The Economic History Podcast

In this episode, we meet for a second time with Prof. John Turner to discuss his recent book (with Michael Aldous)  'The CEO: The Rise and Fall of Britain's Captains of Industry.' John takes us through the twentieth century using the new database that he and Michael have assembled. We look at the economic backgrounds of CEOs, their interaction with the economy and policy making and consider the evolution of the role with examples from economic history on what makes a "good" CEO. We review the positive and negative legacies that various generations of CEOs left on their industries. Finally, John outlines the dramatic shifts that have taken place in the last 40 years and consider whether economic history can offer lessons for policy makers and businesses. 

Prof. Alexander Klein walks us through what the data reveal about US manufacturing since 1880. Why did manufacturing cluster in some regions? We discuss "first nature" and "second nature" geography explanations. Which regions "survived" the aftermath of manufacturing and why did others fall behind? We discuss the definition of the manufacturing belt and trace in employment numbers its rise and fall. Alex leans against the "China shock" as being the core explanation of the decline of the region, though we also consider the decline in national manufacturing employment, where such an explanation does play a role.

Prof. Christopher Meissner joins me to discuss his recent book 'One from the Many: The Global Economy since 1850' which traces the relationship between globalization, international economic growth, development and finance since 1850. We begin with a discussion of the great flows of migrants and capital underpinned by technological development and the gold standard. Chris then summarises the key issues that drove the Great Depression and contrasts this with the multilateralism that followed World War 2. We finish in the present day post-Bretton woods world and consider contemporary global imbalances and future considerations for designing policy for globalization in the twenty first century.  

Prof. Claudia Goldin, winner of the 2023 Nobel Prize in Economic Sciences “for having advanced our understanding of women’s labour market outcomes” joins us. We discuss her recent book 'Career and Family' and trace the career-family balance of five groups of university-educated women at different points in time over the twentieth century in the US. Claudia also considers the demands upon time associated with various professions for further career advancement and discusses how this may impact on choices that affect couple equity.

In this episode, Professor Michael Bordo talks about his finding on the countries that "learned" to develop financial stability through history versus those that did not. Mike also walks us through the historical evolution of the Canadian and US banking systems, contrasting the relative stability of the former with the instability of the latter. We discuss whether system design in the nineteenth and early twentieth centuries influenced the different outcomes of both countries during the Great Financial Crisis 2007-09. Finally, we consider the case of the Great Inflation experienced in the UK, where Mike discusses the "bad policy" choices and "bad luck" that plagued authorities until the 1990s. 

Professor Valerie Ramey takes us through the conundrum of why post-war unemployment did not surge in the USA. We then discuss the economic effects of fiscal policy and how the timing of spending (and spending announcements) matters to the measuring the outcome. We finish with a discussion on time use and consider whether leisure time has actually increased as is generally believed over the twentieth century, and review the link with how home production is measured.

Prof. Robert Allen discusses how the desert environment led to a unique economic structure-"from the sand up". Bob takes us through the economic implication of communal lands and describes the differences between the nomadic (Bedouin) and oasis economies. He suggests that religious structures were convenient in eventually consolidating various regions/tribes in the form of states. We also consider the incentives for a unique type of slavery, that arose from the nature of date farming/pearl diving in contrast to the Caribbean sugar plantation experience. 

Prof. Tommy Bengtsson takes us through the historical effects of short term stresses on living standards and health outcomes. How did high food prices in the nineteenth century impact the mortality risk and fertility patterns of different income classes- did it change over time? How did fetal exposure to the Spanish flu affect later life outcomes? What drives the rise in the elderly share of the population and why does it matter for solving the problems facing many pension systems? In this interview, Prof. Bengtsson guides us through each of these considerations drawing on his wealth of research in these areas.

Today, we meet Prof. Luis Bértola to discuss the economic history of Latin America since the 1820s. We cover Luis' book with José Antonio Ocampo ('The Economic Development of Latin America since Independence') tracing the development paths of three selected regions through different economic epochs- how did each zone perform, what were the driving forces and what policies emerged in response to internal/external challenges. We finish by discussing the disappointing growth that has plagued the region since trade liberalization in the 1980s and explore some deep rooted problems. We finish our chat by presenting a host of potential (but difficult) solutions that the region may need to undertake.

In this episode, we chat with Assoc. Prof. Erik Bengtsson about his extensive work on income inequality. What is the capital share of National Income, why does it matter and why does it change? We discuss the role of democracy and the "Great Levelling" in equality that occurred in Sweden and elsewhere in the first half of the twentieth century. Erik finishes by revisiting old assumptions on the Kuznets curve of income inequality brought about by structural change. With highly disaggregated Swedish income data, we revisit the extensive shift from agriculture to industry over the period from 1870 and consider the importance of the income distribution in the farming sector before structural change takes place. Does the Kuznets curve still play out in the standard way if inequality was high in the traditional sector to begin with?