Readings:

  • Alexander Gerschenkron (1964), Economic Backwardness in Historical Perspective, Cambridge, MA: Harvard University Press, chapter 1, pp. 5-30.
  • Naomi Lamoreaux (1986), "Banks, Kinship, and Economic Development: The New England Case," Journal of Economic History 46, pp.647-667, http://www.jstor.org/view/00220507/di975676/97p04006/0
  • Hugh Rockoff (1974), "The Free Banking Era: A Reexamination," Journal of Money, Credit and Banking 6, pp. 141-167, http://www.jstor.org/view/00222879/di963065/96p0182b/0
  • Lance Davis (1965), "The Investment Market, 1870-1914: The Evolution of a National Market," Journal of Economic History 25, pp. 355-393, http://www.jstor.org/view/00220507/di975592/97p0351c/0
  • Howard Bodenhorn and Hugh Rockoff (1992), "Regional Interest Rates in Antebellum America," chapter 5 in Claudia Goldin and Hugh Rockoff (eds), Strategic Factors in 19th Century American Economic History, Chicago: University of Chicago Press, pp. 159-187.
  • Sanford Jacoby (1984), "The Development of Internal Labor Markets in American Manufacturing Firms," in Paul Osterman (ed.), Internal Labor Markets, Cambridge, Mass.: MIT Press, pp. 23-69.
  • Susan Carter and Elizabeth Savoca (1988), "Labor Mobility and Lengthy Jobs in 19th Century America," Journal of Economic History 50, pp. 1-16, <http://links.jstor.org/sici?sici=0022-0507%28199003%2950%3A1%3C1%3ALMALJI%3E2.0.CO%3B2-9 >
  • John James (1990), "Job Tenure in the Gilded Age," in George Grantham and Mary McKinnon, eds., Labour Market Evolution, London: Routledge, pp.185-204.
  • Joshua Rosenbloom (1990), "One Market or Many? Labor Market Integration in the Late Nineteenth Century United States," Journal of Economic History 50, pp. 85-107, http://www.jstor.org/view/00220507/di975690/97p01544/0
  • Joshua Rosenbloom (2002), "Employment Agencies and Labor Exchanges: The Impact of Intermediaries in the Market for Labor," in Looking for Work, Searching for Workers: American Labor Markets during Industrialization (Cambridge, MA: Cambridge University Press), chapter 3, pp. 46-79.


Sanford Jacoby and John James both suggest that late-19th century American labor markets were very different from American labor markets today. What are the three most important factors they point to as explaining these differences?