Although New England's unit banking system was declining in profitability during the late nineteenth century, the existing competitive environment prevented large institutions from outperforming their smaller rivals. As a result, there was little change in the structure of the banking system during this period. At the turn of the century, however, a wave of mergers radically transformed the banking sectors of Boston and Providence. Although the greater profitability of the mergers indicates they were a better fit to the economic environment than their smaller predecessors, their creation was only made possible by a special combination of historical circumstances.

This article examines the relationship between capital market development and industrial structure during the early stages of industrialization, contrasting the experiences of Brazil, Mexico, and the United States. It argues that constraints placed on the formation of credit intermediaries in Latin America by poorly defined property rights and government regulatory policies produced greater concentration in the Mexican and Brazilian cotton textile industries than that which developed in the United States.

This article uses evidence drawn from the manuscripts of the 1850 and 1860 federal censuses to investigate the correlates of the wealth of adult males in Chicago. The analysis reveals rapidly increasing wealth with age, a substantial positive effect on wealth of duration of residence in the city, and an absence of any significant impact of nativity on wealth when controlling occupation. Mean wealth rose from well below the national average in 1850 to a level far above the national average in 1860. Together these results suggest that early Chicago was a place of exceptional economic opportunity for settlers.

Surveys taken by the Michigan Bureau of Labor and Industrial Statistics in the 1890s reveal that unemployment was pervasive among unskilled workers. The incidence of unemployment was not associated with personal characteristics, but rather with the type of employment contract and job: those with high risk of layoff commanded a wage premium. Seasonality is an important part of this late nineteenth-century story, and the subsequent demise of seasonal activities may have had an important impact on the evolution of labor market institutions.

This article provides estimates of Belgian food consumption in 1812 and 1846 using a national food balance sheet approach. These estimates are then converted into caloric intakes for adult male equivalents. Despite many accounts of an absolute pauperization of the Belgian population during this period, caloric consumption per equivalent adult male is shown to have merely stagnated between 1812 and 1846. There is indirect evidence that inequality in caloric consumption increased at the same time. Energy cost-accounting exercises reveal that the residual caloric quantity available for physical exertion was minimal for large sections of the population.

Explanations for the recent decline in the labor force attachment of males 65 years of age and older include the introduction of Old Age and Survivors Insurance and the growth in private pension programs. Neither hypothesis can explain the sizable decline that occurred between 1930 and 1950, when aggregate social security and private pension payments were small. Estimates from pooled state aggregate data indicate that the means-tested Old Age Assistance program established by the Social Security Act of 1935 significantly increased retirement activity in this period, particularly among low-income individuals.

Economists directly observe warranted “fundamental” values in only a few cases. One is that of closed-end mutual funds: their fundamental value is simply the current market value of the securities that make up their portfolios. We use the difference between prices and net asset values of closed-end mutual funds at the end of the 1920s to estimate the degree to which the stock market was overvalued on the eve of the 1929 crash. We conclude that the stocks making up the S & P composite were priced at least 30 percent above fundamentals in late summer, 1929.