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Articles 1 - 12 of 12
Full-Text Articles in History
Religion, Longevity, And Cooperation: The Case Of The Craft Guild, Gary Richardson
Religion, Longevity, And Cooperation: The Case Of The Craft Guild, Gary Richardson
Gary Richardson
Whenthe mortality rate is high, repeated interaction alonemaynot sustain cooperation, and religion may play an important role in shaping economic institutions. This insight explains why during the fourteenth century, when plagues decimated populations and the church promoted the doctrine of purgatory, guilds that bundled together religious and occupational activities dominated manufacturing and commerce. During the sixteenth century, the disease environment eased, and the Reformation dispelled the doctrine of purgatory, necessitating the development of new methods of organizing industry. The logic underlying this conclusion has implications for the study of institutions, economics, and religion throughout history and in the developing world …
Intensified Regulatory Scrutiny And Bank Distress In New York City During The Great Depression,” With Patrick Van Horn, Gary Richardson
Intensified Regulatory Scrutiny And Bank Distress In New York City During The Great Depression,” With Patrick Van Horn, Gary Richardson
Gary Richardson
Bank distress peaked in New York City, at the center of the United States money market, in July and August 1931, when the banking crisis peaked in Germany and before Britain abandoned the gold standard. This article tests competing theories about the causes of New York’s banking crisis. The cause appears to have been intensified regulatory scrutiny, which was a delayed reaction to the failure of the Bank of United States, rather than the exposure of money center banks to events overseas.
Making Property Productive: Reorganizing Rights To Real And Equitable Estates In Britain, 1660 To 1830, Gary Richardson
Making Property Productive: Reorganizing Rights To Real And Equitable Estates In Britain, 1660 To 1830, Gary Richardson
Gary Richardson
Between 1660 and 1830, Parliament passed thousands of Acts restructuring rights to real and equitable estates. These estate Acts enabled individuals and families to sell, mortgage, lease, exchange and improve land previously bound by inheritance rules and other legal legacies. The loosening of these legal constraints facilitated the reallocation of land and resources towards higher-value uses. Data reveal correlations between estate Acts, urbanization and economic development during the decades surrounding the Industrial Revolution.
Quarterly Data On The Categories And Causes Of Bank Distress During The Great Depression, Gary Richardson
Quarterly Data On The Categories And Causes Of Bank Distress During The Great Depression, Gary Richardson
Gary Richardson
No abstract provided.
Distress During The Great Depression: The Illiquidity-Insolvency Debate Revisited, Gary Richardson
Distress During The Great Depression: The Illiquidity-Insolvency Debate Revisited, Gary Richardson
Gary Richardson
During the contraction from 1929 to 1933, the Federal Reserve System tracked changes in the status of all banks operating in the United States and determined the cause of each bank suspension. This essay analyzes chronological patterns in aggregate series constructed from that data. The analysis demonstrates both illiquidity and insolvency were substantial sources of bank distress. Periods of heightened distress were correlated with periods of increased illiquidity. Contagion via correspondent networks and bank runs propagated the initial banking panics. As the depression deepened and asset values declined, insolvency loomed as the principal threat to depository institutions.
Deposit Insurance And Moral Hazard: Capital, Risk, Malfeasance, And Mismanagement. A Comment On ‘Deposit Insurance And Moral Hazard: Evidence From Texas Banking During The 1920s, Gary Richardson
Gary Richardson
A Journal of Economic History article by Linda Hooks and Kenneth Robinson, “Deposit Insurance and Moral Hazard: Evidence from Texas Banking During the 1920s,” contains a contradiction (Hooks and Robinson 2002). Pondering the contradiction in the paper reveals insights that the authors may have overlooked. Hooks and Robinson’s article examines the experience of the banking industry in Texas during the 1920s. Texas operated a deposit-insurance system from January 1, 1910 until February 11, 1927. Deposit insurance was mandatory for all state banks, which were given the choice of two plans in which to participate. The preponderance participated in the depositors …
Check Is In The Mail: Correspondent Clearing And The Banking Panics Of The Great Depression, Gary Richardson
Check Is In The Mail: Correspondent Clearing And The Banking Panics Of The Great Depression, Gary Richardson
Gary Richardson
Weaknesses within the check-clearing system played a hitherto unrecognized role in the banking crises of the Great Depression. Correspondent check-clearing networks were vulnerable to counter-party cascades. Accounting conventions that overstated reserves available to corresponding institutions may have exacerbated the situation. The initial banking panic began when a correspondent network centered in Nashville collapsed, forcing over 100 institutions to suspend operations. As the contraction continued, additional correspondent systems imploded. The vulnerability of correspondent networks is one reason that banks that cleared via correspondents failed at higher rates than other institutions during the Great Depression.
The Records Of The Federal Reserve Board Of Governors In The National Archives Of The United States, Gary Richardson
The Records Of The Federal Reserve Board Of Governors In The National Archives Of The United States, Gary Richardson
Gary Richardson
The archives of the Federal Reserve System are found in Record Group 82 at the National Archives of the United States. This article describes the materials available in that record group and ways to locate useful documents. Section i provides a brief history of the Federal Reserve; it describes the organization of the institution and how it changed over time. The focus is on issues important for understanding the types of documents that may or will not be found in the archives. Section ii describes the process by which the documents were generated and preserved. Section iii provides a broad …
The Prudent Village: Risk Pooling Institutions In Medieval English Agriculture, Gary Richardson
The Prudent Village: Risk Pooling Institutions In Medieval English Agriculture, Gary Richardson
Gary Richardson
The prudent peasant mitigated the risk of crop failures by scattering his arable land throughout his village, Deirdre McCloskey argued, because alternative risksharing institutions did not exist. But, alternatives did exist, this essay concludes. Medieval English peasants formed two types of farmers’ cooperatives. Fraternities protected members from the perils of everyday life. Customary poor laws redistributed resources towards villagers beset by bad luck. In both institutions, the expectation of reciprocation motivated farmers with surpluses to aid neighbors with shortages.
Christianity And Craft Guilds In Late Medieval England: A Rational Choice Analysis, Gary Richardson
Christianity And Craft Guilds In Late Medieval England: A Rational Choice Analysis, Gary Richardson
Gary Richardson
In late-medieval England, craft guilds simultaneously pursued piety and profit. Why did guilds pursue those seemingly unrelated goals? What were the consequences of that combination? Theories of organizational behavior answer those questions. Craft guilds combined spiritual and occupational endeavors because the former facilitated the success of the latter and vice versa. The reciprocal nature of this relationship linked the ability of guilds to attain spiritual and occupational goals. This link between religion and economics at the local level connected religious and economic trends in the wider world.
Guilds, Laws, And Markets For Manufactured Merchandise In Late-Medieval England, Gary Richardson
Guilds, Laws, And Markets For Manufactured Merchandise In Late-Medieval England, Gary Richardson
Gary Richardson
The prevailing paradigm of medieval manufacturing presumes guilds monopolized markets for durable goods in late-medieval England. The sources of the monopolies are said to have been the charters of towns, charters of guilds, parliamentary statutes, and judicial precedents. This essay examines those sources, demonstrates they did not give guilds legal monopolies in the modern sense of the word, and replaces that erroneous assumption with an accurate description of the legal institutions underlying markets for manufactures in medieval England.
A Tale Of Two Theories: Monopolies And Craft Guilds In Medieval England And Modern Imagination, Gary Richardson
A Tale Of Two Theories: Monopolies And Craft Guilds In Medieval England And Modern Imagination, Gary Richardson
Gary Richardson
No abstract provided.