The History of American Labor Market Institutions and Outcomes

Joshua Rosenbloom, University of Kansas One of the most important implications of modern microeconomic theory is that perfectly competitive markets produce an efficient allocation of resources. Historically, however, most markets have not approached the level of organization of this theoretical ideal. Instead of the costless and instantaneous communication envisioned in theory, market participants must rely […]

The Economic History of Korea

The Economic History of Korea Myung Soo Cha, Yeungnam University Three Periods Two regime shifts divide the economic history of Korea during the past six centuries into three distinct periods: 1) the period of Malthusian stagnation up to 1910, when Japan annexed Korea; 2) the colonial period from 1910-45, when the country embarked upon modern […]

Japanese Industrialization and Economic Growth

Carl Mosk, University of Victoria Japan achieved sustained growth in per capita income between the 1880s and 1970 through industrialization. Moving along an income growth trajectory through expansion of manufacturing is hardly unique. Indeed Western Europe, Canada, Australia and the United States all attained high levels of income per capita by shifting from agrarian-based production […]

A Brief Economic History of Modern Israel

Nadav Halevi, Hebrew University The Pre-state Background The history of modern Israel begins in the 1880s, when the first Zionist immigrants came to Palestine, then under Ottoman rule, to join the small existing Jewish community, establishing agricultural settlements and some industry, restoring Hebrew as the spoken national language, and creating new economic and social institutions. […]

Islamic Economics: What It Is and How It Developed

M. Umer Chapra, Islamic Research and Training Institute Islamic economics has been having a revival over the last few decades. However, it is still in a preliminary stage of development. In contrast with this, conventional economics has become a well-developed and sophisticated discipline after going through a long and rigorous process of development over more […]

Ireland’s Great Famine

Ireland’s Great Famine Cormac Ó Gráda, University College Dublin The proximate cause of the Great Irish Famine (1846-52) was the fungus phythophtera infestans (or potato blight), which reached Ireland in the fall of 1845. The fungus destroyed about one-third of that year’s crop, and nearly all that of 1846. After a season’s remission, it also […]

Life Insurance in the United States through World War I

Sharon Ann Murphy The first American life insurance enterprises can be traced back to the late colonial period. The Presbyterian Synods in Philadelphia and New York set up the Corporation for Relief of Poor and Distressed Widows and Children of Presbyterian Ministers in 1759; the Episcopalian ministers organized a similar fund in 1769. In the […]

Harold Adams Innis

Robin Neill, University of Prince Edward Island Harold Innis has been called “the first Canadian-born social scientist to achieve an international reputation” and “the father of Canadian Economic History.” He was the second president of the Economic History Association (1942-1944) and the fifty-fourth President of the American Economic Association (1951). He has been credited with […]

The Roots of American Industrialization, 1790-1860

David R. Meyer, Brown University The Puzzle of Industrialization In a society which is predominantly agricultural, how is it possible for industrialization to gain a foothold? One view is that the demand of farm households for manufactures spurs industrialization, but such an outcome is not guaranteed. What if farm households can meet their own food […]

Industrial Sickness Funds

John E. Murray, University of Toledo Overview and Definition Industrial sickness funds provided an early form of health insurance. They were financial institutions that extended cash payments and in some cases medical benefits to members who became unable to work due to sickness or injury. The term industrial sickness funds is a later construct which […]