The Program Committee for the thirty-seventh annual meeting of the Economic History Association was formed in late November 1976, ten months before the convention. The Committee selected the participants whose papers are published in this issue after a comprehensive consultation procedure with a large and wide-ranging sample of members of the Association. The basic guidelines followed by the Program Committee may be briefly stated. First, it was felt that the session topics should pertain to past achievements in the field, as well as reflect issues relevant to the 1970s. Hence, it was decided to include a “summing up session,” in which the importance and achievements of three influential schools in economic history could be evaluated. The three other sessions, as well as the majority of workshops, dealt with issues which were felt to be of considerable interest to scholars at present and in the foreseeable future.

A common element revealed by comparative history of four Asian countries is a major shift in the momentum of agricultural growth from an extension of cultivation frontiers to an agricultural system that uses land more intensively. Improvements in land infrastructure, such as irrigation and drainage, are identified as preconditions for the development of land-saving farming technology. Public investments in land infrastructure were induced by the higher rates of return to irrigation construction and improvements than to new land opening.

This paper employs the techniques of legal history to explore the relationship between the rise of big business and the size of the American market. It emphasizes law as a determinant of market size, and it analyzes judicial construction of the Constitution's commerce clause over time to delineate the role of integrated corporations in generating legal change. Specifically, the paper suggests that if the American market is defined as a free-trade unit, enlargement of the market was a result of, rather than a prerequisite for, the post-Civil War revolution in business organization.

This article deals with agricultural innovation in early nineteenth-century France. The core of the argument advanced is that the diffusion of the new intensive mixed husbandry in northern France was delayed by the slow growth in demand for meat and dairy products before 1840, which reduced the advantages to be gained from adopting forage-intensive crop rotations. Because the climate of southern France precluded large-scale adoption of the northern varieties of mixed husbandry, this study confines itself to the part of France lying north of the Loire, and east of the Breton peninsula. This region contained 39 percent of France's people in 1840, raised 48 percent of its wheat and 64 percent of its fodder, and produced more than 75 percent of the value of its animal production. It was already the most industrialized and wealthy section of the country.

The expansion of staple agriculture into the American West after the Civil War was an important event in the economic history of both the United States and the world. This migration of commercial farmers transformed the world's commodity markets. We would expect to find that these farmers were responding to price signals in a commercial fashion. Curiously, the existing literature has failed to detect a price responsiveness in western expansion. This failure appears to stem from a lack of appreciation of the importance of the spatial distribution of prices in the late nineteenth century. This study shows that when this factor is considered, the expansion of western cultivation clearly is connected to the prevailing local price of wheat.

The article sketches the history of Swedish commercial banking from 1656 until World War I, with special attention to the post-1850 period. Emphasis is placed on the relationships between economic growth and banking. International comparisons based on the quantitative measures developed by Rondo Cameron and Raymond Goldsmith are made. It is concluded that at all stages of its early industrialization Sweden had a remarkably large and efficient banking system. This, in turn, was largely the result of the general population's long experience with banking and paper money and their generally high levels of literacy and education.

Much of American legal activity during the eighteenth and nineteenth centuries centered on the transfer of a continent of natural resources—agricultural land, water, timber, mineral deposits—from public to private control. That transfer was crucial for the development of an economic system based largely on private incentives and market transactions. Legal policy at both the state and federal level regarding natural resource ownership and use has been the focus of work by Paul W. Gates, Willard Hurst, Harry Scheiber, and others. Those studies have generally been aimed at describing the nature and impact of governmental support for private economic activities. This paper is concerned with a somewhat different question—the timing and emergence of particular legal institutions (laws and governments). The framework for the study is that offered by Lance Davis and Douglass North in Institutional Change and American Economic Growth. There they hypothesize that institutions develop in response to changing private needs or profit potentials: “It is the possibility of profits that cannot be captured within the existing arrangemental structure that leads to the formation of new (or the mutation of old) institutional arrangements.” Essentially the same model of institutional change is used by some American legal historians, notably Lawrence Friedman and Willard Hurst. They argue that the law can only be understood by examining the surrounding economic, political, and social conditions. Those conditions mold the law, and as they change, they force legal institutions to change. Friedman ties this view closely to the Davis-North model in A History of American Law, where he argues that competing interest groups are the primary determinants of the nature of the law at any one time. This view of legal institutional change is in sharp contrast to the common law tradition of legal history which sees the law as an autonomous institution passed on from generation to generation—an institution that molds the economic, political, and social inputs from society.

More and more it seems that presidential addresses are an occasion for reflecting on matters of method and on the nature of scholarly disciplines. Perhaps this is because these addresses are usually given after dinner, and sated audiences are notoriously indifferent to specialized scholarship. But today we are inaugurating an innovation and have scheduled this talk for an earlier hour. This is not because we feared the membership would be too sleepy after eating to pay attention—you may be just as sleepy after a long day of papers and discussions—but rather to free you all for the gastronomic and touristic pleasures of New Orleans by night. And so, if I may presume on your gratitude for this thoughtfulness, I should like to put before you some of my own reflections on the character and direction of our discipline. I do so the more readily because I am the first president of the Association in some years now to have come to economic history from the side of history. This, I may say, is in itself a capsule symptom of the changes in the profession.

James Watt patented his improved steam engine in 1769 but, as is well known, lacked the capital and other facilities to exploit the patent. It was not until the commencement of his partnership with Matthew Boulton in 1775, after Boulton had successfully obtained an Act of Parliament extending the patent to 1800, that the technical development and commercial exploitation of his engine could be effected. The first engines were all reciprocating ones operating pumping and, later, blowing machinery. But, partly in response to Boulton's insistence that demand for factory engines would escalate, Watt developed and in 1782 patented his rotative engine.

The response of American merchants to the opportunities of neutral trade after 1793 was not limited to expanding the volume of their operations. Semi-annual reports on shipping submitted by American consuls to the Department of State provide a uniquely rich source of evidence about mercantile decisions. Analysis of the evidence from the port of Leghorn, Italy, between 1798 and 1820 reveals the growing productivity of American shipping and the characteristics of America's re-export trade to southern Europe.

The members of the Association must be sick to death of “The Achievements of the Cliometric School.” The health of a field, it is said, is inversely proportional to the percentage of essays on method, by which standard cliometrics itself was sick to death in childhood and is only just now recovering. The few essays on method appearing nowadays are usually commissioned, lack revolutionary fervor, and have become as predictable as sportswriting: gee whiz, how extraordinary has been the growth of cliometrics; cliometrics, of course, is gravely limited by its attachment to neoclassical economics; do not be alarmed by counterfactuals. Essays on method, like articles on the sportspage, irritate the players (nobody loves a critic), flatter the owners (in whose pay he sometimes labors), and hearten the loyal fen (with the written equivalent of the chant “We're number one”). They foreshadow the post-season banquets and their awards: Most Valuable Scholar, Best Book Reviewer (Golden Glove), or, in another mode, Best Historian in a Supporting Role, and Farce of the Year.

This paper shows that the best practice of American methods for producing iron in 1890 was slightly better than the methods employed in Great Britain. It argues that the difference in technique was not of sufficient magnitude to have any bearing on Britain's “decline” as an industrial power. Profits in America are shown to be quite large, and it is hypothesized that these profits arose because the Americans did not anticipate the growth in the demand for pig iron.

This paper offers a revised series of nineteenth-century Anglo-American foreign exchange rates. The new series is based partly on the reinterpretation of data presented earlier by other scholars and partly on a recently rediscovered source of continuous information on sterling-dollar rates after 1869. The pioneering work in this area was done by Lance Davis and Jonathan Hughes. They published in 1960 a quarterly dollar-sterling exchange rate series (1835 to 1895) based on the actual prices paid for approximately 3,000 sterling bills by Nathan Trotter's Philadelphia-based metals importing firm.

It is impossible within the confines of a short paper to provide an adequate survey of the main works in Marxist economic history. The most that can be done is to introduce a limited number of issues that best illustrate the contributions of Marxist scholars. The topics covered in this paper include feudalism and the decline of serfdom, the transition to capitalism, the crisis of the seventeenth century, the English Civil War, and the rise of factories. An attempt is made to integrate these subjects into a more or less chronological account of European history.

In the 1770s Philadelphia had a well developed indentured servant market which served the city and the surrounding region. This market had many attributes of rational labor and physical capital markets and provided a means for financing migration and education. This study is of indenture records which include prices, term lengths, employer-provided amenities, and servant attributes to test hypotheses based on a rational buyer model. Results indicate that in response to the riskiness of a servant, the buyer used indexes of servant productivity and reliability; that the servant paid for amenities offered by the master, such as general education; and that there was a seasonal pattern of prices corresponding to seasonal activities of agriculture.

The hostile and patronizing attitudes of native Americans toward the increasing number of immigrants from southern and eastern Europe at the turn of the century raise a number of issues that bear on the history of U.S. immigration policy and on other matters. Utilizing Zellner's SUR technique, a model of settlement patterns of ten immigrant nationalities is estimated, and the appropriate F-statistics are generated to test several of these issues: (1) Did “new” immigrants behave as purposefully as contemporaneous “old” migrants from northwestern Europe? (2) Did they react as did the old migrants to a variety of socioeconomic factors? (3) Were the new migrants more dependent on the cultural support of earlier migrated countrymen? The findings indicate diverse, but purposeful, behavior within both the new and the old migrant groups with few systematic differences between them.

The structural retardation hypothesis locates the source of stagnation in French agriculture primarily within agriculture — inthe economic, political, and sociological consequences of a peasant system of agricultural production. It is argued in this paper that the poor performance of French agriculture from the 1870s to the 1940s is to be found in the limited opportunities for agricultural growth provided by the French economy. Evidence suggests that the slow growth in demand for agricultural output, the slow growth in demand for labor by the non-agricultural sector, and the limited investment in the institutional infrastructure to support agricultural development were the primary sources of stagnation.

In his presidential address last year Robert Gallman quoted a letter written by Lucien Febvre to Marc Bloch. Febvre and Bloch were the first editors of the journal Annales, and Febvre's exhortation on this occasion to break down the barriers among the social sciences was only one among many. Gallman's “Notes on the New Social History” would have pleased both French scholars, especially the allusion to verve and “trumpet call.” Today we are concerned with the role of economics in the galaxy of disciplines the Annales claim to unify in their “grand alliance.”

Amuch neglected topic in the economic history of Uganda is the contribution of fiscal policy to the inequality of income. While generalizations have been made about the heavy burden of taxation on Uganda's Africans and the bias in the distribution of government expenditure, no systematic analysis of these issues has been undertaken. It is my objective to rectify this shortcoming, and to provide estimates of the incidence of taxation on different races and sectors of the economy at different periods. This study should be of parallel interest to my earlier article, demonstrating the extent of inequality in Uganda, since it shows that the government's tax policy had a major effect on the distribution of income in the country. The present paper focuses particularly on the farmers, who have always been at the bottom of the distribution ladder, and attempts to answer the following questions. 1.) What were the major sources of tax revenue in Uganda, and what proportion of the revenue was derived from the farmers? 2.) What was the farmers' rate of taxation compared to that of other sections of the population? 3.) How was expenditure out of government revenue distributed?

This paper focuses on changes in household balance sheets during the Great Depression as transmission mechanisms which were important in the decline of aggregate demand. Theories of consumer expenditure postulate a link between balance-sheet movements and aggregate demand, and applications of these theories indicate that balance-sheet effects can help explain the severity of this economic contraction. In analyzing the business cycle movements of this period, this paper's approach is Keynesian in character in that it emphasizes demand shifts in particular sectors of the economy; yet it has much in common with the monetarist approach in that it views events in financial markets as critical to our understanding of the Great Depression.