We consider the relative contributions of changing technology and institutions for economic growth through the investigation of a natural experiment in history: the almost simultaneous introduction of the automatic cream separator and the cooperative ownership form in the Danish dairy industry...

The usual story of the “first era of globalization” at the end of the nineteenth century sees Denmark as something as an outlier: a country which, like Britain, resisted the globalization backlash in the wake of the inflow of cheap grain from the New World, but where agriculture, rather than...