CURRICULUM VITAE (January 2014)

RICHARD SYLLA

OFFICE Dept. of Economics, KMC 8-65 Stern School of Business New York University 44 W. 4th Street New York, NY 10012-1126 (212) 998-0869 Fax (212) 995-4218 email [email protected]

PERSONAL DATA Born at Harvey, Illinois Married, two children, six grandchildren

EDUCATION A.B. Summa Cum Laude, Harvard University, 1962. Indian Statistical Institute, Calcutta, 1962-63 (Rotary scholar). A.M., Harvard University, 1965. Ph.D., Harvard University, 1969.

ACADEMIC AND RESEARCH POSITIONS

Current Henry Kaufman Professor of the History of Financial Institutions and Markets and Professor of Economics, New York University, 1990 - . Research Associate, National Bureau of Economic Research, 1983- .

Previous Teaching Fellow in Economics and Social Studies, 1967-68, Harvard University. Professor of Economics and Business, 1968-90; Associate head, Division of Economics and Business, 1987-89, North Carolina State University. Visiting Assistant Professor of Economics, Harvard, Summer 1969. Senior Associate Member, St. Antony's College, Oxford University, UK, 1975-present (in residence 1975-76). Editor, Journal of Economic History, 1978-1984. Visiting Professor of Economics, University of Pennsylvania, Spring 1983. Visiting Professor of Economics, University of North Carolina at Chapel Hill, Spring 1988

HONOR SOCIETIES Omicron Delta Epsilon, Harvard, elected 1961. Phi Beta Kappa, Harvard, elected 1962. Wake County (North Carolina) Phi Beta Kappa Association, 1968-90. Executive

Committee, 1971-72 1987-88; Vice President, 1972-73; President, 1973-74; Membership Chairman, 1983-84, Executive Committee, 1987-88.

PROFESSIONAL MEMBERSHIPS, OFFICES, ETC. American Economic Association. Southern Economic Association. Elected Vice President, 1982. Economic History Association. Nominating Committee, 1970-71; Program Committee, 1973-74; Ex officio trustee, 1978-84. Elected trustee 1984-88. Elected Vice President, 1987-88. Investment Committee, 1990- 95, 1999- . President-elect, 1999-2000. President, 2000-2001. Economic History Society (UK). Social Science History Association. Business History Conference. Elected trustee, 1991-94, 2002-04. President-elect, 2004-05. President, 2005-06. Cliometrics Society. Elected trustee, 1997-2000; elected chair of board of trustees, 1998-99, 1999-2000; Fellow, 2013. European Economic History Association. Trustee, Museum of American Finance (Smithsonian Affiliate), 2002- ; Vice Chairman of Board of Trustees, 2007-10; Chairman, 2010- . Member, Academic Advisory Board, European Association for Banking and Financial History, 2005-09.

FELLOWSHIPS, PROFESSIONAL AWARDS, AND GRANTS Harvard College Honorary Scholarship, 1958-62. Rotary International Scholarship, 1962-63. Harvard Graduate Fellowship, 1963-65; Teaching Fellowship, 1964-68; Economic History Fellowship, 1965-68. Arthur H. Cole Prize, Economic History Association, 1970. National Endowment for the Humanities, Fellowship for Independent Study and Research, 1975-76. Mini Grant for Teaching Effectiveness, North Carolina State University, 1977. ACLS Overseas Travel Grant, 1978 (United Kingdom), 1982 (Hungary). National Endowment for the Humanities, Summer Research Fellowship, 1980. National Bureau of Economic Research, research grants, 1982-present. National Science Foundation grant, "Economics of State and Local Government...1790-1980," 1985-87. (Administered by National Bureau of Economic Research; $132,840.) National Science Foundation grant, "Economics of State and Local Government...1790-1980," 1987-89. (Administered by National Bureau of Economic Research; $140,000.) National Science Foundation grant, "Economics of State and Local Government...1790-1980," 1989-91. (Administered by National Bureau of Economic Research; $169,456.)

National Science Foundation grant, "Economics of State and Local Government...1790-1980," 1991-94. (Administered by National Bureau of Economic Research; $232,609.) Citibank Award for Excellence in Teaching, Stern School, NYU, May 1994. Alfred P. Sloan Foundation grant, "Financial Innovation in U.S. History,", 1995-97. (Administered by National Bureau of Economic Research; 2

$114,000.) National Science Foundation grant, "America's First Securities Markets, 1787-1836: Emergence, Development, Integration," 1998-2002. (Administered by NBER; $182,246.) Fellow, Charles Warren Center for Studies in American History, Harvard, 2003-04. Berkley Center/Kauffman Foundation research grant, Stern, NYU, 2005- NYU University Research Challenge Fund grant, 2006-06. National Science Foundation grant, “U.S. Corporate Development, 1801-1860,” 2008-10. (Administered by National Bureau of Economic Research; $297,363.) Lifetime Achievement Award, Business History Conference, March 2011. Appointed member of Federal Reserve System’s Centennial Advisory Council, Fall 2011. American Academy of Arts & Sciences, elected Fellow, 2012 Cliometric Society, elected Fellow, 2013

PUBLICATIONS, AND OTHER PROFESSIONAL ACTIVITIES

A. BOOKS

The American Capital Market, 1846-1914 (New York: Arno Press, 1975).

Evolution of the American Economy: Growth, Welfare, and Decision-Making (New York: Basic Books, 1980). Co-authors: Sidney Ratner and James H. Soltow. Second edition (New York: Macmillan, 1993).

A History of Interest Rates, 3rd ed. (New Brunswick, NJ: Rutgers University Press, 1991), Italian translation, 1994; 3rd ed. revised (1996); 4th ed. (John Wiley & Sons, 2005); Korean translation, 2011. Co-author: Sidney Homer.

Patterns of European Industrialization: The Nineteenth Century (London: Routledge, 1991). Co-editor: Gianni Toniolo.

Anglo-American Financial Systems: Institutions and Markets in the Twentieth Century (Burr Ridge, IL: Irwin Professional Publishing, 1995). Co-editor: Michael D. Bordo

The State, the Financial System, and Economic Modernization (Cambridge: Cambridge University Press, 1999). Co-editors: Richard Tilly and Gabriel Tortella. Translated into Chinese and published in China, 2002.

History of Corporate Finance: Development of Anglo-American Securities Markets, Financial Practices, Theories and Laws (London: Pickering & Chatto, 2003), 6 vols. Robert E. Wright, ed., Richard Sylla, advisory ed. and author of preface, vol. 1, ix-xi. A compilation of classic historical works on corporate finance.

Founding Choices: American Economic Policy in the 1790s (Chicago: University of Chicago Press, 2011). Co-editor: Douglas A. Irwin.

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B. JOURNAL ARTICLES AND CHAPTERS

"Finance and Capital in the United States, 1850-1900," Journal of Economic History, (December 1967), 621-24.

"La `New Economic History'--Metodi, Obiettivi, Limiti," Quaderni Storici delle Marche, 11 (Maggio-Agosto 1969), 229-264 (with Gianni Toniolo). Republished in Lo Sviluppo Economico Italiano 1861-1940, G. Toniolo, ed. (Roma-Bari: Laterza, 1973), 41-70.

"Federal Policy, Banking Market Structure, and Capital Mobilization in the United States, 1863-1913," Journal of Economic History, 29 (December 1969), 657-686. Reprinted in Robert Whaples and Dianne C. Betts, eds., Historical Perspectives on the American Economy (1995), 482-508. "The United States, 1863-1913," in Rondo Cameron, ed., Banking and Economic Development: Some Lessons of History (New York, Oxford University Press, 1972), Chapter VIII, 232-262.

"American Banking and Growth in the Nineteenth Century: A Partial View of the Terrain," Explorations in Economic History, 9 (Winter 1971-72), 197-227.

"Seeking Optimum Profit Production Decisions," The American Association of Petroleum Geologists Bulletin, 58 (January 1974), 133-138 (with Victor V. Cavaroc).

"Forgotten Men of Money: Private Bankers in Early U.S. History," Journal of Economic History, 36 (March 1976), 173-188.

"Financial Intermediaries in Economic History: Quantitative Research on the Seminal Hypotheses of Davis and Gerschenkron," in R. Gallman, ed., Recent Developments in the Study of Business and Economic History (Greenwich CN: JAI Press, 1977), 55-80.

"Small-Business Banking in the United States, 1780-1920," in Stuart Bruchey, ed., Small Business and American Life: A History (New York: Columbia University Press, 1980).

"The Changing Nature of American Public Debt, 1690-1835," in La Dette Publique aux XVlle et XIXe Siecles son Developpement sur le Plan Local, Regional et National (with John A. James), Colloque International- International Colloquium, Spa 12-16 IX 1978 Actes-Handelingen (Brussels, 1980), 243-272.

"Monetary Innovation in America," Journal of Economic History, 42 (March 1982), 21-30.

"Monetary Innovation and Crises in American Economic History," in Paul Wachtel, ed., Crises in the Economic and Financial Structure (Lexington MA: D.C. Heath, 1982), 23-40. 4

"American Banks and the Finance of Industry, 1880-1920: Perspectives on the Visible Hand," Eighth International Congress of Economic History, in V.I. Boykin, ed., Transformation of Bank Structures in the Industrial Period (Budapest: Akademiai Kiado, 1982), 43-51. Reprinted in Rondo Cameron, ed., Financing Industrialization (Cambridge: Edward Elgar, 1992), vol. 2, 253-61.

"Early American Banking: The Significance of the Corporate Form,"Business and Economic History, Second Series, 14 (1985), 105-123.

"Long-Term Trends in State and Local Finance: Sources and Uses of Funds in North Carolina, 1800-1977," in Stanley L. Engerman and Robert E. Gallman, eds., Long-Term Factors in American Economic Growth (Chicago: University of Chicago Press, 1986), 819-68.

"Banks and State Public Finance in the New Republic, 1790-1860,"Journal of Economic History 47 (June 1987), 391-403. Co-authors: John B. Legler and John J. Wallis.

"The Autonomy of Monetary Authorities: The Case of the U.S. Federal Reserve System" in Gianni Toniolo, ed. Central Banks' Independence in Historical Perspective (Berlin and New York: Walter de Gruyter, l988),l7-38. Italian version: "L'autonomia della banca centrale: il caso del Federal Reserve System negli Stati Uniti," in Donato Masciandaro and Sergio Ristuccia, eds., L'autonomia delle banche centrali (Milan: Edizioni Comunita, 1988), 9-33.

"U.S. City Finances and the Growth of Government, 1850-1902,"Journal of Economic History 48 (June 1988), 347-56. Co-authors: J. B. Legler and J. J. Wallis

"Financial Market Panics and Volatility in the Long Run, 1830-1988," Eugene N. White, ed., Crashes and Panics: The Lessons of History (New York: Dow-Jones Irwin, 1990). Co-authors: J. W. Wilson and C. P. Jones. Reprinted in Michael Bordo, ed., Financial Crises (Cambridge: Edward Elgar, 1992).

"Patterns of European Industrialization during the Nineteenth Century," in Sylla and Toniolo, eds., Patterns of European Industrialization (1991), 1-28. Co-author: Gianni Toniolo.

"The Role of Banks," in Sylla and Toniolo, eds., Patterns of European Industrialization (1991), 45-63.

"U.S. Banks in International Finance," in Rondo Cameron and V. I. Bovykin, eds., International Banking, 1870-1914 (New York: Oxford University Press, 1992), 48-71. Co-author: Vincent Carosso.

"Should We Reregulate the Banks," in Donald McCloskey, ed., Second Thoughts: Myths and Morals of U.S. Economic History (New York: Oxford University Press, 1993), 123-31. 5

"The Progressive Era and the Political Economy of Big Government," Critical Review 5 (Fall 1992), 531-57.

"U.S. Financial Markets and Long-Term Economic Growth, 1790-1989," in Donald Schaefer and Thomas Weiss, eds., American Development in Historical Perspective (Stanford: Stanford University Press, 1994), 29-52, n 263-66. Co-authors: Jack W. Wilson and Charles P. Jones.

"The Transformation of Financial Capitalism: An Essay on the History of American Capital Markets," Financial Markets, Institutions & Instruments 2, no. 2 (1993). Co-author: George David Smith.

"The Interaction of Taxation and Regulation in Nineteenth-Century U.S. Banking," in Claudia Goldin and Gary Libecap, eds., The Regulated Economy: An Historical Approach to Political Economy (Chicago: University of Chicago Press for NBER, 1994), 121-44. Co-authors: John J. Wallis and John B. Legler.

"Capital Markets," in Stanley I. Kutler, et al., eds., Encyclopedia of the United States in the Twentieth Century, (New York: Charles Scribner's Sons/Simon & Schuster, 1996), Vol. III, 1209-42. Co- author: George David Smith.

"Information and Capital Market Regulation in Anglo-American Finance," in Michael Bordo and Richard Sylla, eds., Anglo-American Financial Systems (Burr Ridge, IL: Irwin Professional Publishing, 1995), 179- 205. Co-author: George David Smith

"The 1930s Financial Reforms in Historical Perspective," in Dimitri B. Papadimitriou, ed., Stability in the Financial System (New York: St. Martin's Press, 1996), 13-25.

"The Rise of Securities Markets: What Can Governments Do?," in Gerard Caprio, ed., Reforming Finance: Some Lessons of History (Cambridge University Press, 1997), 198-215.

"U.S. Securities Markets and the Banking System, 1790-1840," Federal Reserve Bank of St. Louis Review 80, no. 3 (May/June 1998), 83- 103. "The Anatomy of Sovereign Debt Crises: Lessons from the American State Defaults of the 1840s," Japan and the World Economy 10 (1998), 267-93. Co-author: John Joseph Wallis.

"Shaping the U.S. Financial System, 1690-1913: The Dominant Role of Public Finance," in R. Sylla, R. Tilly, and G. Tortella, eds., The State, the Financial System, and Economic Modernization (Cambridge: Cambridge University Press, 1999), 249-70.

"Finance and Economic Growth: Three Decades Post-Cameron," in Clara Eugenia Nunez, ed., Finance and the Making of Modern Capitalism (Seville: International Economic History Association, 1998), 11- 20.

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“Emerging Markets in History: The United States, Japan, and Argentina," in R. Sato, R.V. Ramachandran, and K. Mino, eds., Global Competition and Integration (Boston: Kluwer Academic Publishers, 1999), 427-46.

"Sinking Funds as Credible Commitments: Two Centuries of U.S. National Debt Experience," Japan and the World Economy 11 (1999), 199-222 (with J.W. Wilson).

“Experimental Federalism: The Economics of American Government, 1789- 1914,” in S.L. Engerman and R.E. Gallman, eds., The Cambridge Economic History of the United States. Vol. II, The Long Nineteenth Century (Cambridge: Cambridge University Press, 2000), 483-541, 924-30.

“The New Media Boom in Historical Perspective,” Prometheus—The Journal of Issues in Technological Change, Information Economic, Communications and Science Policy 19, 1 (March 2001), 7-26.

“Financial Systems and Economic Modernization: A New Historical Perspective,” in T. Negishi et al., eds., Economic Theory, Dynamics and Markets: Essays in Honor of Ryuzo Sato (Boston: Kluwer Academic Publishers, 2001), 495-504.

“The United States: Financial Innovation and Adaptation,” in M.D. Bordo and R. Cortes-Conde, eds., Transferring Wealth and Power from the Old to the New World (Cambridge: Cambridge University Press, 2001), 231-58.

“Razvivaioushchiisya rinok EsShaA, 1790-1860, Globalazyatsiya I ‘Negativnaya reaktsiya’” (“The US Emerging Market, 1790-1860: Globalization and Backlash”), in “Rossya y Mir (Russia and the World) (Moscow: Rosspen, 2001), 153-90. (In Russian.)

“US Banks and Europe: Strategy and Attitudes,” in S. Battilossi and Y. Cassis, eds., European Banks and the American Challenge: Competition and Cooperation in International Banking Under Bretton Woods (Oxford: Oxford University Press, 2002), 53-73.

“Financial Systems and Economic Modernization,” Journal of Economic History 62, 2 (June 2002), 279-92.

“A Historical Primer on the Business of Credit Rating,” in Richard M. Levich, G. Majnoni, and C. Reinhart, eds., Ratings, Rating Agencies and the Global Financial System (Boston: Kluwer Academic Publishers, 2002), 19-40.

“The Breakdown of Bretton Woods and the Revival of Financial Globalization,” Jahrbuch fur Wirtschaftsgeschichte 1 (2002), 81-88.

“Financial Systems, Economic Growth, and Globalization.” In M. D. Bordo, A. M. Taylor, and J. G. Williamson, eds., Globalization in Historical Perspective (Chicago: University of Chicago Press, 2003), 373-413. With Peter L. Rousseau. 7

“Integration of U.S. Capital Markets: Southern Stock Markets and the Case of New Orleans, 1871-1913,” in Stanley L. Engerman, et al., eds., Finance, Intermediaries, and Economic Development (Cambridge: Cambridge University Press, 2003), 132-56. With John B. Legler.

“The Global Impact of the Internet: Widening the Economic Gap between Wealthy and Poor Nations?”, Prometheus—The Journal of Issues in Technological Change, Innovation, Information Economics, Communications and Science Policy 21, 1 (March 2003), 3-22. With Henry C. Lucas, Jr.

“Financial systems, risk management, and entrepreneurship: historical perspectives,” Japan and the World Economy 15 (2003), 447-458.

“Venture Capital in Financial Systems: Historical and Modern Perspectives,” in A. Ginsberg and I. Hasan, eds., New Venture Investment: Choices and Consequences (Amsterdam: Elsevier, 2003), 153- 168.

“Hamilton and the Federalist Financial Revolution, 1789-1795,” New York Journal of American History 65, 3 (Spring 2004), 32-39.

“Is there an Alternative to Gold?”, in Prospects for a Resumption of the Gold Standard, Economic Education Bulletin 44, 9 (September 2004), American Institute for Economic Research, 27-41.

“Networks and History’s Generalizations: Comparing the Financial Systems of Germany, Japan, Great Britain, and the United States,” Business and Economic History On-Line 2 (2004), http://www.thebhc.org/publications/BEHonline/2004/beh2004.html. With Robert E. Wright

“Emerging Financial Markets and Early US Growth,” Explorations in Economic History, 42 (Jan. 2005), 1-26. With Peter L. Rousseau.

“Origins of the New York Stock Exchange,” Chap. 17 in The Origins of Value: The Financial Innovations That Created Modern Capital Markets, William N. Goetzmann and K. Geert Rouwenhorst, eds., Oxford Univ. Press, 2005, 299-312.

“Charles P. Kindleberger: Reluctant Yet Seminal Historian.” Atlantic Economic Journal 33, 1 (March 2005), 29-33.

“The Transition to a Monetary Union in the United States, 1787-1795,” Financial History Review 13 (April 2006), 73-96.

“Schumpeter Redux: Review article of R. Rajan and L. Zingales’s Saving Capitalism from the Capitalists, Journal of Economic Literature, 44 (June 2006), 391-404.

“Financial Revolutions and Economic Growth,” Explorations in Economic History 43(Jan. 2006), 1-12. With Peter L. Rousseau. 8

“Political Economy of Financial Development: Canada and the United States in the Mirror of the Other, 1790-1840,” Enterprise & Society 7 (December 2006), 653-65.

“Integration of Trans-Atlantic Capital Markets, 1790-1845,” Review of Finance 10 (2006), 613-44. With J. W. Wilson and R. E. Wright.

“Reversing Financial Reversals: Government and the Financial System since 1789,” in Price Fishback, ed., Government and the American Economy from Colonial Times to the Present (University of Chicago Press, 2007), Chap. 5, pp. 115-47.

“The Political Economy of Early US Financial Development,” in Political Institutiona and Financial Development, Stephen Haber, Douglass C. North, and Barry Weingast, eds. (Stanford: Stanford University Press, 2008), 60-91.

“Comparing the UK and US Financial Systems, 1790-1830,” in The Origins and Development of Financial Markets and Institutions, Jeremy Atack and Larry Neal, eds. (Cambridge: Cambridge University Press, 2009), Chap. 7, 209-40.

“Alexander Hamilton, Central Banker: Crisis Management and the Lender of Last Resort during the US Panic of 1792,” Business History Review 83 (Spring 2009), 61-86. With R. E. Wright and D. J. Cowen.

“Lessons from five US Crises: 1792, 1837-42, 1873, 1907, and 1930-33,” Bankhistorisches Archiv: Banking and Finance in Historical Perspective 47 (2009), 15-30.

“Political Economy of Supplying Money to a Growing Economy: Monetary Regimes and the Search for an Anchor to Stabilize the Value of Money,” Theoretical Inquiries in Law 11 (January 2010), 1-27.

“What we can Learn from the Swedish Financial Revolution: An International Comparison”, in The Swedish Financial Revolution, Anders Ögren, ed. (Basingstoke: Palgrave Macmillan, 2010) 204-23. With Anders Ögren.

“What price did the USA pay for abandoning its central bank in 1836?”, in Homenaje a Gabriel Tortella: Las Claves del Desarollo Economico y Social, J. Morilla et al., eds. (Madrid: LID Editorial Epressarial S.L. and Universidad de Alcala, 2010), 684-93.

“A Bird’s-Eye View: The Dodd-Frank Wall Street Reform and Consumer Protection Act”, Prologue in Regulating Wall Street: The Dodd-Frank Act and the New Architecture of Global Finance, V. V. Archarya et al., eds, (Hoboken: Wiley, 2011), 1-32. With V. V. Archarya, T. Cooley, M. Richardson, and I. Walter.

“The Power of Central Banks and the Future of the Federal Reserve System,” Chapter 2 in Regulating Wall Street: The Dodd-Frank Act and the New Architecture of Global Finance, V. V. Archarya et al., eds, 9

(Hoboken: Wiley, 2011), 35-50. With T. Cooley, K. Schoenholtz, G. D. Smith, and P. Wachtel.

“The Significance of Founding Choices: Editors’ Introduction”, in Founding Choices: American Economic Policy in the 1790s, Douglas Irwin and Richard Sylla, eds. (Chicago: University of Chicago Press, 2011), 1- 21. With Douglas A. Irwin.

“Financial Foundations: Public Credit, the National Bank, and Securities Markets”, in Founding Choices: American Economic Policy in the 1790s, Douglas Irwin and Richard Sylla, eds. (Chicago: University of Chicago Press, 2011), 59-88.

“Corporate Governance and Stockholder/Stakeholder Activism in the United States, 1790-1860,” in Origins of Shareholder Advocacy, Jonathan Koppell, ed. (Basingstoke: Palgrave- Macmillan, 2011 forthcoming), 231- 51. With Robert E. Wright.

“How Important Historically were Financial Systems for Growth in the U.K., U.S., Germany, and Japan?”, Working Paper for World Bank. Co- authors: Franklin Allen, Forest Capie, Caroline Fohlin, Hideaki Miyajima, Yishay Yafeh, and Geoffrey Wood.

“Wall Street Transitions, 1880-1920: From national to world financial centre”, in Financial Centres and International Capital Flows in the Nineteenth and Twentieth Centuries, Y. Cassis and L. Quennouelle-Corre, eds. Oxford: Oxford University Press, 2011, 161-78.

"The Dodd-Frank Wall Street Reform and Consumer Protection Act: Accomplishments and Limitations," Journal of Applied Corporate Finance 23 (Winter 2011), 43-56. Co-authors: V. Acharya, T. Cooley, M. Richardson, and I. Walter.

“Alexander Hamilton and North American Banking”, in Biographies of the Financial World, Anders Perlinge and Hans Sjogren, eds. (Stockholm: Gidlunds Forlag, 2012),37-50.

“U.S. Government Debt Has Always Been Different”, in Is U.S. Government Debt Different?, Franklin Allen et al., eds. Philadelphia: FIP Press, 2012. Chap. 1, 1-11.

“Alexander Hamilton,” in Handbook of Key Global Financial Markets, Institutions, and Infrastructure, Gerard Caprio, ed. (Oxford: Elsevier Inc., 2013), Vol. 1, 151-59.

“Corporation Formation in the United States, 1790-1860: Law and Politics in Comparative Contexts,” Business History 55, 4(2013), 653-69. Co-author: Robert E. Wright.

“The American Corporation”, Daedalus 142 (2) (Spring 2013),102-18. Co- author: Ralph Gomory.

“Early U.S. Struggles with Fiscal Federalism: Lessons for Europe?”, Comparative Economic Studies 56 (2) (June 2014), forthcoming. 10

C. JOURNAL EDITORSHIP AND EDITORIAL BOARDS

Journal of Economic History, Editor, Vol. 38, Nos. 3-4, Vols. 39, 40, 41, 42, 43 and 44 (Nos. 1-3) 1978-84.

Editorial Boards of Financial History, 1991- ; Economic and Financial History Abstracts, 1997- ; Financial History Review, 1998- ; Enterprise and Society, 1999- ; History of Finance Abstracts, 2009- .

D. BOOK REVIEWS, SHORT ARTICLES, COMMENTS, AND DISCUSSIONS

Review of Money and American Society 1865-1880, by Walter T.K. Nugent, Journal of Political Economy 77 (Dec. 1969), 1045-46.

"Types of Investments," Tar Heel Economist, North Carolina Agricultural Extension Service (September 1970), 2-3 (with R. Charles Brooks).

Review of Monetary Statistics of the United States: Estimates, Sources, Methods, by Milton Friedman and Anna Jacobson Schwartz, The Journal of Finance, 26 (March 1971), 202-204.

Review of British Investment in American Railways, 1834-1898, by Dorothy R. Adler, Technology and Culture, 13 (January 1972), 78-79.

Review article on The Bank of the State of South Carolina: A General and Political History, by J. Mauldin Lesesne; Investment Banking in America: A History, by Vincent P. Carosso; and A Financial History of the United States, by Margaret G. Myers, Journal of Interdisciplinary History, 3 (August 1972), 408-413.

"Economic History von unten nach oben and von oben nach unten: A Reply to Fritz Redlich," Explorations in Economic History, 10 (Spring 1973), 315-18.

Review of The Myths of Anti-Trust, by D. T. Armentano, The Wall Street Review of Books, 1 (Sept. 1973), 328-32.

"Public Utilities in the Economy" and "Issues in Utility Regulation," Tarheel Economist, North Carolina Agricultural Extension Service (Oct. 1974), 1-3.

Review of Capitalism and Material Life, by Fernand Braudel, The Wall Street Review of Books 2 (Dec. 1984), 312-18. 11

"The Denigration of Cotton and Other Dissertations: A Discussion," Journal of Economic History, 35 (March 1975), 291-95.

Review of Time on the Cross-The Economics of American Negro Slavery, by Robert William Fogel and Stanley L. Engerman, The North Carolina Historical Review, 52 (July 1975), 313-14.

Review of Financing Anglo-American Trade: The House of Brown, 1800-1880, by Edwin J. Perkins, The Business History Review, 50 (Spring 1976), 116-18.

Review of Scottish Banking: A History, by S. G. Checkland, The Journal of Economic History, 36 (December 1976), 943-45.

Review of New York City Mutual Savings Banks, 1819-1861, by Alan L. Olmstead, The Economic History Review, 30 (November 1977), 725-26.

Review of A Tool of Power: The Political History of Money, by William Wiseley, The Annals of the American Academy of Political and Social Science, 436 (March 1978), 198-99.

Review of Money and Capital Markets in Postbellum America, by John A. James, Journal of Interdisciplinary History, 10 (Autumn 1979), 383-85.

Review of The Origins of Central Banking in the United States, by Richard Timberlake, Jr., Southern Economic Journal (January 1980), 994-95.

Discussion of "Market Power and Bank Lending" and Money and Prices in the Nineteenth Century", Journal of Economic History, 40 (March 1980), 70-72.

Review of Revolution, Reform, and the Politics of American Taxation, 1763- 1783, by Robert A. Becker, Journal of Economic Literature, 19 (December 1981), 1584-85.

Review of The Regulation and Reform of the American Banking System, 1900- 1929 by Eugene Nelson White, Business History Review, 57 (Autumn 1983), 447-49.

Comment on "Italy in the Gold Standard Period, 1861-1914," in Michael David Bordo and Anna J. Schwartz, eds., A Retrospective on the Classical Gold Standard, 1821-1931 (Chicago, 1984), 442-46.

Comment on "Banking and Commodity Market Structure: The Early Chicago Board of Trade," Review of Research in Futures Markets, 2 (1983), 190-93.

"Economic History", in Howard B. Hitchens, ed., American Studies: A Catalog of Audiovisual Resources (Washington, D.C.: United States Information Agency, 1983), 57-99. Also in Howard B. Hitchens, ed., America on Film and Tape (Westport, CT: Greenwood Press, 1985), 47-83.

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"Banking Runs and Panics: A Thing of the Past?", Business Report (Greater Raleigh Chamber of Commerce), Vol. 1, No. 11 (Aug. 1985).

Review of The Trillion Dollar Budget - How to Stop the Bankrupting of America by Glenn Pascall, The Annals of the American Academy of Political and Social Science 483 (Jan. 1986), 200.

Review of Keynesianism vs. Monetarism, and Other Essays in Financial History, by Charles P. Kindleberger, Journal of Economic History 46 (March 1986), 302-03.

Review of A Guide to the Historical Records of British Banking by L. S. Pressnell and John Orbell, Journal of Economic History, 46 (Sept. 1986), 837-38.

"Wall Street and the Economy," Tar Heel Economist, N. C. Agricultural Extension Service (Sept. 1986), 1.

Review of The Rise of Merchant Banking by Stanley Chapman, Journal of Economic History, 47 (March 1987), 243-44.

"Historical Perspective: 1929 and the Great Depression," The Ornstein Report (Quarterly/Winter 1987), 6-9.

"Historical Perspective: Doom and Gloom Literature," The Ornstein Report (Quarterly/Fall 1987), 6-9.

Review of From Slave South to New South: Public Policy in Nineteenth Georgia by Peter Wallenstein, Journal of Economic History 48 (March 1988), 210-11.

"Patterns of European Industrialization," Cliometrics Newsletter 4 (February 1989), 3-6.

Review of The Decline of Authority: Public Economic Policy and Political Development in New York State, 1800-1860, by L. Ray Gunn, Journal of Economic History 49 (June 1989), 507-08.

Review of Morgan Grenfell 1838-1988, The Biography of a Merchant Bank, by Kathleen Burk, The Bankers Magazine 173 (Sept./Oct. 1990).

Review of Financial Markets and Financial Crises, R. Glenn Hubbard, ed. Journal of Economic Literature 29 (December 1991), 1769-70.

Review of Banks as Multinationals, Geoffrey Jones, ed., Business History Review 66 (Spring 1992), 229-31.

"William Duer and the Stock Market Crash of 1792," Friends of Financial History 46 (Second Quarter 1992), 26-29; reprinted in Redemption Digest, IV, no. 633 (Sept. 1, 1992), 3-5.

Four articles: "Bank Charters," "Chartists' Language," "Cross of Gold," and "Federal Reserve System," in The New Palgrave Dictionary of Money and Finance (London: Macmillan, 1992). 13

Review of Finance and Financiers in European History, 1880-1960, Youssef Cassis, ed., Journal of Economic History 52 (Dec. 1992), 949-51.

"Past is Prologue: Financial Reforms of the 1930s," Friends of Financial History 49 (Summer 1993), 12-20.

"The Deal of the Century," Audacity: The Magazine of Business Experience 2 (Fall 1993), 26-31. Co-author: George David Smith.

Review of Lost Prophets: An Insider's History of the Modern Economists, by Alfred L. Malabre, Jr., Bankers Magazine 177 (Jan./Feb. 1994), 14-17.

Review of An Analysis and History of Inflation, by Don Paarlberg, Journal of Economic Literature 32 (Dec. 1994), 1884-85.

"Opinion: A 200-year-old alternative to the Balanced Budget Amendment," Knight-Ridder Financial News, March 1, 1995 (op ed piece).

"The Forgotten Private Banker," The Freeman (April 1995), 210-14. Reprinted in J. Wilson Mixon, ed., Private Means, Public Ends: Voluntarism vs. Coercion, (Irvington-on-Hudson, NY: Foundation for Economic Education, 1996), 99-105.

Review of Insider Lending, by Naomi R. Lamoreaux, Journal of Economic History 55 (June 1995), 442-44.

"Investment Banking,"in Kenneth T. Jackson, ed., The Encyclopedia of New York City, (New Haven: Yale University Press, 1995), 595-97.

Review of International Capital Markets and American Economic Growth by Lance Davis and Robert Cull, Economic History Review 48 (Nov. 1995), 843-44.

"Three Centuries of Finance and Monetary Control in America," review article based on E.J. Perkins, American Public Finance and Financial Services, 1700-1815 and R.H. Timberlake, Monetary Policy in the United States, Journal of Economic History 55 (Dec. 1995), 902-07.

Review of Managing in a Time of Great Change by Peter F. Drucker, and The Evolving Global Economy by Kenichi Ohmae, Chief Executive (Dec. 1995), 71.

"Six Myths About the US Economy," Sternbusiness (Spring 1995), 6-11.

"Balanced Budget Amendment: Just Say No," Sternbusiness (Fall 1995), 48.

"Notes on Universal Banking in History," in Anthony Saunders and Ingo Walter, eds., Universal Banking: Financial System Design Reconsidered (Burr Ridge, IL: Irwin, 1996), 118-21.

“Where’s Walter?,”, review of Wriston: Walter Wriston, Citibank and the Rise and Fall of American Financial Supremacy, by Phillip L. Zweig, Chief Executive (October 1996), 68.

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Review of Slow Train to Paradise: How Dutch Investment Helped Build American Railroads, by Augustus J. Veenendaal, Jr., Journal of Interdisciplinary History 28 (Summer 1997), 157-58.

"Alexander Hamilton," and "Alexander Hamilton: Financial and Economic Program, 1789-1795," in Peter J. Parish, ed., Reader's Guide to American History (London and Chicago: Fitzroy Dearborn, 1997), 316-18.

"America's First Securities Markets: The Roots of US Capital Markets, 1790-1830." Financial History 61 (Winter 1998, 14-15, 31. (Co-authors: Jack W. Wilson and Robert E. Wright)

Review of Political Economy and Statesmanship--Smith, Hamilton, and the Foundation of the Commercial Republic, by Peter McNamara, EH.NET (May 1998).

Review of A Financial History of the Netherlands, by Marjolein 't Hart, Joost Jonker, and Jan Luiten van Zanden, Economic History Review 51, 3 (Aug. 1998), 625-26.

Op Ed: "J.P. Morgan to the Rescue?" New York Times (Sunday, Oct. 4, 1998), Section 4, p. 15.

“The First Great IPO," Financial History 64 (1998 IV), 4-5. Republished in AlleyCat News, vol. 4.3 (March 2000), 118. Republished in Innovation Review ,Berkley Center, Stern School,NYU (Summer 2002), p.7.

"Currency: A Brief History," SternBusiness (Fall, 1998), 16-17.

Review of Anglo-American Securities Regulation--Cultural and Political Roots, 1690-1860, by Stuart Banner, Journal of Interdisciplinary History (1999).

Review of Essays in History: Financial, Economic, Personal, by Charles P. Kindleberger, Journal of Economic History 60(Sept. 2000), 927-28.

“Am Anfang war das Finanzsystem—dann kam Erfolg—Ein neuer wirtschaftshistoricher Erklarungsansatz des Aufsteigs von Nationem,” Neuer Zurcher Zeitung (24./25. Juni 2000), 99.

Review of Republican Empire: Alexander Hamilton on War and Free Government, by K-F. Walling, The Independent Review 5 (Winter 2001), 452-55.

Review of US Bank Deregulation in Historical Perspective, by Charles W. Calomiris, Journal of Economic History 61 (Sept. 2001), 841-42.

Review of Banking Panics of the Gilded Age, by Elmus Wicker, Business History Review 75 (Autumn 2001), 624-26.

Review of A History of Banking in Antebellum America: Financial Markets and Economic Development in an Era of Nation-Building, by Howard Bodenhorn, Zeitschrift fur Bankengeschichte 1 (2001), 80-81. 15

“Reminiscences of Britain and Financial Revolutions,” in Pat Hudson, ed., Living Economic and Social History (Glasgow: Economic History Society, 2001), 352-56.

“The Broad Perspective,” panel discussion, in Robert A. Schwartz, ed., Regulation of U.S. Equity Markets (Boston: Kluwer Academic Publishers, 2001), Chap. 2, 7-28.

“Investment and Capital Formation,” in Paul Finkelman, ed. in chief, Encyclopedia of the United States in the Nineteenth Century (New York: Charles Scribner’s Sons, 2001), vol. 2, 129-31.

“Interest Rates,” in Joel Mokyr, ed. in chief, The Oxford Encyclopedia of Economic History (New York: Oxford University Press, 2003), vol. 3, 113-116.

“Preface” to L. S. Chernoy, Economy, Market, The State: Measures to Revitalize Russia (New York: Pleiades Publishing, Inc., 2002), 5-9.

“Comptroller of the Currency,” Dictionary of American History (Scribners, forthcoming).

Review of The Man Who Made Wall Street: Anthony J. Drexel and the Rise of Modern Finance, by Dan Rottenberg, The Pennsylvania Magazine of History and Biography 26, no. 4 (Oct. 2002), 665-67.

“The Great Crash of 1929 at Seventy-Five,” Financial History 82 (Fall 2004), 11-13.

“What Hamilton Wrought: How New York Gave Birth to Washington and Washington Shaped New York,” New York Sun, Aug. 30, 2004, 18.

“Credit Agencies,” The Encyclopedia of New York State, Peter Eisenstadt, ed., Syracuse University Press, 2005, 419.

Review of The First Crash: Lessons from the South Sea Bubble, by Richard Dale, Business History Review 79 (Summer 2005), 419-21.

“Robert Fulton on the Profit Potential of Steamboat Navigation in the Early Nineteenth Century,” Organization of American Historians Magazine of History 19 (May 2005), 44-53.

“Comment on Becht and DeLong, ‘Why has there been So Little Blockholding in America?’” in Randall Morck, ed., A History of Corporate Governance, Chicago, University of Chicago Press, 2005, pp. 660-666.

Review of Chairman of the Fed: William McChesney Martin Jr. and the Creation of the American Financial System, by Robert P. Bremner, Enterprise & Society 7 (June 2006, 414-16.

Review of Other People’s Money: Debt Denomination and Financial Instability in Emerging Market Economies, Barry Eichengreen and Ricardo Hausmann, eds., Business History 48,3(July 2006), 446-48.

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“Alexander Hamilton: Report on a National Bank,” in Lexikon Ökonomischer Werke, Dietmar Herz and Veronika Weinberger, eds. (Stuttgart: Verlag Wirtschaft und Finanzen, 2006), 169-70 (in German).

“Alexander Hamilton, Central Banker and Financial Crisis Manager,“ Financial History 87 (Winter 2007), 20-25.

“The Diamond of Sustainable Growth”, Sternbusiness (Spring/Summer 2007), 26-29. Co-authors: George David Smith and Robert E. Wright.

Review of Pricing Theory, Financing of International Organizations, and Monetary History, by Lawrence H. Officer, www.EH.NET-Reviews, November 2007.

Review of Breaking Open Japan: Commodore Perry, Lord Abe, and American Imperialism in 1853, by George Feifer, Enterprise & Society 8 (Dec. 2007), 967-68.

Review of Capital Ideas Evolving, by Peter L. Bernstein, Journal of Economic Literature 46 (March 2008), 168-70.

Review of Surviving Large Losses: Financial Crises, the Middle Class, and the Development of Capital Markets, by Philip T. Hoffman, Gilles Postel-Vinay, and Jean-Laurent Rosenthal, Journal of Economic History 68 (June 2008), 330-31.

“Get used to it. American government has always propped up American banks,” http://www.Forbes.com/2008/10/15/federal-banking-hamilton- oped/cx_rs1015sylla.html (October 15, 2008).

Review of Every Man a Speculator: A History of Wall Street in American Life, by Steve Fraser, Labor History 50:2 (2009), 225-26.

Review essay on A Farewell to Alms: A Brief Economic History of the World, by Gregory L. Clark, Business History Review 82: 4 (Winter 2008), 839-43.

“Another Great Depression? A 911 Call to Alexander Hamilton Might Be the Answer”, SternBusiness (Spring 2009), 36-39.

“The US Banking System: Origin, Development, and Regulation”, HistoryNow—American History Online, 24 (June 2010), at http://dev2.gilderlehrman.org/historynow/06_2010/.

“Investment Banking,” in Kenneth T. Jackson, ed., The Encyclopedia of New York City, 2nd ed. (New Haven: Yale University Press, 2010), 654-55.

Review of The Philadelphia Stock Exchange and the City It Made, by Dominic Vitiello with George Thomas, Pennsylvania Magazine of History and Biography 135 (Jan. 2011), 110-11.

Review of Unsettled Account: The Evolution of Banking in the Industrialized World since 1800, by Richard S. Grossman, Journal of Economic History 71 (March 2011), 254-55.

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Review of Investing in Life: Insurance in Antebellum America, by Sharon Ann Murphy, Journal of American History 98 (2011), 513-14.

“’Fortune 500’ of 1812 Shows U.S. Banks’ Early Influence”, Bloomberg Echoes, April 10, 2012. Co-author: Robert E. Wright. http://www.bloomberg.com/news/2012-04-10/-fortune-500-of-1812-shows-u-s-banks-early- influence.html.

“Early Corporate America: The Largest Industries and Companies before 1860,” Financial History 103 (Summer 2012), 21-25, 38-39. Co-author: Robert E. Wright.

“A Museum of Finance: Why?” Financial History 104 (Fall 2012), 24-27, 46.

“New Goals for American Corporations”, Huffington Post Business, January 14, 2013. Co-author: Ralph Gomory. http://www.huffingtonpost.com/ralph-gomory/new-goals-for-american- co_b_2471033.html?view=screen

“Central Banking and the Incidence of Financial Crises”, Financial History 108 (Fall 2013), 20-23.

Review of Political Bubbles: Financial Crises and the Failure of American Democracy, by Nolan McCarty, Keith T. Poole, and Howard Rosenthal, Journal of Economic Literature (March 2014 forthcoming).

E. LECTURES ON TAPE

"The Development of Banking Systems: England and America 1700-1914", and "Banking and Economic Development" (with P. L. Cottrell), London: Audio Learning Limited, 1979.

F. Internet Data Bases Created

“Price Quotations in Early U.S. Securities Markets, 1790-1860.” http://eh.net/databases/early-us-securities-prices

G. WORKS IN PROGRESS, 2004

Wall Street: A Concise History, with George David Smith (to be published by Cambridge University Press).

"Sovereign Debt and Repudiation: The Emerging-Market Debt Crisis in the US States, 1839-1843," NBER Working Paper 10753 (Sept. 2004), submitted to Journal of Economic History; revise and resubmit, August 2007. Still under revision to relate the Euro Zone crisis.(Co-author: John J. Wallis.)

“Debt, Default and Constitutional Reform: U.S. State Debt Crises and their Aftermath, 1830-1857” (presented at conference, “Government Debt Crises: Politics, Economics, and History”, Geneva, Switzerland, November 2012. 18

H. INVITED ACADEMIC LECTURES AND SEMINARS (since 1975)

1975 - Oxford (All Souls College) 1976 - Oxford (St. Antony's College) London School of Economics and Political Science 1978 - Oxford (St. Antony's College) Edinburgh (Seventh International Economic History Congress) 1980 - Columbia University 1981 - Northwestern University University of Chicago New York University 1982 - Budapest (Eighth International Economic History Congress) University of Mississippi Rockefeller Archive, Pocantico Hills, NY 1983 - University of Pennsylvania Rutgers University North Carolina Central University University of California - Berkeley Eleutherian Mills Historical Library University of Rochester 1984 - Harvard University Wake Forest University 1986 - Bern (Ninth International Economic History Congress) Yerevan, U.S.S.R. (History Section, Armenian Academy of Sciences) 1987 - National Bureau of Economic Research, Summer Institute University of Illinois Indiana University University of Chicago 1988 - American University (Washington, D.C.) Reserve Bank of Australia (Sydney) Melbourne University (Australia) University of Auckland (New Zealand) 1989 - Clemson University New York University 1991 - Columbia University Jerome Levy Economics Institute, Bard College Lehigh University UCLA 1992 - Harvard Business School Governors State University, Illinois 1993 - Jerome Levy Economics Institute, Bard College Baruch College 1994 - World Bank, Washington, DC 1995 - NYU Japan Center Technical Symposium, Tokyo 1996 - Austrian Colloquium, NYU Economics Dept. (Arts & Sciences) University of Chicago 1997 - University of Munich, Germany (2) Free University of Berlin, Germany (2) University of San Andres, Argentina University of Toronto (Cliometrics Conf.) 19

1998 - Harvard University Indiana University University of Illinois Universidad Torcuato di Tella, Argentina California Institute of Technology Columbia University 1999 - London School of Economics 2000 - NYU (Berkley Center/Austrian Economics joint seminar) University of Maryland CUNY-Graduate Center The World Bank Union College 2001 – Harvard Business School UNC-Chapel Hill IMF University of the South, Sewanee 2002 – Federal Reserve Bank of New York Harvard University of Virginia IMF Harvard Business School 2003 – Bank of Japan Nihon University, Tokyo Yale University Univ. of Oxford (Hicks Lecture) Stockholm School of Economics University of Paris Univ. Carlos III, Madrid Univ. Carlos III, Madrid (Figuerola Lecture) Harvard (Warren Center) 2004 – Univ. of Arizona, Jan. Harvard (Econ. History seminar) Harvard (Monetary Policy seminar) Johns Hopkins University Humboldt University, Berlin Harvard Business School New-York Historical Society (The Bernard and Irene Schwartz Distinguished Speakers Series, six lectures on ‘Alexander Hamilton and the US Financial Revolution, 1789-1795’) 2005 – Stanford University Ohio State University China Europe International Business School (Shanghai) 2006 – University of Illinois Northwestern University Rutgers University Utrecht University, Netherlands Bank of Italy, Rome 2007 – University of Wisconsin, La Crosse 2008 – Columbia University University of Venice University of Geneva North Carolina State University 20

2009 – Tel Aviv University SUNY-Binghamton New-York Historical Society Barnard/Columbia University Dartmouth College Wichita State University 2010 – Washington University Stockholm School of Economics Financial University under the Government of the Russian Federation Wichita State University 2011 – Ohio Wesleyan University 2012 – NBER DAE Summer Institute United States Treasury 2013 – Dubrovnik Economics Conference, 6/11-14

I. WORKSHOPS AND CONFERENCES ORGANIZED

Triangle Economic History Workshop, North Carolina - organizer of this intercampus workshop that met approximately twice monthly at National Humanities Center, 1979-1990.

Columbia University Economic History Seminar, 1991-92 co-chair with Kevin O'Rourke, met monthly.

NYU Salomon Center Conference on "Anglo-American Finance: Institutions and Markets in the USA, Canada, and the UK in the 20th Century," Dec. 1993.

NYU Stern, Financial History seminar, 2003-

NBER “Founding Choices” conference, Hannover, NH, May 2009.

J. CONSULTING ACTIVITIES

North Carolina Utilities Commission, 1971-73 (Cost of capital testimony, rate hearings) Citibank (New York), 1979-1983 (Institutional development study) WRAL-FM 101, 1980-1990 (Radio commentaries) Chase Manhattan Bank (New York), 1983-1985 (Institutional development study) South Street Seaport Museum (New York), 1990-96. Warren, Gorham & Lamont, Inc., 1991-97 . The Winthrop Group, 1994- . Foundation for Teaching Economics, 1994-2004. Sullivan & Cromwell, 1996 Fenwick & West and Mayer, Brown & Platt, 1996-97 Faulkner & Gray, 1997-2000 Ferrostaal, Inc., 2000 IMF, 2001-02 W.R. Berkley Corp., 2001 Swedish International Development Agency (SIDA), 2001 Fidelity Investment Mgmt., 2008 21

Oppenheimer Funds, 2008 Credit Suisse, 2008-09 Gilder Lehrman Institute of American History, 2010- H Partners Management LP, 2012-

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