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This paper shows that 19th-century industrialization is an important determinant of the significant changes in Germany …, economic ascent in the South. Exploiting plausibly exogenous variation in access to coal, we show that early industrialization … industrialization explains most of the decline in regional inequality observed in the 1960s and 1970s and about half of the current …
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Using microeconomic data on 2,500 savers of the savings bank Ludwigsburg, we study individual savings behavior in 19th century-Germany. We show that wealthy savers responded to an increase in the expected inflation rate (and falling real interest rate) by increasing their savings, suggesting...
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Our purpose here is to challenge the "big-bang" approach to economic history in which some alleged institutional imposition - a deus machine - is claimed to launch a series of new economic behaviors. This so-called prime mover is then carried forward by the inexorable forces of path dependency...
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