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作者:Massachusetts Institute of Technology (MIT)
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作者:Wake Forest University
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作者:Bogazici University; University of London; London School Economics & Political Science
摘要:The early modern era witnessed the formation across Europe of centralized states that captured increasing shares of resources as taxes. These states not only enjoyed greater capacity to deal with domestic and external challenges, they were also able to shield their economies better against wars. This article examines the Ottoman experience with fiscal centralization using recently compiled evidence from budgets. It shows that due to high shares of intermediaries, Ottoman revenues lagged behind...
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作者:Massachusetts Institute of Technology (MIT)
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作者:University of California System; University of California Davis
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作者:Stanford University
摘要:Using the records of British firms that supplied nearly 90 percent of world trade in cotton spinning machinery, we track the evolution and diffusion of spinning technology over more than 50 years. In contrast to scenarios in which modern technologies supplant older methods, we observe two paradigms in competitive coexistence, each one supporting ongoing productivity growth through complementary improvements in machinery, organization, and workforce skills. International productivity difference...
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作者:Field, Alexander J.
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作者:Johns Hopkins University
摘要:Investors in new stock issues in Germany in the 1880s experienced low spreads between the price they paid for stock and the price at which they could sell the stock in the market. Stock issuing companies paid substantial fees to underwriting banks, and these costs increased with the underwriter's market share. Bank's faced lower issuing costs than did nonfinancial firms. These patterns are consistent with a situation in which underwriters exploited their access to better information (agency pr...