The Economic History Podcast: Recent Episodes
Seán Kenny
The Economic History podcast is a platform for sharing knowledge, ideas and new research with a general interest audience. Each fortnight, we meet leading academics in the field and discuss a range of topics, including pandemics, long run economic growth, gender issues, financial crises, inequality, sustainable development and a number of weird and fun economic experiments in history. There is no time like the past to help us understand the present.
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?
In this episode, Prof. Kevin H. O'Rourke discusses some of his work on trade and globalization. We trace the beginnings of globalization, mention some problems with measuring it perfectly, and review some of the literature on tariffs and economic growth including Kevin's own papers. We review how the U.S. and the U.K. turned protectionist in different ways during the 1930s and contrast previous tariff levels with those of the present day. We finish with a discussion on how the "losers" of globalization have elected populist leaders, with the caveat that populism in its current form is markedly different to U.S. variety in the late 19th century.
Prof. Kim Oosterlinck walks us through the strange world of financial (and alternative asset) markets in occupied France. We begin by looking at the economic costs of the Nazi occupation. We then turn to discuss the array of measures that were put in place to force the financial markets to respond in the way the new regime required. How did government debt and stock markets respond? How did the freer (and grey/black) markets in other asset classes such as artworks behave by comparison?
In this episode, we meet Prof. Bradford DeLong to discuss his recent book 'Slouching Towards Utopia: An Economic History of the Twentieth Century.' We cover the rate of technological change prior to the industrial revolution. Before 1500, "the amount of technological change they got in a century, we get in two and a half years"! We also look at some prerequisites for industrialisation and discuss how the second industrial revolution was the game-changer in terms of long run living standards. After discussing the European turnaround after the Marshall Plan, we finish in the post-war era by looking at "Pacific Rim" development and how it differed from previous modern economic growth episodes.
In this episode, we meet Assist. Prof. Jason Lennard to discuss his work on measuring fluctuations in the UK economy. We cover the nature of the business cycle, how it is measured and how it has changed through time. We also consider the implications of rigid wages during economic downturns. We look at new evidence on the existence of "sticky wages" during the Great Depression in the UK, using disaggregated (instead of average) wage data. Finally, we chat about the effects of policy interventions in managing UK economic cycles, which began in earnest during the twentieth century. Can monetary policy be effective in achieving economic objectives?
In this episode, we meet Prof. Eric Schneider to discuss the use of data on heights in economic history as a measure of well-being. Eric discusses his use of the crew records on a British ship (in operation for over a century) and what such sources can reveal about human growth patterns over longer time horizons- are they simply a function of income or is there more to the picture? We also hear about variation across countries and note some dramatic changes in human growth patterns over the last century. Finally, Eric talks about the importance of revisiting old height data with new insights from the medical literature and applies this framework to the existing data on slave children.
Today we meet with and discuss the recent work of Prof. Leandro Prados de la Escosura. We speak about the concept of economic liberty and discuss whether improvements in measures of health and education map on to GDP per capita over time.....it's not that simple. With new metrics developed by Leandro, we reconsider the standard narratives with examples from different periods where well-being and GDP per capita appear to diverge. Using his newly developed data, Leandro joins the economic inequality debate and considers whether global equity in well-being has followed a similar path to the distribution of income story.
In this episode, Prof. Robert Gordon walks us through the U.S. growth record since the Civil War. We discuss some key takeaways from his monumental 2016 book (which lends its name to this episode). We cover some key drivers of changes in standard of living, not all of which are captured in economic statistics. We contrast the technological breakthroughs in the period 1870-1940 with 1940-2010 and consider the varying productivity impacts of each. Finally, we review the major headwinds facing the US economy in the coming decades.
In this episode, we sit down with Assoc. Prof. Kirsten Wandschneider to talk about the monetary disintegration that plagued the interwar period. How did countries choose to go back on the Interwar Gold Standard? How did this constrain policy choices? Why did countries eventually leave and why was the interwar standard so shortlived? We also review the performance of countries who remained on gold compared with those who imposed various types of capital controls based on Kirsten's work. We finish by considering her recent efforts to quantify the effects of the 1930s currency wars on international trade.
Prof. Peter Lindert discusses the evidence on social spending and the economy since the nineteenth century summarized in his new book- 'Making Social Spending Work'. Why did it take so long? What are the effects of social spending on growth? What are the threats to the welfare state? We finish by covering the reformers and non-reformers in tackling the looming pension crisis, as population ageing appears in many of the world's economies.
In this episode, we chat with Prof. Tamás Vonyó about the long run variation in the impact of World War II across a range of European economies. We begin with discussing the comparative wartime destruction across regions (using Tamás' "5 D's") and then move on to contrast the growth experiences of Western Europe and Eastern Europe with these initial starting points in mind. We also revisit the 1980s collapse of the Eastern Bloc and reconsider the role of factor inputs as a cause of socialism's failure, as an alternative to the traditional narrative, which places the blame on productivity/innovation deficiencies.
Prof. Deirdre McCloskey has written prolifically on a wide range of topics. In this episode, she discusses her trilogy of books which attempt to explain what she coined 'The Great Enrichment' since the nineteenth century. We discuss the use of language in economics, the potentially overstated role of physical capital, how liberalism spawned innovation and fostered ideas, as well as comparing some historical living standard examples throughout.
Today, we meet Professor Hans-Joachim Voth to discuss some of his work on the economic forces around religious and political epochs characterised by extremism. We begin by reviewing the long term economic effects of the Spanish Inquisition and consider the historical roots of anti-semitism in explaining Nazi support centuries later. Finally, we look at how "social capital" may have negative effects in garnering support for extremist movements and look at the effects of road building on political votes for the Nazi party.
Professor Peter Temin's 'Lessons from the Great Depression' remains a standard classic three decades since its publication. In today's episode, Peter talks about the Great Depression's lessons for today's policy makers and the use of fiscal policy with and without a gold standard. We also consider how the existing theories available to each generation influence their policy makers in their choices.
This week, we hear from Prof. Naomi Lamoreaux on her work on the evolution of the corporation through time. We start with trying to define what a firm is, cover the motivations behind and the consequences of mergers. We look to a past example of a giant corporation and put it in the context of the present. Is "bigness" of some firms a problem and if so, how might we attempt to deal with it?
This week, Prof. Karol Jan Borowiecki discusses his research on composers' creativity and consider some of the factors that influence the process: emotions, geography and instruction. We review some of the most innovative ways that Karol's work in economic history measures emotions, creative output and the transmission of ideas and consider the relevance of these to our understanding of long term economic growth.
Today, we meet Prof. Eric Monnet of the Paris School of Economics and discuss the monetary system that emerged after World War II- Bretton Woods. After covering how it theoretically operated, Eric takes us through the details of how it functioned in reality. We look at the nostalgia for gold amongst some central bankers, the co-operation that distinguished the BW system from the Gold exchange standard and consider new interpretations on the underlying causes of the system's ultimate demise.
In this episode, we meet Prof. Jutta Bolt to discuss the collaborative effort of the Maddison project, which standardizes international income statistics to compare living standards over time and space. We look at some of Jutta’s research on the relationship between slavery and economic growth, as well as discussing how pre-colonial institutions influenced colonial institutions in Sub-Saharan Africa. We finish with a review of some of her new work on historical income inequality in sub-Saharan Africa.
Professor Nicholas Crafts discusses some important developments in our interpretations of the Industrial Revolution over recent decades. We discuss how Nick's work, along with that of others, has led to a more sober interpretation of the productivity performance of the British economy during the first Industrial Revolution. Some of the most prominent theories of the root causes of the Industrial Revolution are covered as well as potential "disadvantages" of being the first country to experience modern economic growth.
In this episode, we meet Dr. Leigh Gardner to consider the experience of a number of former British colonies in Africa. We review the literature and Leigh's work on the cost of financing and operating former colonies and compare their debt and borrowing experiences with other regions. We also discuss her recent work on constructing national accounts for eight African economies 1885-2008 and review their experiences over the long run. The magnitude and frequency of economic shrinking stands out as a major brake to economic convergence in the cases considered.
In this episode, we speak with Professor Richard Steckel on his extensive work using height, nutritional, fertility and mortality data to explain the tragic outcomes of American slave health. We discuss the marriage and fertility patterns of slaves and consider what these implied for their children. After slave liberation, we look at the potential labour market facing freed slaves and the legal and violent backlash visited upon their children's generation.
In this episode, Prof. Richard Sylla talks us through the process of building up a currency union in the U.S. following independence in 1776. We also consider the key ingredients for a successful "financial revolution", drawing on international examples from economic history. In addition, the relationship between modern financial systems and subsequent economic growth is discussed with reference to Sylla's own work.
In this episode, we discuss the subtitle of Professor Jared Rubin's book: 'Why the West got Rich and the Middle East did Not.' We consider the Golden Age of Islam against the Western European backwater, facing its long dark age. Jared offers an original political economy framework to help understand why the latter eventually pulled ahead, in terms of economic performance. We look at the context of the birth of both religions and their subsequent relationships with contemporary political elites and legal systems. We also review how the path dependent processes emanating from these had long lasting economic effects. Finally, we discuss the divergence in the political cultures of some Catholic and Protestant states in post reformation Europe and reflect on some current parallels in the Middle East.
In this episode, we meet with the eminent Prof. Diane Coyle to discuss the evolution of measuring economic activity through time. When and why did the process begin and how did it evolve? What were the political motivations that drove the changes regarding how and what we recorded? How does it measure what we value and does it place appropriate value on what we measure?
In this episode, we meet 'the guy who wrote the book on' why economists need economic history, Dr. Chris Colvin (Queen's University Belfast). We discuss the importance of the subject for policy makers, economists and the additional tools economic historians bring to their research. From panics to pandemics, we can only learn from the past.
In this episode, we meet Professor Nikolaus Wolf discuss Germany's economic development since the Napoleonic Wars with a particular focus on Regional development. We discuss trends in German economic integration, the division after World War II and the consider the regional economic differences since the fall of the Berlin Wall in 1989 (Reunification in 1990).
In this episode we look at the long run development of India's Economy (1700-2010) with Professor Bishrupniya Gupta. We consider the institutional legacy of Colonialism on matters such as education and agricultural productivity. We also discuss the effects of economic policy shifts in independent India and consider some of the historical roots of sectoral productivity.
This week, we meet Professor John Turner to discuss his new book "Boom and Bust: A Global History of Financial Bubbles" with Will Quinn. We cover their original interpretation of historical bubbles using their newly developed concept of the bubble triangle. Among other things, we look at the railway and bicycle manias, the Wall Street Crash and two recent Chinese bubbles. We also contemplate the variety of costs of investment in Poyais bonds.
This week, Professor Stephen Broadberry shares insights from his extensive work in constructing national accounts over the very long run, to answer contemporary debates. When did the Great Divergence occur? Why does structural change matter and what did it imply for leading economies of the last century? Finally, we look at the implications of economic the frequency and magnitude of economic shrinking for developing countries.
In this episode, we meet Prof. Jane Humphries and discuss her extensive research on women in the workforce. We discuss changes in the relative position of female casual workers and annually contracted workers and tackle hypotheses of the potential causes (and validity) of the "male breadwinner" model, before and after the Industrial Revolution. We also consider a reinterpretation of historical living standards, based upon using annual, rather than daily wage measures.
In this episode, we meet Prof. Patrick Wallis to discuss some of his previous work on pandemics and plagues. We look at the comparative magnitudes of some of the worst disease outbreaks and discuss how the perceptions of pandemics, the norms around personal responsibility and the nature of policy responses have all evolved over time. We also consider the nature of media reporting across cases and how government action may have been influenced by the socioeconomic status of the initial sufferers.
This week, we chat with Professor Morten Jerven on the weakness of data in developing economies. We discuss the history of political machinery behind final economic statistics, the misaligned incentives facing data collectors and providers and the inconsistency between key international databases. We also discuss the comparative lack of funding for statistical agencies in developing countries, given the gigantic tasks facing them, and finish with how much it might cost to improve statistical capacity to a relatively acceptable level.
In this episode, we are joined by Prof. Nicholas Crafts. Nick covers the interwar period, the Great Depression, the Golden Age and Secular Stagnation. We also discuss the "social capabilities" of economies and the idea that an appropriate "institutional fit" for one economic age will not necessarily be the correct configuration to exploit the opportunities of the next epoch.
In this episode, we chat with Professor Cormac Ó Gráda about his new work that re-interprets the causes and mechanisms underlying the Industrial Revolution. We also consider the profound economic and human dislocation that resulted from the extreme economic shock of the Irish Famine during the same period, comparing it with other such events across the globe through economic history.
In this episode, Dr. Carl Benedikt Frey discusses the relationship between technological breakthroughs and the varying responses from Labour over the long run. We discuss whether we are currently entering another 'Engel's Pause', contrasting labour replacing versus labour augmenting technologies and consider the political challenges they leave in their wake.
In this episode, Professor Lisa Cook talks about her work on measuring the economic costs of discrimination. We discuss the lost output resulting from the large volume of "missing" patents (equivalent to a medium-sized European country's) due to racial violence and institutionalized discrimination. We also discuss the macroeconomic consequences of discrimination against African Americans and women at each stage of the innovation process.
In this episode, we chat with François Velde about his work on great debasements, sudden deflations in France, and lottery punters paying more for uncertain, rather than certain, payoffs.
This week, we chat with Dr. Kerstin Enflo about her research on the economic causes and effects of artificially planted towns, regional inequality and the impact of technological changes on the labour force.
In this episode, we discuss the history of public debt and the various ways in which it has increased or decreased over time. We review the economic costs of government default on the private sector and consider the historical record of debt mutualisations in light of the current Eurobond debate.