The Industrial Revolution, 1700–1900
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Recession of 1797?
SAE./No.48/February 2016 Studies in Applied Economics WHAT CAUSED THE RECESSION OF 1797? Nicholas A. Curott and Tyler A. Watts Johns Hopkins Institute for Applied Economics, Global Health, and Study of Business Enterprise What Caused the Recession of 1797? By Nicholas A. Curott and Tyler A. Watts Copyright 2015 by Nicholas A. Curott and Tyler A. Watts About the Series The Studies in Applied Economics series is under the general direction of Prof. Steve H. Hanke, co-director of the Institute for Applied Economics, Global Health, and Study of Business Enterprise ([email protected]). About the Authors Nicholas A. Curott ([email protected]) is Assistant Professor of Economics at Ball State University in Muncie, Indiana. Tyler A. Watts is Professor of Economics at East Texas Baptist University in Marshall, Texas. Abstract This paper presents a monetary explanation for the U.S. recession of 1797. Credit expansion initiated by the Bank of the United States in the early 1790s unleashed a bout of inflation and low real interest rates, which spurred a speculative investment bubble in real estate and capital intensive manufacturing and infrastructure projects. A correction occurred as domestic inflation created a disparity in international prices that led to a reduction in net exports. Specie flowed out of the country, prices began to fall, and real interest rates spiked. In the ensuing credit crunch, businesses reliant upon rolling over short term debt were rendered unsustainable. The general economic downturn, which ensued throughout 1797 and 1798, involved declines in the price level and nominal GDP, the bursting of the real estate bubble, and a cluster of personal bankruptcies and business failures. -
Diary of William Owen from November 10, 1824 to April 20, 1825 Ed. by Joel W
Library of Congress Diary of William Owen from November 10, 1824 to April 20, 1825 ed. by Joel W. Hiatt. INDIANA HISTORICAL SOCIETY PUBLICATIONS. VOLUME IV. NUMBER 1. DIARY OF WILLIAM OWEN From November 10, 1824, to April 20, 1825 EDITED BY JOEL W. HIATT LC INDIANAPOLIS: THE BOBBS-MERRILL COMPANY. 1906. 601 25 Pat 14 F521 .I41 114026 08 iii PREFACE. 3 456 Part 2 8 The manuscript of this diary of William Owen has remained in the hands of his only daughter—formerly Mary Francis Owen, now Mrs. Joel W. Hiatt—for many years and its existence, save to a few, has been unknown. It is fragmentary in form. It is possibly the close of a journal which had been kept for years before. Its first sentence in the original is an incomplete one, showing that there was an antecedent portion. The picture of the times is so graphic than the Indiana Historical Society publishes it, on account of its historical value. Mr. Owen was 22 years old at the time of its composition. Diary of William Owen from November 10, 1824 to April 20, 1825 ed. by Joel W. Hiatt. http://www.loc.gov/resource/lhbtn.14024 Library of Congress William Owen was the second of four sons born to Robert and Ann Caroline Owen, of Scotland. Their names were Robert Dale, William, David Dale, and Richard. Three of them, Robert Dale, David Dale and Richard are known where ever the sun shines on the world of literature or science. William, who, because of habit or for his own amusement, wrote this diary is not known to fame. -
The Bank Restriction Act and the Regime Shift to Paper Money, 1797-1821
European Historical Economics Society EHES WORKING PAPERS IN ECONOMIC HISTORY | NO. 100 Danger to the Old Lady of Threadneedle Street? The Bank Restriction Act and the regime shift to paper money, 1797-1821 Patrick K. O’Brien Department of Economic History, London School of Economics Nuno Palma Department of History and Civilization, European University Institute Department of Economics, Econometrics, and Finance, University of Groningen JULY 2016 EHES Working Paper | No. 100 | July 2016 Danger to the Old Lady of Threadneedle Street? The Bank Restriction Act and the regime shift to paper money, 1797-1821* Patrick K. O’Brien Department of Economic History, London School of Economics Nuno Palma Department of History and Civilization, European University Institute Department of Economics, Econometrics, and Finance, University of Groningen Abstract The Bank Restriction Act of 1797 suspended the convertibility of the Bank of England's notes into gold. The current historical consensus is that the suspension was a result of the state's need to finance the war, France’s remonetization, a loss of confidence in the English country banks, and a run on the Bank of England’s reserves following a landing of French troops in Wales. We argue that while these factors help us understand the timing of the Restriction period, they cannot explain its success. We deploy new long-term data which leads us to a complementary explanation: the policy succeeded thanks to the reputation of the Bank of England, achieved through a century of prudential collaboration between the Bank and the Treasury. JEL classification: N13, N23, N43 Keywords: Bank of England, financial revolution, fiat money, money supply, monetary policy commitment, reputation, and time-consistency, regime shift, financial sector growth * We are grateful to Mark Dincecco, Rui Esteves, Alex Green, Marjolein 't Hart, Phillip Hoffman, Alejandra Irigoin, Richard Kleer, Kevin O’Rourke, Jaime Reis, Rebecca Simson, Albrecht Ritschl, Joan R. -
NBER WORKING PAPER SERIES PATH DEPENDENCE and the ORIGINS of COTTON TEXTILE MANUFACTURING in NEW ENGLAND Joshua L. Rosenbloom Wo
View metadata, citation and similar papers at core.ac.uk brought to you by CORE provided by Research Papers in Economics NBER WORKING PAPER SERIES PATH DEPENDENCE AND THE ORIGINS OF COTTON TEXTILE MANUFACTURING IN NEW ENGLAND Joshua L. Rosenbloom Working Paper 9182 http://www.nber.org/papers/w9182 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 September 2002 I thank Gavin Wright for his comments on an earlier version of this paper and Peter Temin and Doug Irwin for making available to me their data on cotton textile production and tariffs. The views expressed herein are those of the author and not necessarily those of the National Bureau of Economic Research. © 2002 by Joshua L. Rosenbloom. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source. Path Dependence and the Origins of Cotton Textile Manufacturing in New England Joshua L. Rosenbloom NBER Working Paper No. 9182 September 2002 JEL No. N6, N4 ABSTRACT During the first half of the nineteenth century the United States emerged as a major producer of cotton textiles. This paper argues that the expansion of domestic textile production is best understood as a path-dependent process that was initiated by the protection provided by the Embargo Act of 1807 and the War of 1812. This initial period of protection ended abruptly in 1815 with the conclusion of the war and the resumption of British imports, but the political climate had been irreversibly changed by the temporary expansion of the industry. -
The Fourth Industrial Revolution: How the EU Can Lead It
EUV0010.1177/1781685818762890European ViewSchäfer 762890research-article2018 Article European View 2018, Vol. 17(1) 5 –12 The fourth industrial © The Author(s) 2018 https://doi.org/10.1177/1781685818762890DOI: 10.1177/1781685818762890 revolution: How the EU journals.sagepub.com/home/euv can lead it Matthias Schäfer Abstract The fourth industrial revolution is different from the previous three. This is because machines and artificial intelligence play a significant role in enhancing productivity and wealth creation, which directly changes and challenges the role of human beings. The fourth industrial revolution will also intensify globalisation. Therefore, technology will become much more significant, because regions and societies that cope positively with the technological impact of the fourth industrial revolution will have a better economic and social future. This article argues that the EU can play an important role in developing an environment appropriate for the fourth industrial revolution, an environment that is vibrant and open to new technologies. Member states would profit from an EU-wide coordinated framework for this area. The EU has to establish new common policies for the market-oriented diffusion and widespread use of new technologies. Keywords Fourth industrial revolution, Technology policy, Industrial policy, Leadership Introduction Historically there have been four industrial revolutions (see Schwab 2016). The first began in the early nineteenth century, when the power of steam and water dramatically increased the productivity of human (physical) labour. The second revolution started almost a hundred years later with electricity as its key driver. Mass industrial production Corresponding author: M. Schäfer, Department Politics and Consulting, Head of the Team for Economic Policy, Konrad-Adenauer- Stiftung, Berlin, Germany. -
Spinning and Winding Taro Nishimura
The_Textile_Machinery_Society_of_Japan_Textile_College_2-Day_Course_on_Cloth_Making_Introduction_to_Spinning_2014_05_22 Spinning and Winding Taro Nishimura 1. Introduction Since several thousand years ago, humans have been manufacturing linen, wool, cotton, and silk to be used as fibrous materials for clothing. In 繊維 (sen’i ), which is the word for “fiber,” the Chinese character 繊 (sen ) is a unit for decimal fractions of one ten-millionth (equal to approximately 30 Ǻ), while 維 (i) means “long and thin.” Usually, fibers are several dozen µ thick, and can range from around one centimeter long to nigh infinite length. All natural materials, with the exception of raw silk, are between several to several dozen centimeters long and are categorized as staple fibers. Most synthetic fibers are spun into filaments. Figure 1 shows how a variety of textile product forms are interrelated. Short fibers are spun into cotton (spun) yarns, whereas filaments are used just as they are, or as textured yarns by being twisted or stretched. Fabric cloths that are processed into two-dimensional forms using cotton (spun) yarns and filament yarns include woven fabrics, knit fabrics, nets, and laces. Non-woven fabrics are another type of two-dimensional form, in which staple fibers and filaments are directly processed into cloths without being twisted into yarns. Yet another two-dimensional form is that of films, which are not fiber products and are made from synthetic materials. Three-dimensional fabrics and braids are categorized as three-dimensional forms. This paper discusses spinning, or the process of making staple fibers into yarns, and winding, which prepares fibers for weaving. One-dimensional Two-dimensional Three-dimensional Natural Staple fibers Spun yarns Woven fabrics Three-dimensional materials Filaments Filament yarns Knit fabrics fabrics Synthetic Nets Braids materials Laces Non-woven fabrics Films Fig. -
An Overview of Spinning Technologies: Possibilities, Applications and Limitations
Indian Journal of Fibre & Textile Research Vol. 17 , December 1992, pp. 255-262 An overview of spinning technologies: Possibilities, applications and limitations K R Salhotra Department of Textile Technology. Indian Institute of Technology. Hauz Khas. New Delhi 110016. India Received 12 August 1992 The new spinning technologies such as rotor, air jet and friction spinning have tremendous potential for hi gher productivity. However. at present these technologies not o nl y suffer from the problem of imparting some undesirable properties to the fabric but a lso have limited applicability due to the restricted choice of fibres and counts which can be successfully spun on them. Ring-spinning system, though having lower productivity, does not have these drawbacks. This system, therefore, with the incorporation of some recent improvements is likely to occupy the centre stage for the next few years. Keywords: Air jet spinning, Fabric hand, Friction spinning, Jet spin-assembly wind, Open-end spinning, Ring spinning, Rotor spinning, Twin spinner, Wrap spinning, Yarn properties 1 Introduction 'moire' effect in the fabric despite many modifications The ring-spinning system had remained made to the original yarn. This situation was entirely unchallenged since its introduction in the middle of different from the earlier developments from hand last century till the late 1960s. However, the spinners spinning to ring spinning when the product were becoming increasingly aware of the fact that low characteristics did not undergo any basic change in its productivity was inherent to the basic principle of structure. The systems such as hand wheel, flyer ring spinning. The system had reached a plateau in spinning, cap spinning, spinning jenny, mule regard to maximum production speeds. -
Smashing Cosmopolitanism: the Neo-Liberal Destruction of Cosmopolitan Education in East-Central Europe
Smashing Cosmopolitanism: The Neo-liberal Destruction of Cosmopolitan Education in East-Central Europe Robert J. Imre University of Newcastle Zsuzsa Millei University of Newcastle Critiques that seek to examine cosmopolitanism as a concept suffer from a severe popularity problem. Rather than engage in this pro/con debate, we are interested in demonstrating that cosmopolitanism can wax and wane, ebb and flow, and has appeared as a grounding ideology for educational programs before, only to be torn asunder by those seeking to consolidate regime change. We do not suggest that cosmopolitanism is good and righteous politics, normatively opposed to or supporting patriotism, nor is it ideologically left, right or centre. We see a burgeoning cosmopolitan outlook in a particular time and place, that was smashed by political and social forces both unforeseen and powerful, changing foundational concepts of education in East-Central Europe in general and Hungary in particular. s a popular concept in the English-speaking world, cosmopolitanism conjures up notions of a well-read, well-fed, bourgeoisie with economic and social capacities to move around the worldA using their networks and sophisticated understandings of cultural diversity. A cosmopolitan understanding of the world encompasses a commitment to universal human rights, universal human potential, and a deeply embedded acceptance of difference and diversity. These ideas are core parts of a universalist frame of reference, and a philosophical underpinning of a particular view of the modern world held during the Industrial Revolution until today (Held, 2003). This paper challenges the idea that cosmopolitanism exists exclusively in the post-Cold War period in East-Central Europe, and also challenges the idea that the Hungarian education system was a monolithic neo-Stalinist version of ‘ideology expression’. -
When the Periphery Became More Central: from Colonial Pact to Liberal Nationalism in Brazil and Mexico, 1800-1914 Steven Topik
When the Periphery Became More Central: From Colonial Pact to Liberal Nationalism in Brazil and Mexico, 1800-1914 Steven Topik Introduction The Global Economic History Network has concentrated on examining the “Great Divergence” between Europe and Asia, but recognizes that the Americas also played a major role in the development of the world economy. Ken Pomeranz noted, as had Adam Smith, David Ricardo, and Karl Marx before him, the role of the Americas in supplying the silver and gold that Europeans used to purchase Asian luxury goods.1 Smith wrote about the great importance of colonies2. Marx and Engels, writing almost a century later, noted: "The discovery of America, the rounding of the Cape, opened up fresh ground for the rising bourgeoisie. The East-Indian and Chinese markets, the colonisation of America [north and south] trade with the colonies, ... gave to commerce, to navigation, to industry, an impulse never before known. "3 Many students of the world economy date the beginning of the world economy from the European “discovery” or “encounter” of the “New World”) 4 1 Ken Pomeranz, The Great Divergence , Princeton: Princeton University Press, 2000:264- 285) 2 Adam Smith in An Inquiry into the Nature and Causes of the Wealth of Nations (1776, rpt. Regnery Publishing, Washington DC, 1998) noted (p. 643) “The colony of a civilized nation which takes possession, either of a waste country or of one so thinly inhabited, that the natives easily give place to the new settlers, advances more rapidly to wealth and greatness than any other human society.” The Americas by supplying silver and “by opening a new and inexhaustible market to all the commodities of Europe, it gave occasion to new divisions of labour and improvements of art….The productive power of labour was improved.” p. -
Cotton Mills for the Continent
cotton mills_klartext.qxd 30.05.2005 9:11 Uhr Seite 1 Cotton mills for the continent Sidney Stott und der englische Spinnereibau in Münsterland und Twente Sidney Stott en de Engelse spinnerijen in Munsterland en Twente 1 cotton mills_klartext.qxd 30.05.2005 9:11 Uhr Seite 2 Cotton mills for the continent Bildnachweis/Verantwoording Sidney Stott und der englische Spinnereibau in afbeldingen Münsterland und Twente – Sidney Stott en de Engelse spinnerijen in Munsterland en Twente Andreas Oehlke, Rheine: 6, 47, 110, 138 Archiv Manz, Stuttgard: 130, 131, 132l Herausgegeben von/Uitgegeven door Axel Föhl, Rheinisches Amt für Denkmalpflege, Arnold Lassotta, Andreas Oehlke, Siebe Rossel, Brauweiler: 7, 8, 9 Axel Föhl und Manfred Hamm: Industriegeschichte Hermann Josef Stenkamp und Ronald Stenvert des Textils: 119 Westfälisches Industriemuseum, Beltman Architekten en Ingenieurs BV, Enschede: Dortmund 2005 111, 112, 127oben, 128 Fischer: Besteming Semarang: 23u, 25lo Redaktion/Redactie Duncan Gurr and Julian Hunt: The cotton mills of Oldham: 37, 81r Hermann Josef Stenkamp Eduard Westerhoff: 56, 57 Hans-Joachim Isecke, TECCON Ingenieurtechnik, Zugleich Begleitpublikation zur Ausstel- Stuhr: 86 lung/Tevens publicatie bij de tentoonstelling John A. Ledeboer: Spinnerij Oosterveld: 100 des Westfälischen Industriemuseums John Lang: Who was Sir Philip Stott?: 40 Museum Jannink, Enschede: 19, 98 – Textilmuseum Bocholt, Museum voor Industriële Acheologie en Textiel, des Museums Jannink in Enschede Gent: 16oben und des Textilmuseums Rheine Ortschronik (Stadtarchiv) Rüti: 110 Peter Heckhuis, Rheine: 67u, 137 Publikation und Ausstellung ermöglichten/ Privatbesitz: 15, 25u, 26u, 30, 31, 46, 65, 66, 67oben, 83oben, 87oben, 88u, 88r, 90, 92, 125l Publicatie en tentoonstelling werden Rheinisches Industriemuseum, Schauplatz Ratingen: mogelijk gemaakt door 11, 17 Europäische Union Ronald Stenvert: 26r, 39r, 97, 113oben, 113r, 114, 125r, Westfälisches Industriemuseum 126 Kulturforum Rheine Roger N. -
The Industrial Revolution in Services *
The Industrial Revolution in Services * Chang-Tai Hsieh Esteban Rossi-Hansberg University of Chicago and NBER Princeton University and NBER May 12, 2021 Abstract The U.S. has experienced an industrial revolution in services. Firms in service in- dustries, those where output has to be supplied locally, increasingly operate in more markets. Employment, sales, and spending on fixed costs such as R&D and man- agerial employment have increased rapidly in these industries. These changes have favored top firms the most and have led to increasing national concentration in ser- vice industries. Top firms in service industries have grown entirely by expanding into new local markets that are predominantly small and mid-sized U.S. cities. Market concentration at the local level has decreased in all U.S. cities but by significantly more in cities that were initially small. These facts are consistent with the availability of a new menu of fixed-cost-intensive technologies in service sectors that enable adopters to produce at lower marginal costs in any markets. The entry of top service firms into new local markets has led to substantial unmeasured productivity growth, particularly in small markets. *We thank Adarsh Kumar, Feng Lin, Harry Li, and Jihoon Sung for extraordinary research assistance. We also thank Rodrigo Adao, Dan Adelman, Audre Bagnall, Jill Golder, Bob Hall, Pete Klenow, Hugo Hopenhayn, Danial Lashkari, Raghuram Rajan, Richard Rogerson, and Chad Syverson for helpful discussions. The data from the US Census has been reviewed by the U.S. Census Bureau to ensure no confidential information is disclosed. 2 HSIEH AND ROSSI-HANSBERG 1. -
Civil Society in the Fourth Industrial Revolution: Preparation and Response
Civil Society in the Fourth Industrial Revolution: Preparation and Response In collaboration with Pact January 2019 World Economic Forum 91‑93 route de la Capite CH‑1223 Cologny/Geneva Switzerland Tel.: +41 (0)22 869 1212 Fax: +41 (0)22 786 2744 Email: [email protected] www.weforum.org This Document has been published by the World Economic Forum as a contribution to a project, © 2019 World Economic Forum. All rights insight area or interaction. The findings, interpretations and conclusions expressed herein are a re‑ reserved. No part of this publication may be sult of a collaborative process facilitated and endorsed by the World Economic Forum, but whose reproduced or transmitted in any form or by any results do not necessarily represent the views of the World Economic Forum, nor the entirety of its means, including photocopying and recording, or Members, Partners or other stakeholders. by any information storage and retrieval system. Contents Executive summary 4 Introduction 5 Section 1: Civil society use of digital 7 and emerging technologies Section 2: Civil society response 10 to Fourth Industrial Revolution challenges Section 3: Cross‑cutting considerations for civil society in an 13 emerging Fourth Industrial Revolution Conclusion 18 Contributors 19 Appendices 20 Endnotes 22 Civil Society in the Fourth Industrial Revolution: Preparation and Response 3 Executive summary Grasping the opportunities and managing the challenges of – Motivations: What is driving civil society organizations’ the Fourth Industrial Revolution require a thriving civil society motivations to use technology? What problems are they deeply engaged with the development, use and governance trying to innovate for? of emerging technologies.