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With concepts like the consumer revolution or the industrious revolution, the changing behaviour of private households in the 18th and early 19th centuries has become of great interest. The article suggests a new way to observe intentions and decisions, by utilizing a database of 850,000 classified ads from the Basel Avisblatt over a span of 116 years. Changes in food prices constantly altered the discretionary income of households, which forced budget-related decisions. By cross-correlating indicators of discretionary income with the changing number of different types of ads, patterns of utilizing the Avisblatt can be identified, and strategies to stabilize discretionary income deduced.

Current research on the long-term influence of ordoliberal and neoliberal ideas is hampered by an overly static and generalised picture of the Freiburg School. To address this gap, the paper analyses all articles published in ORDO, the flagship journal of the Freiburg School, between 1948 and 2014. This makes it possible to distinguish three phases of post-war ordoliberalism, to identify personal continuities and breaks, and to summarise thematic, methodological, and conceptual developments. Since the analysis utilises text mining methods, such as keyword identification and Topic Modeling, and validates the results of distant reading with close reading and external data, the paper also highlights some general methodological insights for using Digital Humanities in the historical sciences. [ABSTRACT FROM AUTHOR]

This paper investigates the sources of information and their quality as accessible to the government of the Federal Republic of Germany when trying to assess the situation of company funded pensions between 1949 and 1985 for the Company Pension Act of 1974. By taking a closer look at multiple government surveys as well as official statistics, the paper shows that the government only had very little access to verifiable and detailed information on the matter and relied largely on estimates. There were no coherent sources of information, and none were set up after the Act came into effect. The trend of a growing distribution and extent of corporate retirement plans from the late 1940s to the 1980s as seen in the government surveys is congruent with our findings. Furthermore, the Company Pension Act strengthened this already growing trend. [ABSTRACT FROM AUTHOR]

This article examines the research literature on the economic aspects of the "Sino-Soviet Alliance", which lasted from the end of the Chinese Civil war until the Sino-Soviet split (1949-1960/63). The Soviet and Eastern European contribution to China's industrialization, called the "largest technology transfer in human history" by some, still awaits detailed examination. This article aims to structure the field as well as inspire future research. The included studies range from on-the-ground microstudies of engineers at specific industrial construction projects to macro-perspectives on economic exchange, trade and governmental negotiations. In contrast to classical Cold War perspectives, which assume a primacy of (geo-)politics, the paper builds on more recent studies, arguing that economic rationales mattered in both the split and the forging of the alliance. The literature review suggests that the room for manoeuvre of actors beyond the Kremlin and party leaderships has to be measured anew, and that the impact of the alliance on Eastern Europe awaits further research. Finally, the influence of the West with its technologies and world markets becomes visible when these apparently exclusive East-East relations are examined more closely. [ABSTRACT FROM AUTHOR]

We identify two approaches to financial crises in the history of political economy, namely, the exogenous approach whereby financial crises are sudden events, and the endogenous approach whereby they arise from a long process. In focusing on the endogenous approach, we study the contributions by Thomas Tooke, Ralph Hawtrey, Hyman Minsky and Charles Kindleberger to the lender-of-last-resort theory, especially in international contexts, under the gold standard and the dollar system. The function of the lender of last resort broadens institutionally (depending on the type of securities and on the institutions issuing or holding them) and internationally (depending on jurisdiction and on the type of institutions ultimately requiring international liquidity). [ABSTRACT FROM AUTHOR]

Real estate markets have been all but neglected by historical research. Following a workshop held in Bielefeld in September 2019, this volume seeks to contribute to a better understanding of their characteristics. The introduction starts out with a definition of some key concepts. It then summarizes the state of historical research and argues for a focus on the social and institutional embeddedness of real estate markets. The introduction also gives an outline of the individual papers and a brief summary of some overall findings. [ABSTRACT FROM AUTHOR]

New digital methods are currently enhancing the historian’s toolbox fundamentally. This thematic issue is a collection of papers discussing case studies in the fields of digitization, optical character recognition, distant reading, text mining, network analysis, and historical geographical information systems. The papers discuss opportunities and limitations in the application of digital methods in historical studies and point out fields of future applications.

Recent research in economic history has found that mortgage debt in relation to GDP has taken off in the historical long run (“great mortgaging”), as growing banking assets have been redirected into mortgage credit. This paper maps the parallel long-run investment history of private (life) insurance as the much overlooked second pillar of the financial system. Drawing on in-depth studies of the US and Germany, it finds that a “great de-mortgaging” took place in insurers’ portfolios, with mortgages falling from up to 90 percent in the 19th century to below 5 percent today in favor of fixed-income securities. A parallel shift to secondary mortgage bonds has hardly offset this decline, while direct real estate remained largely a residual investment class. Banks’ great mortgaging is thus partly an institutional substitution effect. The paper sees insurers’ asset shift itself as mainly driven by long-run changes in capital demand and competition with banks and pension funds. It extends these findings to other long-term institutional investors and other OECD countries in the historical long run.

By examining the horizontal and vertical, international knowledge and technology transfer of specific industrial water-treatment-technologies, this paper reflects on their interaction with beer production. Against the background of the discrepancy between the importance of narratives on naturalness and originality in relation to brewing water and the industrial mass production in its historicity, an insight into a largely invisible but nevertheless fundamentally important technology will be given.

Over two decades from 1949 until the resumption of the diplomatic relations between these two countries in 1972, West German companies never gave up on the Chinese market despite substantial difficulties caused by Cold War frictions. This paper exams the payment transactions and terms of credits for financing industrial projects between the PRC and West German companies.

The term neoliberalism is a faithful companion of current public debates. It often serves as a proxy for what is allegedly wrong with society. The term is used to criticize a perceived commodification of spheres of human existence that used to be shielded from a purely economic logic. Recently, the term neoliberalism has become the object of historical research. Its roots have been traced back as far as 1947 or 1918. I argue in this paper that historians have taken a methodologically questionable approach, by departing from the blurry concept of neoliberalism as it is perceived today and trying to trace it back in time as far as possible. Such an approach leads to severe contradictions as economists labelled ex-post as neoliberals were often opposed to neoliberalism as it is currently defined. It is methodologically more sound and analytically more rewarding to start the conception of the term with the economists who self-identified as neoliberals. This approach leads to a more coherent concept of neoliberalism that is better suited for further research and provides a clearer understanding of the history of economic thought in the interwar period and the first postwar years.

The premodern European transport network was accompanied by a number of institutions that affected the transaction costs related to commercial travel, such as fairs, staple markets and toll stations. With digital techniques and big datasets, it is now possible to study these phenomena on a grand scale and to reveal patterns in supraregional economic exchange. Using the Viabundus dataset on premodern transport and mobility in northern Europe (13501650), this article explores the possibilities that such data offer for understanding large-scale economic activity. By employing GIS mapping for visualisation purposes and methods of network analysis such as the calculation of betweenness centrality, the data on fairs, staple markets and toll stations can help us understand the institutional structure of the premodern economy in which merchants operated. [ABSTRACT FROM AUTHOR]

This paper provides an introduction to the special issue on international lending of last resort. Starting from debates about rescue operations and unconventional policies of major central banks in the contexts of the Global Financial Crisis and the European Debt Crisis, it draws attention to recurring controversies about trade-offs between averting critical contagion in financial markets and avoiding moral hazard. The need for international lending of last resort in strongly interconnected financial systems is more than ever evident, but there is no clear consensus on how to manage it. The contributions to this special issue put relevant issues in historical and theoretical perspectives.

Departing from research on Westphalian leases between 1600 and 1900 the paper discusses the lease market of and price determination on three Westphalian estates. While economic history approaches suppose that leases can be seen as market relations and are therefore useful indicators to measure agricultural productivity, a more anthropological perspective emphasises the social relations between lessor (here: noble estate owner) and leaseholders. The choice of an adequate perspective has significant implications for research on agricultural productivity based on rents and leases. Our results indicate that the contractual arrangement of leasehold (well defined duration, announcement, auctions) was used to achieve the highest possible leases. However, at least until the 1830s, demand for leasehold land was rather low and leaseholders could benefit from a lack of competition. Price determination of leases resulted in rents below the Ricardian rent. Therefore, we argue that important assumptions of the established price approach, which uses leases as proxies for productivity, are not met and the analysis of agricultural productivity requires additional evidence on the leaseholder’s income and profit.

In 1933, the German government introduced the marriage loan for newlyweds, a policy aimed at increasing marriages and births as well as male employment, which entailed a work ban for the wife and sizeable credit deductions for children. This paper illustrates that the policy was rather ineffective based on a critical evaluation of the existing literature on the topic, how the policy was implemented in practice, as well as a correlation and interrupted time series analysis and consideration of the historical context of the period between 1925 and 1939. This result starkly contrasts to the substantial changes expected at the time of the introduction. In theory, only a small fraction of newlyweds was eligible for the loan. In practice, the development of marriages postintroduction significantly differed from the period prior to the policy, but causation is unclear. While births increased, this can be attributed to a combination of policies and the improved economic environment compared to the crisis years. The sharp decrease in unemployment probably resulted from the introduction of several targeted policies and embellishment of unemployment statistics.

The past two decades have seen the construction of a tiered system of international liquidity provision, the first tier including those whose credit is sufficient for a swap line with the Fed, the second tier including those who can offer acceptable collateral to the Fed, and the third tier including everyone else. It is a global dollar system, with the Fed operating de facto as the global central bank providing international lender of last resort support to the system. It is a system created not so much by conscious design, but rather as a pragmatic response to crisis, bit by bit over time. [ABSTRACT FROM AUTHOR]

The author argues that the idea, that the Bank of England accepted Walter Bagehot's recommendations from around the 1870s onwards and adopted the role of lender of last resort for the British financial markets, is a misconception. The published balance sheets give this impression, but a closer analysis of the balance sheet shows that the Bank of England never lost sight of the profit motive and had tied its own hands through the composition of its asset portfolio in order to be able to intervene effectively in the case of crisis. Even the only serious threat to financial market stability in the period under review, the Baring crisis of 1890, could only be mastered thanks to a broad rescue operation, coordinated solely by the Bank of England. This experience obviously did not contribute to a lasting change in the orientation of the Bank's business policy until the First World War. [ABSTRACT FROM AUTHOR]