Since the early days of the republic, state and local governments have periodically embarked on widespread, large-scale attempts to spur economic growth through targeted economic development subsidies. Interestingly, the constitutions of nearly every state in the union contain provisions that,...

This essay reviews Escape from Rome by Walter Scheidel. It examines the argument that Europe's persistent fragmentation following the collapse of the Rome empire is responsible for the origins of the modern world. First, I consider Scheidel's argument that the rise of Rome at the end of the...

This paper offers (yet another) reflection on the history and current status of economic history. No other sub-discipline of economics or history has tried so hard to be loved as economic history. That love is unrequited, because economic history's problem is existential: it is an inherently...

We review theoretical and empirical research on the dynamic interactions between cultures and institutions. We think about culture as a system of values and about institutions as formalized rules of the game. Our presentation is organized around a simple theoretical framework of political...

This paper documents the long-term nature of technological innovations which have transformed retail finance and addressed financial exclusion. The paper also contributes to the body of literature on the state as an entrepreneur. The roots of financial inclusion are traced back to the 1960s with...

The coefficients of a model estimated with a linear regression fail to represent a causal relation when this model is part of an accounting (semi) identity, because the coefficient is constrained to fulfill this identity. The aggregate consumption function suffers from this problem and its...

This paper studies external sovereign bonds as an asset class. It compiles a new database of 266,000 monthly prices of foreign-currency government bonds traded in London and New York between 1815 (the Battle of Waterloo) and 2016, covering up to 91 countries. The main insight is that, as in...

This paper studies external sovereign bonds as an asset class. We compile a new database of 266,000 monthly prices of foreign-currency government bonds traded in London and New York between 1815 (the Battle of Waterloo) and 2016, covering up to 91 countries. Our main insight is that, as in...

This introductory piece provides some context to the special edition on business and economic history of Chile and Latin America. It also provides an introduction to better understanding research and method in business history while inviting for this field to be further developed in Chile

Russian Abstract: Предлагаемая статья посвящена малоизученной в научной литературе проблеме ликвидации институциональных дефицитов в нормативно-правовом обеспечении...