Essays in Economic & Business History <p>Currently in its 40th year of publication, <em>Essays in Economic &amp; Business History</em> now operates as an on-line open access journal. Articles for the journal are selected by double blind review process. EEBH provides immediate open access to accepted articles as soon as the editorial process is completed on the principle that making research freely available to the public supports a greater global exchange of knowledge.</p> en-US (Daniel C. Giedeman) (Olli Turunen) Mon, 29 Aug 2022 12:17:31 -0700 OJS 60 Cliometrics and the Future of Economic History <p>We give an overview of the origins of the Cliometric revolution, its place within the larger economic history discipline, and what we see as the future of cliometrics and economic history, not as separate disciplines, but as complementary approaches to the study of economic growth in the long run.</p> Claude Diebolt, Michael Haupert Copyright (c) 2022 Essays in Economic & Business History Sun, 28 Aug 2022 00:00:00 -0700 Adjusting the Lights: Prohibition Was Not Flipped On and Off Like a Switch <p>Prohibition (1920-1933) in the United States is generally viewed as a period with a defined beginning and end. When one factors state and local bans into the discussion, however, the issue is much more complicated. Local prohibitions began in the 1830s and state-level bans appeared in the 1850s. On the eve of federal Prohibition, thirty-two states already had statutory or constitutional prohibitions in place and fifteen more had local options whereby municipalities within those states could prohibit alcohol. Prohibition’s end is also not as clear-cut as typically assumed. Many states legalized beer prior to “Repeal” and state- (and municipal-) level prohibitions remained in effect in many parts of the US even after Repeal. Were it a metaphorical light bulb, prohibition’s glow in the US would be controlled by a continuous dimmer knob rather than a dichotomous on/off switch. This paper documents the brightening and dimming of this light in the eras both before and after federal Prohibition.</p> Eline Poelmans, Jason E. Taylor Copyright (c) 2022 Essays in Economic & Business History Sun, 28 Aug 2022 09:42:11 -0700 Exceptions to the Rule: Countries/Areas That Had a Growth in the Value of Their Exports in the Midst of the Great Depression <p>This article presents a study of exports of 131 countries for the years 1928-1936. There are two important results. One, while world exports in current USD began to rebound from the collapse of trade during the Great Depression in 1933, world exports in constant US gold dollars decreased annually from 1930 through 1934, and only began to increase in 1935.&nbsp; Two, the study shows that for different time periods within the Great Depression some countries or areas had an increase in exports even when the value of exports was measured in constant US gold dollars. These increases can be attributed to trade preferences and/or an ability for the country or area to increase output to such an extent that the value of their exports increased in spite of the worldwide deflation, fall in income, and increases in trade costs and trade barriers.</p> Andrew Schein Copyright (c) 2022 Essays in Economic & Business History Sun, 28 Aug 2022 10:05:31 -0700 TV Broadcasting of the Tour de France: From Local Experiment to Global Media Product, 1948-2021 <p>This article discusses the evolution of Tour de France TV broadcasting. Over the course of 70 years, the duration, quality and scope of the race’s coverage changed dramatically. Three periods are identified. In a first phase (1948-1967), Tour de France TV coverage was just a relatively small local French experiment. The second phase (1968-1991) is characterized by European expansion and a stronger focus on product improvements. In the final phase (1992-2021), a high-quality product is brought before a worldwide audience. As a result, the value of the TV broadcasting rights for the Tour de France increased significantly since the 1990s. This enabled race organizer <em>ASO</em> to firmly establish themselves as the sport’s most important actor.</p> Daam Van Reeth Copyright (c) Wed, 19 Oct 2022 08:31:20 -0700 A New Timeline for Deindustrialization: The Movement of Auto Corporations in the US and Detroit <p>This article takes the first step in attempting to create a more accurate timeline of deindustrialization, which is generally understood as a process that begins and proceeds through the 1970s. I argue that this narrative of deindustrialization, which is very much tied to 1970s events, should be called into question, as the empirical evidence on corporate relocation tells a different story. The article tracks the regional movement of auto corporations out of Detroit and establishes a new timeline for corporate migration and deindustrialization, well before this generally accepted 1970s starting point. To do this it makes use of multiple collections housed in the Reuther Archives at Wayne State University and Moody’s Industrial Manual Reports. In questioning the established timeline of deindustrialization, the article highlights other aspects of the process itself.</p> Jackson Battista Copyright (c) Wed, 19 Oct 2022 08:29:59 -0700 The Strategic Narratives of Decline and Revival at London Transport, 1970-90 <p>This article argues that the historical stories of decline and revival in organisations are as important as the phenomenon itself. The complexity and humiliation of decline create strategic narratives which attempt to both clarify and justify events, but at the cost of over-simplification and exaggerating managerial agency. However, detailed business histories can embrace intricacy and account for the intrinsically political nature of managerial decision making. In this case study I propose that external politics drove strategic “storytelling” designed to justify either profit- or utility-maximizing managerial choices as suitable reactions to decline in London’s public transport. The article offers a new historical account of the management of decline and revival at London Transport between 1970-90 and explicitly links theories of organizational decline to political perspectives.</p> James Fowler Copyright (c) Wed, 19 Oct 2022 08:28:33 -0700 The Development of the Space Industry in Italy: From State Ownership to the Entrepreneurial State, 1969-2017 <p>This article shows the evolution of the aerospace sector in Italy using archival sources which have not yet been fully explored. The sector experienced a shift from the state ownership model to a demand-side industrial policy. The historical case of how Alenia Spazio evolved into an innovative firm thanks to the Italian Space Agency’s demand-driven industrial policy contributes to the article’s argument that a proper mix of government-business networks and technology-led institutional arrangements spared the Italian space sector from the country’s general economic decline during the late twentieth and early twenty-first centuries. The analysis sheds light on the role of technology, institutions, and economic integration in the evolution of the space sector and the Italian form of capitalism at the end of the past century.</p> Matteo Landoni Copyright (c) 2022 Essays in Economic & Business History Sat, 29 Oct 2022 12:07:11 -0700 How J. P. Morgan Picked the Winners and Losers in the Panic of 1907: An Exploration of the Individual over the Institution as Lender of Last Resort <p>The actions taken by J. P. Morgan during the Panic of 1907 reveal how a skilled leader can dominate those of formal institutions during the resolution of a financial crisis. First, we examine how Morgan coordinated emergency liquidity infusions during the Panic in the absence of a formal lender of last resort (LOLR). Morgan’s Syndicate Books provide evidence that all applicants for liquidity had participated in earlier bond underwriting syndicates with Morgan. The single denial of aid was to an agent from an unprofitable syndicate, the Knickerbocker Trust. Morgan’s decisions to provide or withhold aid to distressed institutions appear to track more closely with his previous syndicate experience with each applicant. Recommendations made by committees he formed to estimate applicants’ solvency appear less important. Then, we show that Morgan’s decisions had a distinguishable effect during the Panic on the prices of bonds underwritten by his syndicates. We find that during the Panic bond traders revised upward their valuation of bonds underwritten by Morgan compared to bonds underwritten by bankers that had not undertaken LOLR activities. We interpret these results as implying that market agents had greater expectations of valuable advice or liquidity infusions to Morgan-backed issuers than to issuers backed by other bankers. These findings provide support for Morgan’s effectiveness as a mobilizer of private reserves, a private LOLR, during the Panic of 1907.</p> Jon R. Moen, Mary Tone Rodgers Copyright (c) 2022 Essays in Economic & Business History Sat, 29 Oct 2022 12:08:42 -0700 The Vital Two: Retail Innovation by Sol Price and Sam Walton <p>Sol Price and Sam Walton changed retail in the twentieth century. Price changed retail by combining knowledge he assembled from real estate law and the firms he observed to find creative ways to innovate in discount retail. Walton, too combined and redeployed knowledge—in some cases, the knowledge he obtained watching Price. Walton also used the knowledge he acquired from studying retail logistics to develop a supply chain that dramatically lowered costs and passed those savings onto consumers. Both succeeded by developing organizations that effectively deployed entrepreneurial judgment. Their careers provide informative examples of the judgment-based approach to entrepreneurship.</p> Art Carden, Charles Courtemanche, Reginald Harris Copyright (c) 2022 Essays in Economic & Business History Sun, 13 Nov 2022 10:14:41 -0800 “Historical Responsibility” for Climate Change in Historical Perspective <p>International climate negotiations have been hamstrung by a dispute over whether a handful of developed countries have “historical responsibility” for climate change. The thesis rests on the presumed fact that a small number of early-industrializing nations (the “accused” countries) emitted an excess of greenhouse gases (“historical emissions”) through their use of coal for energy over a period of at least a century, before mineral-based economic development was adopted universally. Advocates of historical responsibility deduce from this that the accused countries have a moral responsibility to reduce their greenhouse gas emissions faster than they are required to through their treaty-based obligations. The position has been a negotiating weapon, entrenching differences and retarding progress. I argue that industrialization’s early emissions should be attributed to their actual sources, namely the foundational technologies of the Industrial Revolution. In a historical sense, these belong, not to the accused countries, but to modern civilization. More than a century was required to develop the core technological cluster. During that time, the inventions were largely confined, for practical reasons, to the loci of invention. Their universal adoption beginning around 1850 undermines the argument that the countries whose distinct economic circumstances gave birth to industrialization are to be penalized in the present.</p> Alexander Zahar Copyright (c) 2022 Essays in Economic & Business History Sat, 19 Nov 2022 11:08:27 -0800 Glock, Judge. The Dead Pledge: The Origins of the Mortgage Market and Federal Bailouts, 1913-1939. New York: Columbia University Press, 2021. Mary Tone Rodgers Copyright (c) 2022 Essays in Economic & Business History Wed, 14 Sep 2022 01:52:53 -0700 Bertrams, Kenneth, Julien Del Marmol, Sander Geerts, and Eline Poelmans. Becoming the World's Biggest Brewer: Artois, Piedboeuf, and Interbrew (1880-2000). Oxford: Oxford University Press, 2019. Carlos Eduardo Hernandez Copyright (c) 2022 Essays in Economic & Business History Wed, 14 Sep 2022 01:53:33 -0700 Lowenstein, Roger. Ways and Means: Lincoln and His Cabinet and the Financing of the Civil War. New York: Penguin Press, 2022. 431 Pp. Jane Flaherty Copyright (c) 2022 Essays in Economic & Business History Tue, 20 Sep 2022 12:35:57 -0700 Koyama, Mark and Jared Rubin. How the World Became Rich. The Historical Origins of Economic Growth. Cambridge, UK: Polity Press, 2022. 259 Pp. David Mitch Copyright (c) 2022 Essays in Economic & Business History Tue, 20 Sep 2022 15:54:48 -0700