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, slavery wealth is strongly correlated with economic development - slave-holding areas are less agricultural, closer to cotton … mills, and have higher property wealth. We rationalize these findings using a dynamic spatial model, where slavery … overseas slave wealth. Overall, our findings are consistent with the view that slavery wealth accelerated Britain's industrial …
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What determines risk-bearing capacity and the amount of leverage in financial markets? Using unique archival data on collateralized lending, we show that personal experience can affect individual risk-taking and aggregate leverage. When an investor syndicate speculating in Amsterdam in 1772 went...
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Social capital is often associated with desirable political and economic outcomes. This paper contributes to a growing literature on its "dark side". We examine the role of social capital in the downfall of democracy in interwar Germany. We analyze Nazi Party entry in a cross-section of cities,...
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