Historical scholarship on the politics of nineteenth-century Chinese immigration emphasizes the interests of labor and management in the genesis of congressional legislation in 1882 that limited Chinese immigration into the United States. This article examines early state attempts at the exclusion of Chinese workers after the first major wave of Chinese immigration during the California Gold Rush. Opposition to exclusion occurred in California in the early 1850s because Chinese immigrants were important taxpayers when both the state and localities were experiencing major fiscal difficulties. State attempts to legislate exclusion were successful only after financial conditions improved in the late 1850s.

The transition from sailing ship to steamship is analyzed for European immigrants arriving at New York City. Based on information taken from the U.S. Passenger Lists, new estimates of the timing and length of the transition are provided. Though the accepted model suggests the changeover from sail to steam could occur in only a few years, it actually took about 15 years in the Europe to New York immigrant trade. The slow transition is found to be due to slow construction of new steamships given uncertainty concerning immigrant volume and new steamship technology.

The most important change in nineteenth century emigrant transportation was that from sail to steam.

Gunter MoltmannMoltmann, “Steamship Transport,” p. 311.

…the transition from sail to steam in the transatlantic immigrant trade was an event of enormous significance for the history of immigration.

Maldwyn Allen JonesJones, American Immigration, p. 157.

I examine the portfolio allocations of women married in the years surrounding the 1870 Married Women's Property Act. The act, which gave women married after 1870 the right to own and control personal property, serves as a natural experiment to examine the extent to which individuals respond to changes in property law. I link wealth data to census information and find that, as a result of the act, women married after 1870 altered their portfolio allocations by shifting wealth-holding away from real property to personal property. The results indicate that the act greatly impacted the investment decisions of women.

Even after controlling for local economic conditions, differences in supervision and regulation help explain the large variation in state bank suspension rates across U.S. counties during the Great Depression. More stringent capital requirements lowered suspension rates whereas laws prohibiting branch banking and imposing high reserve requirements raised them. States whose bank supervisors could liquidate banks minimized contagion and credit-channel dislocations and experienced lower suspension rates. Those that gave their supervisors sole authority to issue bank charters and granted their supervisors long terms strengthened the incentives for bank lobbyists to influence supervisory decisions and consequently experienced higher rates of suspension.

We explore the dynamics of the agricultural ladder for black farmers in the U.S. South using individual-level data from a retrospective survey conducted in 1938 in Jefferson County, Arkansas. We develop and test hypotheses to explain the time spent as a tenant, sharecropper, and wage laborer. The most striking result of our analysis is the importance of individual characteristics in career mobility. In all periods—pre–World War I; the war years, and subsequent boom; the 1920s; and the Great Depression years—some farmers moved up the agricultural ladder quite rapidly while others remained stuck on a rung.

Movement from rung to rung has been predominantly in the direction of descent rather than ascent. … [There is] an increasing tendency for the rungs of the ladder to become bars—forcing imprisonment in a fixed social status from which it is increasingly difficult to escape.National Resources CommitteeNational Resources Committee, “Report.”

Colonial societies exhibit peculiar institutions frequently attributed to the unequal and exploitative nature of the relations between colonizer and colonized. Repartimiento has been depicted as a coercive system of production and consumption designed by Spaniards to draw reluctant Amerindians into the market. An examination of repartimiento through the lens of New Institutional Economics provides an alternative understanding of this credit system. Characteristics of the repartimiento most often identified as exploitative are better explained as institutional adaptations designed to facilitate contract enforcement and economize on transaction costs in this cross-cultural trade. Consequently, this peculiar colonial institution served to expand trade.

Long-distance trade depends crucially on the enforcement of long-distance contracts, those in which principals are significantly removed from agents. The problem of contract enforcement in the English East India Company reflected a multi-task principal-agent problem in which servants traded publicly for the company and at the same time conducted their own private trade. Private trade, sustained by the private use of company resources, and dismissals were the mechanisms that made East India contracts work. Mechanisms that served little purpose were salaries and pre-employment bonds.

Risk and transaction costs often provide competing explanations of institutional outcomes. In this article we argue that they offer opposing predictions regarding the assignment of fixed and variable taxes in a multi-tiered governmental structure. Although the central government can pool regional risks from variable taxes, local governments can measure variable tax bases more accurately. Evidence on tax assignment from the mid-sixteenth-century Ottoman Empire supports the transaction cost explanation, suggesting that risk matters less because insurance can be obtained in a variety of ways.

The failure of French Canadians to settle the Canadian west before 1900, when substantial numbers of anglophones and Europeans were migrating, is a long-standing puzzle. Historians have relied mainly on cultural explanations. Using new data, we demonstrate that anglophones and francophones had very different personal characteristics, so that movement to the west was rarely economically attractive for francophones. However, large-scale migration into New England fitted French Canadians' demographic and human capital profile. Even if the United States had imposed immigration restrictions by the 1880s, this would not likely have diverted many French Canadians westward.

In prewar Japan, many banks were controlled by industrial companies through capital and personal relationships. The literature has pointed out that those banks engaged in unsound lending to their related companies, which resulted in damage to the financial system (organ bank hypothesis). In this article we examine this hypothesis by measuring director interlocking between banks and nonbanking companies. It was found that more than 80 percent of ordinary banks had director interlocking with at least one nonbanking company. Also, regression analyses confirmed that director interlocking had a negative effect on bank performance, especially for smaller banks.

Between 1842 and 1852, eleven states adopted new constitutions, simultaneously creating procedures for issuing government debt and for chartering corporations through general incorporation acts. Why simultaneously? Voters wanted geographically specific infrastructure investments but opposed geographically widespread taxation. States resolved the dilemma by developing several innovative public finance schemes. One, “taxless finance,” used borrowed funds and special corporate privileges without raising current taxes. Another scheme, “benefit taxation,” coordinated the incidence of taxes with the geographic benefits of investments through the property tax. After the fiscal crisis of the early 1840s, states changed their constitutions to eliminate taxless finance in the future.

Industries that have different structures in Europe than in America can teach useful lessons about industrial evolution. Despite similar initial histories, European professional sports leagues adopted team promotion and relegation, which facilitates much easier entry than is possible in North America, where leagues themselves create new franchises to sell to investors. By contrasting the histories of the English Football League and the National Baseball League, we show that their structures arose from differences in geographic compactness, the entertainment level of games, and territorial monopolies. As the evolution becomes more understandable, the persistence of the intercontinental difference becomes more problematic.