-
作者：University System of Ohio; Ohio State University
-
作者：University of California System; University of California Santa Barbara; National Bureau of Economic Research
-
作者：University System of Maryland; University of Maryland Baltimore County
-
作者：Loyola University Maryland; City University of New York (CUNY) System; Queens College NY (CUNY)
摘要：We examine Cuban GDP over time and across space. We find that Cuba was once a prosperous middle-income economy. On the eve of the revolution, incomes were 50 to 60 percent of European levels. They were among the highest in Latin America at about 30 percent of the United States. In relative terms, Cuba was richer earlier on. Income per capita during the 1920s was in striking distance of Western Europe and the Southern United States. After the revolution, Cuba slipped down the world income distr...
-
作者：Columbia University
-
作者：University of California System; University of California Davis
-
作者：University of Copenhagen; University of East Anglia; UK Research & Innovation (UKRI); Economic & Social Research Council (ESRC); University of East Anglia; University of Southern Denmark
摘要：We consider the successful early emergence of cooperative creameries in Denmark in the late nineteenth century within the framework of the new institutional economics presented by Oliver Williamson. Previous work focused on the social cohesion of the Danes, but we demonstrate that this was not sufficient for their success. The Danish legal system, which we compare to that of other countries, was also of crucial importance, along with the way in which rules were monitored and enforced. Of parti...
-
作者：University of California System; University of California Irvine
-
作者：University of Mannheim; University of Mannheim
摘要：Using a novel data set on 2,483 British privateering cruises, we show that state-licensed raiding of commercial vessels was a popular and flourishing business among merchants that took a serious toll on enemy trade from 1689 to 1815. Why, then, did privateering merchants gradually turn away from these profitable endeavors? We show that the expansion of overseas trade increased the opportunity costs for merchants and resulted in the decline of privateering. Our findings document that the declin...
-
作者：Bar Ilan University
摘要：In 1686 the leadership of Massachusetts became involved in the first operational bank scheme in America. In 1688 this note-issuing bank was mysteriously aborted at an advanced stage. I suggest a new, simple explanation for the bank's demise. The bank's notes were supposed to be backed mostly by private land in Massachusetts, but a new royal governor invalidated all the land titles. This episode demonstrates the importance of clearly defined and enforced property rights for the development of f...
