The Economic History Podcast

Claudia Goldin, a Harvard economist and 2023 Nobel Prize winner, delves into her groundbreaking work on women’s labor market outcomes. She details the career-family balance of five cohorts of university-educated women across the 20th century. Topics include the historical marriage bars affecting women's careers and the evolving role of motherhood in professional life. Goldin also highlights market responses, like subsidized childcare, that could bridge the persistent gender gap in the workforce, making for a compelling discussion.

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. 

In this engaging discussion, Professor Tommy Bengtsson, an expert in economic history and founder of the Centre for Economic Demography, explores the impact of historical stresses on health and living standards. He reveals how 19th-century food price shocks affected mortality and fertility across classes. Bengtsson examines the long-term effects of fetal exposure to the Spanish flu and the implications of an aging population for pension systems. His insights into the Scania database highlight the connections between early-life conditions and later health outcomes.

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 discussion, Kevin H. O'Rourke, a leading economist and expert in trade and globalization, explores the evolution and measurement of globalization. He highlights how the U.S. and U.K. adopted protectionist policies differently during the 1930s and analyzes the role of tariffs in economic growth. O'Rourke connects the 'losers' of globalization to the rise of populism, contrasting it with historic U.S. populism. His insights reveal how today's trade dynamics echo past geopolitical tensions and shape current economic landscapes.

Kim Oosterlinck, a professor and curator specializing in financial markets during wartime and art investment, dives into the peculiar financial landscape of occupied France. He reveals how the Nazi occupation imposed unique economic burdens and manipulated markets. The discussion uncovers the surprising rise of art as a safe investment amid chaos, alongside the complexities of asset valuation under duress. Oosterlinck also highlights how these historical insights shape our understanding of today's financial systems and art markets.

Prof. Bradford DeLong discusses 'Slouching Towards Utopia' exploring pre-industrial technological changes, industrialization prerequisites, the impact of the second industrial revolution on living standards, and post-war 'Pacific Rim' development. He compares European growth after the Marshall Plan and how it differed from previous economic growth episodes.