Banks play a greater role in the German financial system than in the UnitedStates or Britain. Germany’s large universal banks are admired by those whoadvocate bank deregulation in the United States. Others admire the universalbanks for their supposed role in corporate governance and industrial...

By merging individual data on valuable patents granted in Prussia in the late nineteenth century with county level information on literacy and income tax revenues we show that increases in the stock of human capital not only improved workers' productivity but also accelerated innovative...

We argue that, for a given level of scientific knowledge, tolerance and diversity are conducive to technological creativity and innovation. In particular, we show that variations in innovation within Prussia during the second industrial revolution can be ascribed to differences in religious...

By merging individual data on valuable patents granted in Prussia in the late nineteenth century with county level information on literacy and income tax revenues we show that increases in the stock of human capital not only improved workers’ productivity but also accelerated innovative...