Racial social isolation within and across workplaces may reduce firm productivity. We provide descriptive evidence that African-Americans feel socially isolated from Whites. To test whether isolation affects productivity, we estimate models of Total Factor Productivity for manufacturing firms...

During the Progressive Era (1900-29), economic growth was rapid but volatile. Boom and busts witnessed the formation and failure of tens of thousands of firms and thousands of banks. This essay uses new data and methods to identify causal links between failures of banks and bankruptcies of...

Introduction / William J. Collins and Robert A. Margo -- Business organization and internal governance. Revisiting American exceptionalism: democracy and the regulation of corporate governance: the case of nineteenth-century Pennsylvania in comparative context / Naomi R. Lamoreaux -- Corporate...

We construct a price, dividend, and earnings series for the Industrials sector, the Utilities sector, and the Railroads sector from the beginning of the 1870s until the beginning of the year 2013 from primary sources. To infer about mispricings in the sector markets over more than a century, we...

We characterize female-owned manufacturing establishments using newly digitized manuscripts from the US Census of Manufactures (1850, 1860, 1870, 1880). Female-owned establishments were smaller than male-owned establishments and had lower capital-to-output ratios, which could reflect...

This paper estimates returns to scale for manufacturing industries around the turn of the twentieth century in the United States by exploiting an industry-city panel data for the years 1880-1930. We estimate decreasing returns to scale on average over the period, contrary to most of the existing...

The consensus view among economic historians is that wage inequality in American manufacturing followed an inverted-U path from the early nineteenth century until just before World War Two. The previous literature, however, has been unable to fully document this path over time, or fully assess...

The long-standing view in US economic history is the shift in manufacturing in the nineteenth century from the artisan shop to the mechanized factory led to "labor deskilling." Craft workers were displaced by mix of semi-skilled operatives, unskilled workers, and a reduced force of mechanics to...