Has rising import competition contributed to the polarization of U.S. politics? Analyzing outcomes from the 2002 and 2010 congressional elections and the 2000, 2008, and 2016 presidential elections, we detect an ideological realignment that is centered in trade-exposed local labor markets and...

One traditional and oft-repeated explanation of the political impetus behind free banking connects the rise of Jacksonian populism and a rejection of the privileges associated with corporate chartering. A second views free banking as an ill-informed inflationist, pro business response to the...

This paper investigates the economics of pauper apprenticeship in antebellum Maryland and several results emerge. Contrary to some earlier interpretations, the system did not arbitrarily indent poor children. Court officials negotiated contracts that reflected an apprentice's productivity;...

Historians of U.S. race relations typically portray southern whites as reluctant to recognize or act favorably upon complexion-based differences within the African American community. Historians contend that mixed-race African Americans (mulattoes) received few advantages as a result of their...

Contemporary bank governance is criticized for manager-dominated (insider) boards of directors, but from the beginning of the nineteenth century, bank presidents appear also to have operated as chairmen of the boards of directors. However, the managers were constrained by a variety of rules that...

Share prices of modern corporations are influenced by the size and structure of boards of directors, large individual and institutional investors, and shareholder voting rights, among other governance features. It is not clear whether the same features mattered historically, given recent...