This study is part of a continuing effort to document and date the emergence of a market economy in rural Massachusetts. It uses a probate data base to test for evidence of increased portfolio liquidity, decreased transactions costs, and the appearance of developmental institutional change. A regional capital market, so critical for the industrialization of New England, is found to have emerged in the early 1780s.

In the study of Roman money Theodore Mommsen remains 135 years after his work a towering figure, more pragmatic than theoretical in his economics, yet still sound. He saw the politics in monetary history, and especially its connection with the strength of the state. His view is more penetrating than MV = PT, fashionable in twentieth-century scholarship on Rome. And it is better economics than offered by the Polanyi School as the alternative line of analysis. The Polanyists infer an absence of a Roman monetary system from the failure of some part to be as sophisticated as the best. On the contrary, the Roman monetary system does not look so different from that of Europe since Mommsen wrote, uneven in its use of monetary devices, but sensibly so.

This paper uses a taxation assessment to analyze the relations between taxable peasant wealth and regional marketing geography. The results show cashcropping patterns for different grains and livestock. The selectivity of market involvement poses broader questions concerning economic vulnerability at the household and community levels among the English peasantry, and strategies used to contain vulnerability.

The Wealth of Nations does not recognize the fact of industrial production, and its analysis of price does not account for the fundamental feature of industrial markets, falling price per output unit based on exponential growth obtained by technological applications. Smith's laissez-faire doctrine contains distinctive value postulates intended to promulgate an egalitarian agrarian capitalism in the spirit of physiocracy. Criticisms of Smith by Alexander Hamilton, J.-B. Say, Andrew Ure, and Friedrich List are instanced to support the present interpretation.

Indentured servitude is modeled as a trans-Atlantic market in forward-labor contracts. The model is applied to servant-auction evidence in Philadelphia, and the determinants of contract prices are used to test the efficient-market hypothesis. While competing for servants in Europe, most of the expected price differences across servants were lost through arbitrage by recruiters.

The Seven Years' War warrants a reinterpretation of the colonial paper-money experiment. Pennsylvania, New York, and South Carolina with fiduciary standards issued large quantities of paper money to finance the war accompanied by only moderate increases in the rate of inflation. Massachusetts with its pure specie standard financed the war with interest-bearing debt and fared little better, if not a little worse. Success of war finance in Pennsylvania, New York, and South Carolina can be attributed to paper-money issues that financed government expenditures and were matched by imposition of tax labilities for early redemption.

An index of childhood mortality is proposed as a good measure of socioeconomic well-being and inequality. The index is used to investigate the relationship between childhood mortality and occupation and income of parents. The sources consist of the 1900 United States Census public-use sample and the published 1911 Census of Marriage and Fertility of England and Wales. Results revealed more inequality in mortality and income across social-class groupings in England and Wales than in the United States. The outcome arose more because of relatively higher childhood mortality for white-collar groups in the United States than because of a better situation for blue-collar groups.

There has been some dispute about the impact of New Deal policies on the business climate. Some historians have argued that the New Deal frightened business, and others that it encouraged business. This paper analyzes the impact of the New Deal on business investment by looking at the response of investment to the outcome of the 1934, 1936, and 1938 elections, as well as the passage of certain New Deal legislation. The data reject the hypothesis that the New Deal frightened off business investment.

Currency depreciation in the 1930s is almost universally dismissed or condemned. This paper advances a different interpretation of these policies. It documents first that depreciation benefited the initiating countries. It shows next that there can be no presumption that depreciation was beggar-thy-neighbor. While empirical analysis indicates that the foreign repercussions of individual devaluations were in fact negative, it does not imply that competitive devaluations taken by a group of countries were without mutual benefit. To the contrary, similar policies, had they been even more widely adopted and coordinated internationally, would have hastened recovery from the Great Depression.

This paper examines the economic consequences to the Soviet Union of not participating in proposed aid programs in the immediate postwar period. The cost of World War II to the Soviet Union is compared with the value of economic aid received in the postwar period and with aid potentially available. The traditional story—which suggests that had the USSR received some combination of the proposed aid prgorams, in lieu of reparations, the postwar impact would have been significantly reduced—is rejected.

In discussing Catherine II's proficiency in the Russian language, the historian Kliuchevaskii remarked that “she could make four mistakes in spelling a Russian word consisting of three letters.” According to Peter Toumanoff, we have performed a similar feat by making no fewer than five major mistakes in a single paper.