Despite the attention given by scholars to the military-industrial complex few studies have attempted to pinpoint and explain its origin. In this paper we argue that the coalescing of business, military, and political interest groups in support of a military build-up in the United States during peacetime occurred in the years between the Civil War and World War I. It was during this period that we observe the roots of institutional arrangements between the military and industry for the purpose of large-scale weapons acquisitions.

The federal budget, a long-sought goal of fiscal reformers, became a reality with the passage of the Budget and Accounting Act of 1921. This paper is concerned with one of the key expectations of the reformers, that the adoption of a formal budget would produce better estimates of federal revenues and expenditures. The conclusion is that there is little evidence of a dramatic improvement that could be attributed to the reform, although there is some evidence that the quality of the estimates improved over the long run. The paper then discusses the reasons for and implications of this finding.

The paper focuses on the development in Australia of minimum wage-setting and its relationship to unemployment. A variety of industrial tribunals embarked on a course of wage-setting early in the twentieth century as part of their task of reducing industrial conflict. In varying degree, the tribunals kept in mind what was thought of as wage justice for workers with low bargaining power. By 1921 a standard minimum wage for unskilled men had emerged and formed the basis of the wage system. It was a wage which had a strong welfare basis. Other wages more closely reflected the market. During the 1920s unemployment was not high but was concentrated on less-capable unskilled men. The limited evidence available points to the wage structure as the main cause.

An analysis of over 10,000 loans made by a major credit source in Keene, New Hampshire, from 1832 to 1897 is presented. The data sources are unique and include information on property ownership and wealth, occupation, involvement in businesses, age, and connections with the credit source. As time passed more funds were lent to borrowers out of the city and county, lending was used to support many new industrial and other enterprises, as well as for infrastructural and social capital investments. Many loans were made to individuals and businesses with close ties to the source of credit.