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We develop the concept of the slave-trade balance of payments and generate its table for the United States for 1790–1860. In the process, we construct new data for the slave trade, including both the physical movement and revenue figures, and we analyze these numbers. The balance of payments includes slave imports, carrying trade in slaves, purchases of slaves that fail to be imported, outfitting and provisioning slave ships, and slave-ship sales. The slave-trade balance is integrated into the standard balance of payments. Among the findings are the following: slave imports were dominated by natural growth except for one decade; US ships had the greater role than foreign ships in the import trade, but were of small—and eventually nil—consequence in the carrying trade; federal and state laws to prohibit the slave trade in all its aspects were generally effective; and the slave-trade balance of payments was a small component of the overall balance.

The Baumol effect follows from simple but deep microeconomic reasoning. All prices are relative prices, so if some goods are getting cheaper, others must be getting more expensive. Simple. But in transferring our attention about the cause of rising prices from stagnating sectors to progressive sectors, the Baumol effect radically changes our understanding of the causes, consequences, and evaluation of rising prices. Even today, the power of the Baumol effect to explain price changes through different time periods and places is underestimated. Throughout his career, Baumol returned to this simple idea many times, making it a key to his thought and his evolving views on long-term economic development.

This paper explores the origins of the great fortunes of the Gilded Age. It relies on two lists of millionaires published in 1892 and 1902, similar to the Forbes magazine list of the 400 richest Americans. Manufacturing, as might be expected, was the most important source of Gilded Age fortunes. Many of the millionaires, moreover, won their fortunes by exploiting the latest technology: Alfred D. Chandler's “continuous-flow production.” A more surprising finding is that wholesale and retail trade, real estate, and finance together produced more millionaires than manufacturing. Real estate and finance, moreover, were by far the most important secondary and tertiary sources of Gilded Age fortunes: entrepreneurs started in many sectors, but then expanded their fortunes mainly through investments in real estate and financial assets. Inheritance was also important, especially in older regions. The observations, moreover, come before and after the Crisis of 1893, one of the most severe financial crises of the nineteenth century. The data reveal a high degree of survival among the great fortunes, and perhaps most surprising, a high degree of survival for fortunes based on real estate.

Numbers of worthy people are no doubt nursing themselves in the fond and foolish belief that when the Food Bill has received the Royal assent, and becomes law, the manufacture and sale of adulterated and sophisticated products will, to all intents and purposes, be suppressed, and that the Public Analyst and the Inspector will be able to report the existence of almost universal purity and virtue. This optimistic feeling will not be shared by the traders and manufacturers who have suffered from the effects of unfair and dishonest competition, nor by those whose knowledge and experience of the existing law enables them to gauge the probable value of the new one with some approach to accuracy. The measure has satisfied nobody, and can satisfy nobody but those whose nefarious practices it is intended to check, and who can fully appreciate the value, to them, of patchwork and superficial legislation. We have repeatedly pointed out that repressive legislation, however stringent and however well applied, can never give the public that which the public, in theory, should receive—namely, complete protection and adequate guarantee,—nor to the honest trader the full support and encouragement to which he is entitled. But, in spite of the defects and ineffectualities necessarily attaching to legislation of this nature, a strong Government could without much difficulty have produced a far more effective, and therefore more valuable law than that which, after so long an incubation, is to be added to the statute‐book.

Swimming is a popular holiday activity in tropical tourism destinations but is not risk free. Aside from the obvious risks of drowning, tropical waters harbour a number of marine animals that have the potential to injure or even kill unwary swimmers. Sharks, marine jellyfish and crocodiles may pose threats. From a destination perspective, strategies need to be implemented that firstly reduce the risk of injury and secondly care for swimmers who are injured. This paper first reports on the results of a survey of swimmers that examines a range of swimming-related behaviours then proposes an action pathway model that may be implemented by destinations to reduce risk for swimmers.

SEPTEMBER this year will be unique in the history of the librarian in England in that for the first time in nearly sixty years the annual conference of the Library Association has already become a memory only. There are those who profess to believe that the conference should be restored to the autumn months. It may be suggested on the other hand that the attendance at Margate lent no assistance to that point of view; indeed, the Margate conference was one of the most pleasant, one of the most successful, of which we have record. Nevertheless, if it can be proved that any large body of librarians was unable to be present owing to the change of month, it appears to us that the matter should be considered sympathetically. Although no one holds any longer the view that one week's attendance at a conference will teach more than many months' study in hermit‐like seclusion—the words and sentiments are those of James Duff Brown—because to‐day there is much more intimate communication between librarians than there was when that sentiment was expressed, there is enormous value, and the adjective is not an exaggeration, in one large meeting of librarians in body in the year. It is an event to which every young librarian looks forward as the privilege to be his when he reaches a high enough position in the service; attendance is a privilege that no librarian anywhere would forego. And this, in spite of the fact that there is usually a grumble because the day is so full of meetings that there is very little chance of such recreation as a seaside, or indeed any other, place visited, usually provides for the delegates.

In this paper, I demonstrate an alternative explanation to the development of the American electricity industry. I propose a social embeddedness approach (Granovetter, 1985, 1992) to interpret why the American electricity industry appears the way it does today, and start by addressing the following questions: Why is the generating dynamo located in well‐connected central stations rather than in isolated stations? Why does not every manufacturing firm, hospital, school, or even household operate its own generating equipment? Why do we use incandescent lamps rather than arc lamps or gas lamps for lighting? At the end of the nineteenth century, the first era of the electricity industry, all these technical as well as organizational forms were indeed possible alternatives. The centralized systems we see today comprise integrated, urban, central station firms which produce and sell electricity to users within a monopolized territory. Yet there were visions of a more decentralized electricity industry. For instance, a geographically decentralized system might have dispersed small systems based around an isolated or neighborhood generating dynamo; or a functionally decentralized system which included firms solely generating and transmitting the power, and selling the power to locally‐owned distribution firms (McGuire, Granovetter, and Schwartz, forthcoming). Similarly, the incandescent lamp was not the only illuminating device available at that time. The arc lamp was more suitable for large‐space lighting than incandescent lamps; and the second‐generation gas lamp ‐ Welsbach mantle lamp ‐ was much cheaper than the incandescent electric light and nearly as good in quality (Passer, 1953:196–197).

The first Wisconsin Ph.D.s who came to MSU with an institutional bent were agricultural economists and included Henry Larzalere (Ph.D. 1938) whose major professor was Asher Hobson. Larzalere recalls the influence of Commons who retired in 1933. Upon graduation, Larzalere worked a short time for Wisconsin Governor Phillip Fox LaFollette who won passage of the nation’s first unemployment compensation act. Commons had earlier helped LaFollette’s father, Robert, to a number of institutional innovations.⁴ Larzalere continued the Commons’ tradition of contributing to the development of new institutions rather than being content to provide an efficiency apologia for existing private governance structures. He helped Michigan farmers form cooperatives. He taught land economics prior to Barlowe’s arrival in 1948, but primarily taught agricultural marketing. One of his Master’s degree students was Glenn Johnson (see below). Larzalere retired in 1977.

“Quasi‐markets” is the term predominantly employed as a means of conceptualising and describing the market‐oriented reforms primarily, but not exclusively, to the welfare state in the UK. This paper argues that the term, as popularly defined, cannot sustain a suitable analytical frame in the examination of an evolutionary process. In so doing, the paper draws heavily on Thorstein Veblen’s distinction between evolutionary and teleological approaches. The quasi‐markets concept, grounded in Oliver Williamson’s transaction cost economics, is predicated on the existence of “conventional markets”, defined as perfect competition. It is claimed that this renders the term devoid of analytical usefulness. Moreover, by presenting a narrow conception of exchange the quasi‐market terminology tacitly conveys an insipid pro‐market stance.