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Volume III surveys the economic history of the United States, Canada, and the Caribbean during the twentieth century. Its chapters trace the century's major events, notably the Great Depression and the two world wars, as well as its long-term trends, such as changing technology, the rise of the corporate economy, and the development of labor law. The book also discusses agriculture, population, labor markets, and urban and regional structural changes. Other chapters examine inequality and poverty, trade and foreign relations, government regulation and the public sector, and banking and finance.


‘It should already be on the shelves of any reader of this journal … reviewing this book is somewhat like reviewing the Bible. This History is also a Very Good Book … This volume and its companions should find shelf space in the personal libraries of all serious professional historians of the United States, not just of those with an interest in the institutions of a dynamic market economy and a capitalist republic … this volume is enormously impressive.’

Source: Enterprise and Society

‘ … an essential reference text for libraries and a valuable starting point for business historians interested in the US, comparative studies or aspects of business-government relations. All elements in the boo are impressive and valuable.’

Source: Business History

‘These books definitely should be on the shelf, or easily available in the library, of every professional economic historian … they provide a rich treasure of information, analysis, and insight. The publisher, editors, and authors all are to be congratulated for producing this exemplar work of economic history.’

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  • 1 - American Macroeconomic Growth in the Era of Knowledge-Based Progress: The Long-Run Perspective
    pp 1-92
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    This chapter focuses on the nature of the macroeconomic growth process that has characterized the United States experience, and manifested itself in the changing pace and sources of the rise of real output per capita in the US economy during the past two hundred years. It assembles and describes the components of the US macroeconomic record in some quantitative detail. Then, the chapter advances an interpretation of the forces underlying the ascent of the US economy to its internationally dominant position in the twentieth century. Finally, it discusses the preceding epoch, and examines the American path of development in relation to the contemporaneous experiences of the other industrial nations. The major period of advance in the college and university education of the labor force, had been a feature of the post-1929 era. A marked acceleration of total factor productivity (TFP) growth took place in the US manufacturing sector following World War I.
  • 2 - Structural Changes: Regional and Urban
    pp 93-190
    • By Carol Heim, University of Massachusetts, Amherst
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    Hypermarket and nonmarket forces often work hand in hand, as developers use political means to alter the "rules of the game" to their advantage. The results could include favorable zoning practices or annexation of outlying areas whose infrastructure was subsidized by city residents. This chapter follows a tripartite model of market, nonmarket, and hypermarket forces to examine regional and urban change in the twentieth century. It presents spatial trends in population, income, social relations of production, and industrial structure, and briefly examines the "Sunbelt/Snowbelt" debate. The chapter explores international and domestic determinants of the fate of industrially specialized regions, including agricultural, extractive, and manufacturing. It charts the rise of services and government production within urban areas and the urbanization of poverty in recent decades. The chapter describes how urban and regional development affected macroeconomic growth and stability.
  • 3 - Twentieth-Century Canadian Economic History
    pp 191-248
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    This chapter covers growth and structural change in Canada over the last century. The twentieth century can be divided into three broad periods. First, the years from 1896 to 1929 include important developments such as western settlement, the emergence of wheat as Canada's primary export staple, and the creation of an integrated national economy. Second, the period 1930 to 1950 covers the Great Depression and war. The postwar years, 1950 to 1993, form the last period. From 1950 to 1973 Canada experienced one of the longest periods of rapid economic advance in its history. One of the important factors that shaped the postwar development of manufacturing in Canada was the change in commercial policy. Canada became a signator to the GATT (General Agreement on Tariffs and Trade) in 1947. The Canadian experience has been one of a close association between the political and economic elements in the economy.
  • 4 - The Twentieth-Century Record of Inequality and Poverty in the United States
    pp 249-300
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    The rise in inequality during the past two decades and particularly during the 1980s sparked renewed interest in the longer-term behavior of the US income distribution. This chapter discusses the four basic social and economic factors that have changed earnings inequality by shifting labor supply and labor demand: demography, technology, international trade, and war. Economic growth is of primary importance in determining poverty trends. The official poverty threshold varies with family size. Because earnings and family size vary systematically with age, living arrangements, and the sex of the householder. The World War II effort sharply increased the demand for unskilled labor, and in so doing sopped up unemployment and raised wages at the bottom of the civilian pay scale. After the war demand for unskilled labor remained high as the United States re-equipped Europe and benefited from Europe's absence from world markets.
  • 5 - The Great Depression
    pp 301-328
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    The worldwide Depression of the 1930s was an economic event of unprecedented dimensions. The distribution of income worsened in the 1920s. In fact, inequality reached its peak just at the start of the Great Depression. This has given rise to the idea that workers could not afford to buy the products of industry in the late 1920s, that "underconsumption" was the cause of the Depression. There was an increase in bank failures in November and December of 1930. But much of the rise of liabilities in failed banks was due to the failure of just two banks. Caldwell and Company failed in Tennessee, and the Bank of United States failed in New York City. The Fed's open market purchases of 1932 were in part a response to the clamor for expansion in response to the monetary contraction of late 1931. Monetary expansion was a factor in the recovery.
  • 6 - War and the American Economy in the Twentieth Century
    pp 329-406
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    This chapter focuses on some of the questions concerning America's war economies. Some of the questions include: what were the total costs of Korean and Vietnam wars and how did the United States finance, military, naval and defense expenditures. The most thorough attempt to estimate the costs of an American war in the twentieth century is John Maurice Clark's study of the costs of World War I. Among the two categories, direct and indirect costs, Clark's method for estimating the direct costs of World War I largely followed the rules of GNP accounting. The chapter describes the federal government's financing methods and the wars' costs to the population. The nature of nineteenth-century war financing suggests that tax smoothing was an important recurring element in wartime financing. The opportunity cost of World War I was largely borne by sacrifices in consumer non-durable goods and investment in residential and business structures.
  • 7 - U.S. Foreign Trade and Trade Policy in the Twentieth Century
    pp 407-462
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    Public interest in America's foreign trade has always concentrated on the issue of America's "competitiveness" or "leadership" in foreign trade, and whether government policies have promoted it. In the 1970s and 1980s the American trade debate revisited the infant-industry and other strategic arguments for government intervention in foreign trade, but relatively free-trade policies prevailed. American trade history gave a greater role to natural resources than to capital-intensity. Competitiveness would be virtually the same concept as productivity at the level of the whole national economy. Manufacturing's share of total national product correlates fairly positively with the growth rate of the whole economy. Foreign-government barriers against imports from the United States have retarded American leadership in America's export lines. The defensive pattern of American trade policy has been the antithesis of Alexander Hamilton's original vision of a trade policy to nurture new manufactures that could later compete without protection.
  • 8 - U.S. Foreign Financial Relations in the Twentieth Century
    pp 463-504
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    The theme of this chapter is that international financial transactions and the institutions governing their conduct have in fact significantly influenced the growth and fluctuation of the American economy. Foreign investment was critical on the margin, helping to mold the pattern of economic development from the railway age of the mid-nineteenth century to the Internet age of the twentieth. Foreign finance played a prominent role in the early development of America's internal and external trade. In the decades prior to 1914, gold movements to and from the United States posed one of the principal strains on the international system. US lending played a significant role in European reconstruction and recovery from the earliest postwar years. American banks and issue houses had little experience in marketing foreign loans. Europe's dependence on loans, grants, and gifts gave Washington leverage in negotiations over international financial affairs.
  • 9 - Twentieth-Century American Population Growth
    pp 505-548
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    Twentieth-century American population growth has been remarkable in many respects. With fertility currently low and life expectancy high, population aging has emerged as a new concern. The trend in the spatial distribution of population has departed sharply from that in the nineteenth century, as new directions of internal migration have appeared, and the origins of international migration have shifted from Europe to Latin America and Asia. This chapter describes an analysis of the implications of population aging for future economic growth. Toward the end of the 1960s, a new pattern of mortality improvement set in, as some degenerative diseases, especially heart disease, started to decline. As the nineteenth century wore on, the origins of immigrants shifted increasingly to include central, southern, and Eastern Europe, and in the first decade of the twentieth century, these areas accounted for over three-fourths of the flow.
  • 10 - Labor Markets in the Twentieth Century
    pp 549-624
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    Across the past hundred years the face of the American labor force has been radically altered. Child labor was virtually eliminated, the labor force participation of the aged was sharply reduced, and women increased their participation. The labor market itself has been altered over the course of the past century. In 1910, 27 percent of all male workers in the manufacturing sector reported their usual occupation as "laborer" and 30 percent in the transportation sector did. The evolution of modern labor market institutions has affected both individual well-being and the macroeconomy. The labor force was younger in 1900 than it was nearly a century later in 1990, yet it also included a greater fraction of older Americans than in 1990. The increased human capital stock advanced per capita growth in the twentieth century by more than any other single measurable factor.
  • 11 - Labor Law
    pp 625-692
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    Labor historians focus on the relations over time between employers and employees. One may quite easily construct a history of American labor law of which the fundamental theme is one of serial law-guaranteed extensions of the frontiers of personal freedom. During the first half of the nineteenth century, courts in the industrializing states had increasing resort to an anglocentric common law doctrine of master and servant to construe the employment relationship. American labor's experience with the law had a major cumulative effect on the consciousness of its leaders and, consequently, on the strategies they employed. It is a defensible generalization to argue that during the course of the last two centuries the law governing the social and cultural relations that constitute civil society in America has become, conceptually, less authoritarian. Contemporary legal representations of employment as, necessarily, a hierarchy of authority mark that relative lack of transformation.
  • 12 - The Transformation of Northern Agriculture, 1910–1990
    pp 693-742
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    Powerful forces have reshaped northern agriculture. Mechanical and biological innovations dramatically increased farm productivity and changed the nature of farm work. This chapter analyzes the transformation of northern agriculture since 1910, emphasizing changes in performance, income, structure, and government policy. There are three closely related issues. The first is to understand both the sources and the consequences of the spectacular technological changes that have occurred in the past century. The second theme focuses on the "farm crisis". The third issue is to trace the development of government intervention in the farm sector. Although there were significant regional differences in machinery and methods, northern farmers, as a rule, were noted for their ingenuity and rapid adoption of new technologies. The greatest future changes in the relationship between farmers and their environment most likely will come not from continued use of current practices but from scientific developments.
  • 13 - Banking and Finance in the Twentieth Century
    pp 743-802
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    The expanding flow of funds that financed twentieth-century American economic growth was channeled by alternating waves of financial innovation and government regulation. The fate of financial institutions and markets in the 1920s reflected their ability to obtain new sources of funds to meet the changing demand for credit. The economic decline of 1929-1933, unparalleled in American history, brought the financial system to the brink of total collapse. Aggravated by the Federal Reserve's unexpected and unrelieved contractionary monetary policy, the recession that started in 1929 became the Great Depression by 1933. The outward objective of the New Deal's banking and securities legislation was to make financial institutions and markets safer for depositors and investors, minimizing future losses. Based on the experience of the First World War, it was widely believed that the Second World War would be followed by a quick boom and hard recession.
  • 14 - Twentieth-Century Technological Change
    pp 803-926
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    The sheer diversity and complexity of technological change in the American economy during this century pose forbidding challenges to scholarly analysis. This chapter focuses on three central clusters of innovation that have had major effects on the twentieth- century American economy, discussing their development as the basis for a more general treatment of the central features of twentieth-century US innovation. The three clusters are the internal combustion engine, electricity - including electronics, and chemistry. During the 1920s, the radio, refrigerator, and electric water heater were introduced. These inventions reflected the introduction of new technologies as well as reductions in the cost of electricity. The most spectacular recent example of growth in the utilization of a new electrical technology is the cellular telephone in the 1990s, an innovation that also drew on advances in electronics. For most of the economy, electricity has been associated with the introduction of electrically powered machinery.
  • 15 - The U.S. Corporate Economy in the Twentieth Century
    pp 927-968
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    The single most important factor accounting for the ability to adapt and innovate has been the manner in which successful US companies have blended corporate resources with professional expertise. Ford discovered a huge market for one kind of inexpensive automobile with a black exterior. The Ford formula, in production and marketing, yielded the kind of productivity gains that would become a central characteristic of the twentieth century corporate economy. During the 1950s and 1960s graduate schools of business management became major growth centers in a galaxy of universities and colleges that was itself experiencing substantial expansion. The developments in public policy and competitive pressures resulted in a tidal wave of change among US corporations. Innovations coming out of financial services became in the 1980s and 1990s one of the major factors easing the US corporate economy through restructuring.
  • 16 - Government Regulation of Business
    pp 969-1012
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    Government regulation of business in America has reflected a unique mix of ideas, policies, and institutional arrangements. This chapter presents the recent history of economic regulation in a framework that relates regulation to changes in market structure, political interests, and the behavior of firms. World War I had a tremendous impact on business-government relations. It confirmed the importance of national industrial coordination and established the legitimacy of large-scale enterprise. The New Deal regulatory systems had been developed over thirty years, in the context of a strong, low-inflationary macroeconomy, compared to either the 1930s or the 1970s. Regulatory methods and rules were predicated on constant or falling real costs and prices and steadily rising demand. Concepts of competition and monopoly, theories of oligopolistic competition, marginal cost analysis, and contestability have successively provided the intellectual underpinnings of policy debate. Regulation has proved to be remarkably dynamic, both intellectually and in practice.
  • 17 - The Public Sector
    pp 1013-1060
    • By W. Brownlee, University of California, Santa Barbara
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    The growth of the public sector represents one of the most remarkable features of the economic history of the twentieth century. Despite the swift expansion of the American economy during nearly all of the century, the public sector has tended to grow more rapidly. This trend of public sector growth emerges regardless of the measure of government activity employed, and it holds for all levels of government. The introduction of high tariffs during the Civil War expanded a political process of making tax protection, tax incentives, and tax subsidies important elements in the nation's political economy. Taxation at the state and local level was turbulent as well during the last half of the nineteenth century. During the long era of total war and national crisis, conflict over taxation grew severely turbulent. The Reagan administration undertook the reduction of taxes through the 1981 passage of the Economic Recovery Tax Act of 1981 (ERTA).
  • Bibliographic Essays
    pp 1061-1144
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    This bibliography presents a list of titles that help the reader to understand the economic history of British North America, Canada, the Caribbean, and the early United States, from early settlement by Europeans to the end of the eighteenth century. It contains references to outstanding sources of statistics on particular subjects together with discussions by the compilers of the estimates and of the forces governing their trends and fluctuations. The bibliography provides a number of important historical studies of technological progress that have a broad significance for American growth. It contains a list of general readings and statistical sources on long-term Canadian development. To assist the reader in delving deeper into the literature, the bibliography focuses on the Frontier period, Depression and War, and the Postwar period. Scholarly interest in the history of American labor law has grown explosively over the last twenty-five years.

This list contains references from the content that can be linked to their source. For a full set of references and notes please see the PDF or HTML where available.

Moses Abramovitz , “Rapid Growth Potential and Its Realization: the Experience of Capitalist Economies in the Postwar Period,” in Edmond Malinvaud , ed., Economic Growth and Resources, vol. I, The Major Issues (London, 1979)

Moses Abramovitz , Thinking About Growth [New York, 1989], chap. 6).

S. N. Broadberry , The Productivity Race: British Manufacturing in International Perspective, 1850–1990 (Cambridge, England, 1997).

Paul A. David and Gavin Wright , “Increasing Returns and the Genesis of American Resource Abundance,” Industrial and Corporate Change, 6 (1997).

Richard Easterlin , “Industrial Revolution and Mortality Revolution: Two of a Kind?Evolutionary Economics, 5 (1995)

Alexander J. Field , “Modern Business Enterprise as a Capital-Saving Innovation,” Journal of Economic History, 47 (1987).

Claudia Goldin and Lawrence F. Katz , “The Origins of Technology-Skill Complementarity,” Quarterly Journal of Economics, 113 (1998).

Claudia Goldin , “America’s Graduation from High School,” Journal of Economic History, 58 (1998).

Susan O. Gustavus and Charles B. Nam , “Estimates of the ‘True’ Educational Distribution of the Adult Population of the United States from 1910 to 1960,” Demography, 5 (1968).

Nathan Rosenberg , Perspectives on Technology (Cambridge, England, 1976).

Moses Abramovitz . 1968. “The Passing of the Kuznets Cycle.” Economica n.s. 35 (November),.

Robert J. Barro , and Xavier Sala-i-Martin . 1991. “Convergence across States and Regions.” Brookings Papers on Economic Activity.

Richard M. Bernard 1990. “Introduction: Snowbelt Politics.” In Snowbelt Cities: Metropolitan Politics in the Northeast and Midwest since World War II, ed. Richard M. Bernard (Bloomington, Indiana University Press).

Charles W. Boas 1961. “Locational Patterns of American Automobile Assembly Plants, 1895–1958.” Economic Geography 37 (July).

John R. Borchert 1972. “America’s Changing Metropolitan Regions.” Annals of the Association of American Geographers 62 (June).

John R. Borchert 1978. “Major Control Points in American Economic Geography.” Annals of the Association of American Geographers 68 (June).

Karl E. Case 1992. “The Real Estate Cycle and the Economy: Consequences of the Massachusetts Boom of 1984–87.” Urban Studies 29 (April).

Barry Checkoway . 1980. “Large Builders, Federal Housing Programmes, and Postwar Suburbanization.” International Journal of Urban and Regional Research 4 (March).

Michael P. Conzen 1983. “American Cities in Profound Transition: The New City Geography of the 1980s.” Journal of Geography 82 (May-June).

Guido di Tella . 1982. “The Economics of the Frontier.” In Economics in the Long View: Essays in Honour of W.W. Rostow, vol. 1, Models and Methodology, eds. Charles P. Kindleberger and Guido Telia (New York, New York University Press).

Nancy S. Dorfman 1983. “Route 128: The Development of a Regional High Technology Economy.” Research Policy 12 (December).

Alexander James Field . 1992. “Uncontrolled Land Development and the Duration of the Depression in the United States.” Journal of Economic History 52 (December).

William B. Friedricks 1989. “A Metropolitan Entrepreneur Par Excellence: Henry E. Huntington and the Growth of Southern California, 1898–1927.” Business History Review 63 (Summer).

Leo Grebler , and Leland S. Burns 1982. “Construction Cycles in the United States since World War II.” Journal of the American Real Estate and Urban Economics Association 10 (Summer).

Leo Grebler . 1979. “The Growth of Residential Capital since World War II. Journal of the American Real Estate and Urban Economics Association 7 (Winter).

David Harvey . 1974. “Class-Monopoly Rent, Finance Capital and the Urban Revolution.” Regional Studies 8 (November).

David Harvey . 1978. “The Urban Process under Capitalism: A Framework for Analysis.” International Journal of Urban and Regional Research 2 (March).

David Harvey . 1981. “The Spatial Fix – Hegel, Von Thünen, and Marx.” Antipode 13.

Carol E. Heim 1984. “Structural Transformation and the Demand for New Labor in Advanced Economies: Interwar Britain.” Journal of Economic History 44 (June).

Carol E. Heim 1987. “R&D, Defense, and Spatial Divisions of Labor in Twentieth-Century Britain.” Journal of Economic History 47 (June).

Carol E. Heim 1988. “Government Research Establishments, State Capacity, and Distribution of Industry Policy in Britain.” Regional Studies 22 (October).

Carol E. Heim 1990. “The Treasury as Developer-Capitalist? British New Town Building in the 1950s.” Journal of Economic History 50 (December).

Carol E. Heim 1996. “Accumulation in Advanced Economies: Spatial, Technological, and Social Frontiers.” Cambridge Journal of Economics 20 (November).

John S. Hekman 1980. “The Product Cyle and New England Textiles.” Quarterly Journal of Economics 94 (June).

Susan Helper . 1991. “Strategy and Irreversibility in Supplier Relations: The Case of the U.S. Automobile Industry.” Business History Review 65 (Winter).

Edgar M. Hoover , and Raymond Vernon . 1959. Anatomy of a Metropolis: The Changing Distribution of People and Jobs within the New York Metropolitan Region (Cambridge, MA, Harvard University Press).

Walter Isard . 1942. “A Neglected Cycle: The Transport-Building Cycle.” Review of Economic Statistics 24 (November).

John D. Kasarda 1989. “Urban Industrial Transition and the Underclass.” Annals of the American Academy of Political and Social Science 501 (January).

David Meyer . 1989. “Midwestern Industrialization and the American Manufacturing Belt in the Nineteenth Century.” Journal of Economic History 49 (December).

E. Willard Miller . 1978. “Mining and Economic Revitalization of the Bituminous Coal Region of Appalachia.” Southeastern Geographer 18.

R. D. Norton , and J. Rees 1979. “The Product Cycle and the Spatial Decentralization of American Manufacturing.” Regional Studies 13.

Michael Podgursky , and Paul Swaim . 1987. “Job Displacement and Earnings Loss: Evidence from the Displaced Worker Survey.” Industrial and Labor Relations Review 41 (October).

Bradley R. Rice , and Richard M. Bernard 1983. “Introduction.” In Sunbelt Cities: Politics and Growth since World War II, eds. Richard M. Bernard and Bradley R. Rice (Austin, University of Texas Press).

AnnaLee Saxenian . 1983. “The Urban Contradictions of Silicon Valley: Regional Growth and the Restructuring of the Semiconductor Industry.” International Journal of Urban and Regional Research 7 (June).

R. Keith Semple , Milford B. Green , and Diane J. F. Martz 1985. “Perspectives on Corporate Headquarters Relocation in the United States.” Urban Geography 6 (October–December).

Edward Soja , Rebecca Morales , and Goetz Wolff . 1983. “Urban Restructuring: An Analysis of Social and Spatial Change in Los Angeles.” Economic Geography 59 (April).

John D. Stephens , and Brian P. Holly 1981. “City System Behavior and Corporate Influence: The Headquarters Location of U.S. Industrial Firms, 1955–75.” Urban Studies 18 (October).

Richard A. Walker , and Michael K. Heiman 1981. “Quiet Revolution for Whom?Annals of the Association of American Geographers 71 (March).

John Walsh . 1988. “Texas Wins R&D Center.” Science, January 15.

David F. Weiman 1987. “Farmers and the Market in Antebellum America: A View from the Georgia Upcountry.” Journal of Economic History 47 (September).

Marc A. Weiss 1989. “Real Estate History: An Overview and Research Agenda.” Business History Review 63 (Summer).

Warren Whatley . 1983. “Labor for the Picking: The New Deal in the South.” Journal of Economic History 43 (December).

Elmus Wicker . 1980. “A Reconsideration of the Causes of the Banking Panic of 1930.” Journal of Economic History 40 (September).

M. Berliant , and R. Strauss . 1993. “Horizontal and Vertical Equity: Estimates Before and After the Tax Reform Act of 1986.Journal of Policy Analysis and Management 12 (Winter).

Rebecca M. Blank 1993. “Why Were Poverty Rates So High in the 1980s?” In Dimitrou Edward PapadimitriouWolff , eds., Poverty and Prosperity in the USA in the Late Twentieth Century (New York, St. Martins Press)

George Borjas , Richard Freeman , and Lawrence Katz . 1992. “On the Labor Market Effects of Immigration and Trade.” In George Borjas and Richard Freeman , eds., Immigration and the Work Force: Economic Consequences for the United States and Source Areas (Chicago, University of Chicago Press).

George Borjas , and Valerie A. Ramey 1995. “Foreign Competition, Market Power, and Wage Inequality.Quarterly Journal of Economics 110 (November).

Fiona Coulter , Frank Cowell , and Stephen Jenkins 1992.Equivalence scale relativities and the extent of inequality and poverty.Economic Journal 102 (September).

Richard Freeman . 1980. “Unionism and the Dispersion of Wages.Industrial and Labor Relations Review 34 (October)

Richard Freeman . 1982. “Union Wage Practices and Wage Dispersion Within Establishments.Industrial and Labor Relations Review 36 (October).

Saul Hoffman , and Greg Duncan . 1988. “What Are the Economic Consequences of Divorce?Demography 25 (November).

Lynn Karoly , and Gary Burtless . 1995. “Demographic Change, Rising Earnings Inequality and the Distribution of Personal Weil-Being, 1959–1989.” Demography 32 (August).

Lawrence Katz , and Ana Revenga . 1989. “Changes in the Structure of Wages: The U.S. vs. Japan.” Journal of Japanese and International Economics 3 (December).

Susan Mayer , and Christopher Jencks . 1993. “Recent Trends in Economic Inequality in the United States: Income Versus Expenditures Versus Material Well-Being.” In Dimitri Papadimitriou and Edward Wolff , eds., Poverty and Prosperity in the USA in the Late Twentieth Century (New York, St. Martin’s Press).

Richard R. Peterson 1996. “A Re-evaluation of the Economic Consequences of Divorce.” American Sociological Review 61 (June).

Robert Plotnick . 1984. “The Redistributive Impact of Cash Transfers.” Public Finance Quarterly 12 (January).

Eugene Smolensky . 1973. “Poverty, Propinquity and Policy.” Annals of the American Academy of Political and Social Science, vol. 409.

Michael Bernstein , The Great Depression: Delayed Recovery and Economic Change in America, 1929–1939 (New York, 1987).

Michael D. Bordo and Eugene N. White , “A Tale of Two Currencies: British and French Finance during the Napoleonic Wars,” Journal of Economic History 51 (1991)

R. A. Easterlin , “Does Economic Growth Improve the Human Lot? Some Empirical Evidence,” in P. A. David and M. W. Reder , (eds.) Nations and Households in Economic Growth (New York, 1974).

Milton Friedman and Anna Jacobson Schwartz , Monetary Trends of the United States and the United Kingdom (Chicago, 1982)

Michael J. Hamburger and Burton Zwick , “Deficits, Money and Inflation,” Journal of Monetary Economics 7 (1981).

Robert Higgs , “Wartime Prosperity? A Reassessment of the U.S. Economy in the 1940s,” Journal of Economic History 52 (1992).

Simon S. Kuznets , “Government Product and National Income,” in Erik Lundberg (ed.), Income and Wealth (Cambridge, England, 1951)

Hugh Rockoff , Drastic Measures: A History of Wage and Price Controls in the United States (New York, 1984).

Walter Adams , J. B. Dirlam . 1966. “Big Steel, Invention and Innovation.Quarterly Journal of Economics 80 (May).

Robert C. Allen 1979. “International Competition in Iron and Steel, 1850–1913Journal of Economic History 39 (December).

Paul. Bairoch 1989. “European Trade Policy, 1815–1914” In Peter Mathias and Sidney Pollard (eds.), The Cambridge Economic History of Europe, vol. VIII (New York, Cambridge University Press).

S. N. Broadberry , and N. F. R. Crafts. 1992. “Britain’s Productivity Gap in the 1930s: Some Neglected FactorsJournal of Economic History 52 (September).

Alexandra Cas , and Thomas K. Rymes . 1991. On Concepts and Measures of Multifactor Productivity in Canada, 1961–1980 (New York, Cambridge University Press).

L. R. Christensen , D. Cummings , and D. W. Jorgenson . 1981. “Relative Productivity Levels, 1947–1973European Economic Review 16 (May).

Gregory. Clark , 1987. “Why Isn’t the Whole World Developed? Lessons from the Cotton Mills.Journal of Economic History 47 (March).

Melvin Fuss , and Leonard Waverman . 1990. “The Extent and Sources of Cost and Efficiency Differences between U.S. and Japanese Motor Vehicle Producers.” Journal of the Japanese and International Economies 4 (September).

Gary R. Hawke , 1975. “The United States Tariff and Industrial Protection in the Late Nineteenth CenturyEconomic History Review 2nd series, 28 (February).

Marc Hayford , and Carl A. Pasurka Jr.1992. “The Political Economy of the Fordney-McCumber and Smoot-Hawley Tariff Acts.Explorations in Economic History 29 (January).

Dale W. Jorgenson , Masahiro Kuroda , and Mieko Nishimizu . 1987. “Japan–U.S. Industry-Level Productivity Comparisons, 1960–1979Journal of the Japanese and International Economies 1 (March).

Alan B. Krueger , and Lawrence H. Summers . 1988. “Efficiency Wages and the Inter-Industry Wage StructureEconometrica 56 (March).

Edward H. Lorenz 1991. “An Evolutionary Explanation for Competitive Decline: The British Shipbuilding Industry 1890–1970.” Journal of Economic History 51 (December).

D. N. McCloskey , and Lars G. Sandberg . 1971. “From Damnation to Redemption: Judgments on the Late Victorian Entrepreneur.” Explorations in Economic History 9 (Fall).

Barry Supple . 1991. “Scale and Scope: Alfred Chandler and the Dynamics of Industrial Capitalism.” Economic History Review 2nd series, 44 (August).

Milton Friedman . 1990. “The Crime of 1873.Journal of Political Economy 98 (December)

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