-of-living variable” for the period 1790 to 1850. The variable is based on estimating a relation between living standards and the consumption of some key commodities for 1855 to 1900 and then using that relation to “retrocast” living standards for 1790 to 1850. The results strongly suggest that the hypothesis of no or little improvement cannot be rejected.

The article uses recent exchange-rate data to explore the progressive integration of early eighteenth-century, West European financial markets. The process climaxed in 1719 and 1720 with the Mississippi Bubble in Paris, the South Sea Bubble in London, and the insurance bubbles in Hamburg and throughout Holland. Only Paris failed to integrate permanently into the new multinational network.

In their day Arthur Young's tours of England, Ireland, and France represented a revolutionary approach to agricultural research. Here we avail of one part of the wealth of statistical data collected by Young—that on grain yields—to provide a comparative perspective on agricultural technique and progress in these countries around 1770 to 1850. We show that, ironically, Young's carefully assembled data do not always support some of his best-remembered generalizations.

Analysis of census data reveals that the size of the average factory in the United States grew more rapidly during the 1870s and 1880s than during any subsequent decade through the 1920s. While the average factory doubled in size between 1869 and 1889, it increased by only about a quarter between 1899 and 1929. These results support the view that the reaping of economies of scale was not an important motive for the great merger wave.