The long-standing view in US economic history is that the shift in manufacturing in the nineteenth century from the artisan shop to the mechanized factory led to “labor deskilling.” Craft workers were displaced by mix of semi-skilled operatives, unskilled workers, and a small force of...

Studies have shown a connection between finance and growth, but most do not consider how financial and real factors interact to put a virtuous cycle of economic development into motion. As the main transportation advance of the 19th century, railroads connected established commercial centers and...

We investigate the relationships of bank failures and balance sheet conditions with measures of proximity to different forms of transportation in the United States over the period from 1830-1860. A series of hazard models and bank-level regressions indicate a systematic relationship between...