What was the return to education in the United States at mid-century? In 1940, the correlation between years of schooling and earnings was relatively low. In this article, we estimate the causal return to schooling in 1940, constructing a large linked sample of twin brothers to account for differences in unobserved ability and family background. We find that each additional year of schooling increased labor earnings by approximately 4 percent, about half the return found for more recent cohorts in twins studies. These returns were evident both within and across occupations and were higher for sons from lower socio-economic status families.

Using new and uniquely detailed data, we examine how construction workers’ wages in Sweden developed between 1831 and 1900. Wages grew rapidly from the 1850s, and comparisons with Northwestern Europe show that Swedish workers benefited more from growth than workers elsewhere. Globalization forces, most notably overseas migration, in combination with flexible and well-integrated labor markets—signified by strong regional convergence, falling skill differentials, and small urban-rural wage gaps—pushed up wages in Sweden.

For many decades, there were stock exchanges operating in provincial cities across Britain. We analyze why companies listed on these markets and how this changed over time. We find that the provincial exchanges had traditionally been complementary to London, providing a trading venue for smaller regional companies. However, they gradually lost their uniqueness and were increasingly competing with London by listing similar stocks. Much of this change can be explained by shifts in industrial composition, leading to more companies being headquartered and listed in the capital and many of the remaining regional firms cross-listing in London to achieve certification.

To better understand the historical gender wage gap, we investigate the wages of Swedish compositors circa 1900 using a rich data set of matched employer-employee information with national coverage. In line with previous findings, women earned about 70 percent of men’s wages on average. Individual and job characteristics explain much of this shortfall. Firm characteristics or firm fixed effects, on average, explain 17 percent of the gap, though the firm mattered more for the gender gap in big cities than elsewhere. Sorting across firms is thus an important part of understanding historical gender wage gaps. While most studies conclude that a significant portion of the gender gap is unexplained, suggesting labor market discrimination, this may result from a lack of information on the distribution of men and women across firms.

The Great Depression of the 1930s involved a severe disruption in the supply of home mortgage credit. This paper empirically identifies a mechanism lying behind this credit crunch: the impairment of lenders’ balance sheets by illiquid foreclosed real estate. With data on hundreds of building and loans (B&Ls), the leading mortgage lenders in this period, we find that the overhang of foreclosed real estate explains about 30 percent of the drop in new lending between 1930 and 1935.

This paper studies the impact of the construction of hydropower facilities on labor market outcomes in Norway at the turn of the twentieth century (1891–1920). The sudden breakthrough in hydropower technology provides a quasi-experimental setting, as not all municipalities had suitable natural endowments and the possible production sites were often located in remote areas. We find that hydropower municipalities experienced faster structural transformation and displayed higher occupational mobility. We interpret this as evidence that this early twentieth-century technology was skill biased, as workers in the new skilled jobs were recruited from a broad segment of the population.

How did the Prussian three-class franchise, which politically over-represented the economic elite, affect policies? Contrary to the predominant and simplistic view that the system allowed the landed elites to capture most political rents, we find that members of parliament from constituencies with a higher vote inequality support more liberal policies, gauging their political orientation from the universe of roll call votes cast in parliament during Prussia’s rapid industrialization (1867–1903). Consistent with the characteristics of German liberalism that aligned with economic interests of business, the link between vote inequality and liberal voting is stronger in regions with large-scale industry.

We study labor earnings inequality during the Great Depression using establishment-level information from the Census of Manufactures (COM). Inequality, as measured by the interquartile range in earnings per worker, declines by 10 log points between 1929 and 1933. However, by 1935, this difference has recovered to its 1929 level. In a decomposition, this decline and then rise in inequality is entirely explained by returns to observable factors, most notably the skill premium and regional differentials. The exit of establishments plays an important role in the initial decline in inequality but barely any role in the recovery.

This paper uses an unexpected trade disruption due to World War I to study how a temporary reduction of imports affects the entry of industrial firms. I construct a new transportation network to capture counties’ exposure to this trade shock and compile panel data to examine the impact on China’s manufactured textile industry. I find that counties with greater prewar exposure to international trade experienced more firm entry after the war. The effect was delayed because the war simultaneously hindered machinery imports. Better access to finance also contributed to firm entry after the trade shock.

The institutions that governed most of the rural population in British colonial Africa have been neglected in the literature on colonialism. We use new data on local governments, or “Native Authorities,” to present the first quantitative comparison of African institutions under indirect rule in four colonies in 1948: Nigeria, the Gold Coast, Nyasaland, and Kenya. Tax data show that Native Authorities’ capacity varied within and between colonies, due to both underlying economic inequalities and African elites’ relations with the colonial government. Our findings suggest that Africans had a bigger hand in shaping British colonial institutions than often acknowledged.

Do large franchise extensions bring about dramatic electoral changes? Electoral reforms in 1918 nearly tripled the number of people eligible to vote in Ireland. Following the reforms—the largest franchise extension in U.K. history—the previously obscure Sinn Féin party secured 73 of Ireland’s 105 seats, an outcome that precipitated a guerrilla war and ultimately independence from the United Kingdom. However, our analysis finds little evidence that the franchise reforms benefited Sinn Féin. New female electors appear less likely to have supported Sinn Féin while new male electors were no more likely to vote for Sinn Féin than the existing electorate. Women also appear less likely to have cast a vote at all. Economic and social factors did matter when it came to voting, however, as did public opinion in relation to armed rebellion. These results remind us that dramatic political changes, such as those that took place in Ireland 1918, do not require dramatic changes in political participation. Sinn Féin’s electoral success was more likely driven by a change of heart on behalf of the Irish electorate, rather than a change in its composition.