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Showing papers in "The Journal of Economic History in 1969"


Journal ArticleDOI
TL;DR: The economic system of the Ottoman Empire and its basic economic principles derived from a traditional view of state and society which had prevailed since antiquity in the empires of the Near East.
Abstract: The economic system of the Ottoman Empire and its basic economic principles derived from a traditional view of state and society which had prevailed since antiquity in the empires of the Near East. This theory, since it determined the attitude and policy of the administrators, was of considerable practical importance.

205 citations


Journal ArticleDOI
TL;DR: The success with which capital funds are mobilized and transferred to industrial and related activities is widely regarded as a critical determinant of both the timing and the pace of industrialization in the modern era as discussed by the authors.
Abstract: The success with which capital funds are mobilized and transferred to industrial and related activities is widely regarded as a critical determinant of both the timing and the pace of industrialization in the modern era. Gerschenkron, for example, has suggested that institutional developments which increased this type of capital mobility played an important role in the varying degrees of industrial progress of nineteenth-century European countries. A functionally similar development, resulting from government intervention at the time of the Civil War, occurred in American banking and provided a powerful capital-supply stimulus for the United States's postbellum industrialization. This study deals with the origins of this banking development, presents an analysis of its potential effects on patterns of capital movement, and tests the hypotheses arrived at in the theoretical analysis using banking data derived primarily from the Reports of the Comptroller of the Currency.

198 citations


Journal ArticleDOI
TL;DR: In this paper, the authors touch the core of an old and hallowed controversy in which the partisans and opponents of British imperiahsm once confronted each other, arguing that the fault lay with certain inherent weaknesses in Indian society, such as the influence of an "enervating climate", the heritage of "oriental despotism", recurring cycles of anarchy, primitive techniques and ignorance, rigidities of the caste system, the prevailing spirit of resignation rather than enterprise, all created conditions in which nothing but a subsistence economy could function.
Abstract: When we ask ourselves the question why India failed to industrialize (and develop a capitalistic economy) either before or after the British conquest, we touch the core of an old and hallowed controversy in which the partisans and opponents of British imperiahsm once confronted each other. To admirers of British rule, generally, it seemed that the fault lay with certain inherent weaknesses in Indian society. The influence of an “enervating climate,” the heritage of “oriental despotism” and recurring cycles of anarchy (inhibiting the accumulation and investment of capital), primitive techniques and ignorance, the rigidities of the caste system, the prevailing spirit of resignation rather than enterprise, all created conditions in which nothing but a subsistence economy could function. From such wretched beginnings, the British could not, whatever they did, lift Indian economy to European levels. The critics of imperialism saw things in a different light. They insisted that the primitive nature of Indian economy before British conquests ought not to be overstressed, and they ascribed India's backwardness chiefly to the strangulating effects of British rule, to “the drain of wealth,” the destruction of handicrafts, heavy taxation, and discrimination against Indian industry and capital. It will thus be seen that though the controversy involved a number of important aspects of modern Indian economic history, in part at least it centered on the potentialities of development in the Indian economy prior to the British conquests.

117 citations


Journal ArticleDOI
Rondo Cameron1
TL;DR: The International Encyclopedia of the Social Sciences (INES) as mentioned in this paper is the most popular encyclopedia for the social sciences and it was published between 1927 and 1933 and published in fifteen volumes between 1930 and 1935.
Abstract: On first glancing through the new International Encyclopedia of the Social Sciences' I gained the impression that it was markedly less historical in both character and content than the old Encyclopedia of the Social Sciences. Further investigation and analysis substantiated the impression. Nevertheless, the new encyclopedia is not necessarily, for that reason, less useful to economic historians. The slight difference in the wording of the titles is not the key to the difference in the tone of the two encyclopedias. If anything, the new encyclopedia is slightly less international (as measured by nationality of editors, editorial advisors, and contributors) than the old. The difference in that respect is negligible, however. David Sills, the editor, states in his introduction (1, p. xix) that the new encyclopedia is "designed to complement, not to supplant, its predecessor." In that respect it is quite successful. The old encyclopedia, prepared between 1927 and 1933 and published in fifteen volumes between 1930 and 1935, appeared at a time when the social sciences were self-consciously seeking their own identity. Psychology, for example, was then labeled as a "semisocial science," and geography was included among the sciences "with social implications." The emphasis in the older work was strongly substantive, i.e., historical. In contrast, the emphasis in the new is methodological, exemplified most notably by the inclusion of statistics, further elaborated as "theoretical statistics, the design of experiments, nonsampling errors, sample surveys, government statistics, and the use of statistical methods in social science research" (1, p. xxii) as one of the constituent social science disciplines. (The fact that W. Allen Wallis was chairman of the editorial advisory board is probably not coincidental with that emphasis.) Concretely, there are two, possibly three ways in which the new encyclopedia is less historical than the old. In the first place, the old began with two lengthy introductions, occupying almost the entirety of the first volume, devoted to "The Development of Social Thought and Institutions" from ancient times to the 1930's and "The Social Sciences as Disciplines," another country-by-country historical survey. In contrast, the International Encyclopedia has only a Foreword by Alvin Johnson, the honorary editor (who was associate-that is, executive-editor of the older work); a Preface by Wallis; and an introduction by Sills, occupying altogether only twenty pages. Secondly, the older encyclopedia included more than 4000 biographical articles devoted to historical actors as well as to notable social scientists.

111 citations


Journal ArticleDOI
TL;DR: In the Holy Book of Islam, in the Sūrat al-Baḳara, the idea of capital appears in connection with trade, business, and the illicit practice of loaning for profit as mentioned in this paper.
Abstract: He who looks for the term “capitalism” in the Islamic sources of the Middle Ages will look in vain. On the other hand, the term “capital” has been known since the beginning of Islamic culture. Even in the Holy Book of Islam, in the Sūrat al-Baḳara, the idea of capital appears in connection with trade, business, and the illicit practice of loaning for profit—usury. “O you who believe, keep your duty to Allah and relinquish what remains [due] from usury, if you are believers. But if you do [it] not, then be apprised of war from Allah and His messenger; and if you repent, then you shall have your capital. Wrong not, and you shall not be wronged.” In the same Sūrah God forbids usury but not Bai', trading, or buying. At another place God's commands clear the way for investments. “O you who believe, devour not your property among yourselves by illegal methods, although you may engage in trading by mutual consent. And kill not your people. Surely Allah is merciful to you.”The Islamic merchant tried to follow this system of ethics.

99 citations


Journal ArticleDOI
TL;DR: By-employments have been mainly treated there from the standpoint of the history of industry to the neglect of their effect on the habits, aptitudes, and outlook of fanners and their wives and children.
Abstract: By-Employments, one may suppose, tend to ready preindustrial people for modern economic roles since they represent an incipient shift from agriculture to other occupations, spread skills useful to industrialization among the most backward and numerous part of the population, and stimulate ambition and geographical mobility. Although widespread in Western preindustrial societies, by-employments have been mainly treated there from the standpoint of the history of industry to the neglect of their effect on the habits, aptitudes, and outlook of fanners and their wives and children. This is partly due to the scattered and widely varied and changing forms of by-employments, which make it all but impossible to know what proportion of farmers practiced them and what part of their income they earned in this way.

44 citations



Journal ArticleDOI
David Klingaman1
TL;DR: In this paper, a series on American tobacco exports to Great Britain suggests that there was virtual stagnation in the first quarter of the eighteenth century followed by perhaps a doubling of exports in the second quarter and then near stagnation until the year 1771 until the reason for the leap in tobacco exports in 1771 to a high plateau of approximately 100 million pounds annually during 1771-1775 is unknown.
Abstract: The economic development of the American colonies is one of the least explored areas in American economic history. Since the several regions in the colonies followed somewhat different paths of development, the colonial puzzle can be gradually pieced together through research which concentrates on particular regions. The subject of this study is an important aspect of the development of the tobacco colonies during approximately the thirty years preceding 1770. George Rogers Taylor and Jacob M. Price have suggested that the second and third quarters of the eighteenth century brought “rapid economic growth” to the tobacco colonies and a “marked resumption of growth” in tobacco exports. The findings of this study will suggest some reservations concerning the leading role of tobacco during this time. The series on American tobacco exports to Great Britain suggests that there was virtual stagnation in the first quarter of the eighteenth century followed by perhaps a doubling of exports in the second quarter and then near stagnation in the third quarter until the year 1771. The reason for the leap in tobacco exports in 1771 to a high plateau of approximately 100 million pounds annually during 1771–1775 is unknown. What is important for analysis of the growth and development of the tobacco colonies, however, is that the exceptionally high exports in the last five years of the colonial period tend to mask what was apparently a slow and erratic growth in world demand for American tobacco exports in the immediately preceding decades. The assumption that tobacco was a booming sector in the economy of the upper South at this time is open to question.

27 citations


Journal ArticleDOI
TL;DR: In this paper, the authors discuss the historical features of Brazilian economic development in order to gain some insight into the process of long-term growth, using the recent extension of the principal macroeconomic time series.
Abstract: The Purpose of this article is to clarify some historical features of Brazilian economic development in order to gain some insight into the process of long-term growth. The recent extension of the principal macroeconomic time-series to 1920 and the publication of several specialized monographs provide the material for such an analysis. We will begin with a consideration of the timing of Brazilian industrialization and, more important, of the conditions in which it took place. Such a discussion is all the more necessary since it appears that some of the stock ideas concerning Brazilian economic development before 1939 require revision.

25 citations


Journal ArticleDOI
TL;DR: Gerschenkron has suggested that certain characteristics of development during a country's initial period of industrialization, or "great spurt" can be better understood if reference is made to that country's degree of relative backwardness just prior to the spurt as discussed by the authors.
Abstract: Alexander Gerschenkron has suggested that certain characteristics of development during a country's initial period of industrialization, or “great spurt,” can be better understood if reference is made to that country's degree of relative backwardness just prior to the spurt. Referring to the European countries which began their rapid industrialization during the nineteenth century, Gerschenkron stated that the greater a country's relative backwardness on the eve of its spurt (1) the more rapid was the subsequent rate of manufacturing growth, (2) the greater was the stress on bigness of the size of plant and enterprise, (3) the greater was the stress on producers’ goods as opposed to consumers’ goods, (4) the less rapid was the increase in the level of consumption, (5) the greater was the role played by special institutional factors designed to speed industrialization, and (6) the less the agricultural sector contributed to economic growth, as measured by the rate of increase in agricultural labor productivity.

23 citations



Journal ArticleDOI
TL;DR: A detailed study of the changing occupational and industrial structure of Mexico's non-agricultural labor force from 1895 to 1930 and from 1930 to 1950, based on a comparison of population censuses, especially those of 1895, 1930, and 1950, is presented in this article.
Abstract: This Article summarizes the main findings of a detailed. study of the changing occupational and industrial structure of Mexico's non-agricultural labor force from 1895 to 1930 and from 1930 to 1950, based on a comparison of population censuses, especially those of 1895, 1930, and 1950. Structural changes in Mexico's labor force have never been adequately studied, and the results of the present research shed considerable new light on Mexico's development. The findings also suggest important paradoxes and discontinuities in the early stages of industrialization that merit systematic recognition in models and measurements of structural change over the course of development.

Journal ArticleDOI
TL;DR: The irony lies in the fact that the Historical School of economics, although it emphasized historical studies at the expense of theory, did see economic history as an integral part of economics as discussed by the authors.
Abstract: It is one of the ironies of economic historiography that the country which gave birth to the Historical School of Economics should have come to play such a relatively minor role in the field of modern economic history. The irony lies in the fact that the Historical School, although it emphasized historical studies at the expense of theory, did see economic history as an integral part of economics. Its founders recognized that the main purpose of economic history is to elucidate the problem of economic development, to search for “development laws,” and in attempting to accomplish that mission, they made use of economic theory. From around the 1870's, however, interest in these ties to mainstream economics began to recede; emphasis on institutional and legal studies, collection of sources, and sheer antiquarianism grew ever more important. Since then, German economic historians, increasingly producing economic history without economics, have been playing Hamlet without the Prince. The present character of the field in Germany is reflected in the fact that German economic historians are de facto and de jure social historians as well. Indeed, many university chairs, the principal West German journal (Vierteljahrschrift fur Sozial- und Wirtschaftsgeschichte —hereafter cited as VSWG), and the German counterpart to our Economic History Association (Gesellschaft fur Sozial- und Wirtschaftsgeschichte) do grant formal priority to social history.

Journal ArticleDOI
TL;DR: The Old Poor Law has recently found a forceful defender in Mark Blaug, who in two articles has challenged the critics of England's first public welfare system and displayed the clay feet of that towering structure of words, the evidence for the 1834 Report as discussed by the authors.
Abstract: The Old Poor Law has recently found a forceful defender in Mark Blaug, who in two articles has challenged the critics of England's first public welfare system and displayed the clay feet of that towering structure of words, the evidence for the 1834 Report. This is a notable achievement, but Mr. Blaug's case should not be accepted in toto: indeed, that it has survived so long without criticism is surprising. G. R. Elton felicitously referred to one of his critics as a “self-appointed hound of heaven,” but scholars who propound provocative theses are likely to provoke responses. Mr. Blaug's interpretation of the Old Poor Law is, to at least one “selfappointed hound,” eminently provocative.

Journal ArticleDOI
TL;DR: In Italy, distant from the new centers of Atlantic trade, where tensions between absolutism and traditional liberties were fought out mainly within the ruling groups themselves, this stratification of society seemed almost a new feudalism in the seventeenth century as the powerful families of the petty courts consolidated their power as mentioned in this paper.
Abstract: One seemingly certain characteristic of the social structure of Europe between the sixteenth and late eighteenth centuries was the persistence in power, wealth, and eminence of limited numbers of individuals or families. These made up the aristocracies, the nobilities of feudal origin, the ennobled officeholders of the new monarchies, and the patrician oligarchs of the towns. Political structures provided these families with privileged status and favored their preservation of wealth and influence, while a relatively slow rhythm of economic change and growth in general population tended to secure them against displacement by newcomers. In Italy, distant from the new centers of Atlantic trade, where tensions between absolutism and traditional liberties were fought out mainly within the ruling groups themselves, this stratification of society seemed almost a “new feudalism” in the seventeenth century as the powerful families of the petty courts consolidated their power.

Journal ArticleDOI
TL;DR: In this paper, the authors focus on the Kuznets cycle and the long-swap cycle, which in length is between the Juglar and the Kondratieff cycles.
Abstract: For many Western countries the history of the last two centuries reveals both a sustained rise in per capita output and a tendency toward a more equal distribution of the economic product. The experience has been characterized, however, by repetitive fluctuations in the levels and growth rates of aggregate production and its components. The length of the shorter of these fluctuations, the business cycle, ranges from the 40- to 45-month inventory cycle to the so-called Juglar of seven to ten years. Two other classes of interruptions in the secular trend have also been singled out for study by economic historians. The first is the Kondratieff cycle, a movement of roughly fifty years which has been primarily identified in price series. The second is the Kuznets cycle, or “long swing,” which in length is between the Juglar and the Kondratieff. The long swing constitutes the primary theme of this study.

Journal ArticleDOI
Lee Soltow1
TL;DR: In this article, the authors look at the income tax distributions from the Civil War period and compare them directly with the distributions arising from the Income tax after 1912, concluding that inequality among upper-income groups did not increase during this period.
Abstract: It is commonly thought that income distribution among people became more concentrated after the Civil War and that this direction continued until the turn of the century. We can look methodically at the income tax distributions from the Civil War period and compare them directly with the distributions arising from the income tax after 1912. We also have some data from the abortive income tax of 1894. After examining the various blocks of evidence, the conclusion will be made that inequality among upper-income groups did not increase during this period. It is necessary to emphasize that the present investigation is one of income and not of wealth. It might have been possible for the nonhuman wealth distribution among people to remain constant or to increase in inequality while the personal income distribution was decreasing in inequality.


Journal ArticleDOI
TL;DR: The authors showed that a large deficit did exist in the late colonial period is shown by estimates of commodity trade given in Table 1 for the period 1768 through 1772 (for which period statistics of all legal overseas trade available in the “American Inspector-General's Ledgers”).
Abstract: There is widespread agreement among historians of the colonial period, as there was among contemporary observers, that a significant deficit existed in the American colonies' balance of trade with Great Britain. That a large deficit did exist in the late colonial period is shown by estimates of commodity trade given in Table 1 for the period 1768 through 1772 (for which period statistics of all legal overseas trade exist in the “American Inspector-General's Ledgers”). It is clear from Table 1 that the overall deficit in the commodity trade with the British Isles was due mainly to the deficits incurred by New England and the middle colonies. Similarly, it appears that on the average for this five-year period, the southern colonies, as well, incurred a deficit—although a small one—in their commodity trade with Great Britain.

Journal ArticleDOI
Fred Bateman1
TL;DR: In this article, the authors estimate labor input time, to measure the change in average labor productivity in U.S. dairy farming, and examine the economic implications of this change, thus extending the analysis to another component of the dairy production function.
Abstract: Throughout the second half of the nineteenth century and into the early part of the twentieth, American agriculture was expanding and improving under the influence of growing demand, the westward movement, mechanization of farm operations, and scientific farming developments. Under these influences, yields and labor productivity in field crops generally increased. Until recently, however, little has been known about the course of productivity change in specific agricultural activities during the nineteenth century. Dairy production was an important component of the American farm economy, accounting for about 16 percent of U.S. farm output at the beginning of the twentieth century and approximately 14 percent of gross income from farm production in 1910. Changes in dairy yields during the period 1850–1910 have been analyzed previously. The purpose of this article is to estimate labor input time, to measure the change in average labor productivity in U.S. dairy farming, and to examine the economic implications of this change, thus extending the analysis to another component of the dairy production function. The necessary data were estimated with techniques that utilized available fragmentary data in conjunction with information in literary material.

Journal ArticleDOI
TL;DR: In this article, the authors discuss the economic growth in England before the industrial revolution in what, for purposes of brevity and analytical distinction, they propose to call "preindustrial England".
Abstract: This paper, as presented at the Fourth Congress of the International Economic History Association, is the first of four concerned with economic growth in England before the industrial revolution, in what, for purposes of brevity and analytical distinction, I propose to call “preindustrial England.” It might be prudent for this period to talk of “economic change” (“the movement of economic processes over time”) rather than “economic growth” (“the growth of output per head of population”), because change does not necessarily imply growth, and because, for the thousand years which preceded English industrialization, the historians are uncertain about the direction and duration of the secular trend of the economy over long periods, although they seem to have identified some periods of growth as well as some periods of decline.

Journal ArticleDOI
TL;DR: The cost of fencing a farm was a constant discussion and complaint in American agricultural circles in the second half of the nineteenth century as discussed by the authors, and the prosaic topic appeared continually during the period 1850 to 1880 in agricultural journals, state agricultural bulletins, and annual reports of the Federal Commissioner of Agriculture.
Abstract: The cost of fencing the farm was a topic of constant discussion and complaint in American agricultural circles in the second half of the nineteenth century This prosaic topic appeared continually during the period 1850 to 1880 in agricultural journals, state agricultural bulletins, and annual reports of the Federal Commissioner of Agriculture.

Journal ArticleDOI
TL;DR: The Swedish bullionist controversy as mentioned in this paper was the most important mercantilist monetary experiment attempted in western Europe during the pre-Adam Smith era, and it was initiated by the Bank of Sweden (Riksens StA¤nders Bank).
Abstract: NEXT to John Law's Banque Royale, the most important mercantilist monetary experiment attempted in western Europe during the pre-Adam Smith era took place in Sweden. The Bank of Sweden (Riksens StA¤nders Bank), which had been established as a national bank in 1688, was used by the Swedish government in the mid-eighteenth century as an engine for economic development. Sweden's experiment in paper money mercantilism gave rise to an active debate which may be called the “Swedish bullionist controversy†because of its similarity to the monetary debate in England at the outset of the nineteenth century. This controversy took place in a highly charged political environment. Political power in Sweden from 1739 to 1772 was centered in the Swedish Riksdag, a representative body composed of the Four Estates: burghers, nobles, clergy, and peasants. Within this organization, the mercantile class predominated by virtue of its control of the influential House of Burghers when the Riksdag was in session and its control of the Secret Committee, which directed government policy when the Riksdag was not in session. The two political parties—the Hats and the Caps—vied with one another for control of the government from 1739 to 1772, a span including most of the epoch known in Swedish history as the “Age of Freedom,†1719–1772. Participants in the bullionist controversy typically fell into one or the other political camp, and the political element is strong in most of the economic literature of the period. The two political parties locked horns on the issue of the “correct†monetary policy. At stake in the struggle was not only the correctness of economic theories and policies but, ultimately, also the viability of the Swedish parliamentary form of government. It is the purpose of this article to review the policies of the Riksbank in the mid-eighteenth century and to examine the economic theories of the two contending political parties.


Journal ArticleDOI
TL;DR: In the case of Japan, as Professor E. O. N. Reischauer has pointed out, feudalism permitted the development of a goal-oriented ethic, rather than a status oriented ethic, a strong sense of duty and obligation, and excluded the non warrior class from political power as mentioned in this paper.
Abstract: Japanese historians have characterized the Tokugawa period (1600–1868) as an “early modern feudal system†(kinsei hA²ken seido). While there is disagreement on the nature of feudalism in general, and the form of feudalism in the Tokugawa period in particular, I believe that Tokugawa society does include the essential elements of a feudal system so as to justify this label. What is particularly conspicuous is that Japan, like Europe, experienced feudalism before the birth of the modern age. In the case of Japan, as Professor E. O. Reischauer has pointed out, feudalism permitted the development of a goal-oriented ethic, rather than a status-oriented ethic, a strong sense of duty and obligation, and excluded the non warrior class from political power. Professor R. N. Bellah has differentiated the social values of Japan's feudalism from those of European feudalism by stressing the element of “loyalty†in the former and identifying this value as a key to the modernization of Japan. Whatever the special characteristics of feudalism in Japan may be, all analysts agree that the term “feudalism†is appropriate as a description of Tokugawa society.




Journal ArticleDOI
TL;DR: Since the time of Malthus and possibly earlier the prevailing theory of the birth rate has connected births to the’ mother's age at marriage, which in turn is related to current economic and social conditions, and thus to changes in the rate of growth of the population.
Abstract: Since the time of Malthus and possibly earlier the prevailing theory of the birth rate has connected births to the’ mother's age at marriage, which in turn is related to current economic and social conditions. In this manner changes in the economy are tied to changes in the birth rate and thus, even more indirectly, to changes in the rate of growth of the population.