Categories
Exam Questions Harvard Money and Banking

Harvard. Banking and its history. Enrollment and final exam. Sprague, 1902-1903

Money and banking were the subjects in a two semester sequence of distinct courses at Harvard in 1902-03. Material for the money course taught by Abram Piatt Andrew, Jr. can be found in the previous post. Here we have a description, enrollment figures, and the final exam questions for economics instructor O.M.W. Sprague’s banking course in the sequence.

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8b2hf. Banking and the History of the leading Banking Systems. Half-course (second half-year). Mon., Wed., Fri., at 10. Dr. Sprague.

In Course 8b, after a summary view of early forms of banking in Italy, Amsterdam, and Hamburg, a more detailed account is given of the development, to the middle of the nineteenth century, of the system of banking in which notes were the principal form of credit and the chief subject of discussion and legislation. The rise and growth of the modern system of banking by discount and deposit is then described. The work is both historical and comparative in its methods. The banking development, legislation, and present practice of various countries, including England, France, Germany, Scotland, and Canada, are reviewed and contrasted. Particular attention is given to banking history and experience in this country: the two United States banks; the more important features of banking in the separate states before 1860; the beginnings, growth, operation, and proposed modification of the national banking system; and credit institutions outside that system, such as state banks and trust companies.

The course of the money markets of London, Paris, Berlin, and New York will be followed during a series of months, and the various factors, such as stock exchange dealings, and international exchange payments, which bring about fluctuations in the demand for loans, and the rate of discount upon them will be considered. In conclusion the relations of banks to commercial crises will be analyzed, the crises of 1857 and 1893 being taken for detailed study.

Written work, in the preparation of short papers on assigned topics, and a regular course of prescribed reading will be required of all students.

The course is open to those who have taken Economics 1.

Source: Harvard University. Faculty of Arts and Sciences, Division of History and Political Science [Comprising the Departments of History and Government and Economics], 1902-03. Published in The University Publications, New Series, no. 55. June 14, 1902.

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Economics 8b. 2hf. Dr. Sprague. — Banking and the History of the leading Banking Systems.

Total 133: 2 Gr., 38 Se., 52 Ju., 27 So., 1 Fr., 13 Others.

Source: Harvard University. Annual Report of the President of Harvard College, 1902-03, p. 68.

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ECONOMICS 8b

Answer the questions strictly in their order.

  1. (a) Why does a fall in the prices of stock exchange securities tend to reduce the loans and the deposit liabilities of the New York banks?
    (b) Why is the rate for call loans subject to greater fluctuations than those for time loans or on commercial paper?
  2. (a) Explain the relation between the supply of commercial bills of exchange and the rates for bankers’ sterling.
    (b) Explain the usual method by which a profit is realized from the export of gold from New York to Paris.
  3. Define or explain—
    1. Due to approved reserve agents.
    2. Bills payable.
    3. Cable transfers.
    4. The bank price of gold.
  4. Changes in the charter of the Reichsbank in 1899.
  5. What changes in other items would involve a change in the amount of deposits?
  6. Discuss the advantages of a central reserve bank and consider its applicability to the United States.
  7. Give some account of failures of the national banks.
  8. How do loans in Europe serve to reduce the credit liabilities of the New York banks?

Source: Harvard University Archives. Examination Papers 1873-1915. Box 6. Papers Set for Final Examinations in History, Government, Economics, History of Religions, Philosophy, Education, Fine Arts, Architecture, Landscape Architecture, Music in Harvard College, June 1903 (in the bound volume Examination Papers 1902-1903).

Image Source: Portrait of Oliver Mitchell Wentworth Sprague in the Harvard Class Album 1915, colorized by Economics in the Rear-view Mirror.

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Exam Questions Harvard Money and Banking

Harvard. Reading list and final exam for Survey of Currency Regulation. Andrew, 1902-1903

Abram Piatt Andrew, Jr. sprang from an assistant professorship of economics at Harvard (following his Ph.D. in 1900) to playing a key staff role in the preparation of the reports of the National Monetary Commission. Ultimately he became a Republican Congressman from Massachusetts, serving from September 1921 until his death in June 1936.

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Official Congressional Biography of
Abram Piatt Andrew, Jr.

ANDREW, Abram Piatt, Jr., a Representative from Massachusetts; born in La Porte, La Porte County, Ind., February 12, 1873; attended the public schools and the Lawrenceville (N.J.) School; was graduated from Princeton College in 1893; member of the Harvard Graduate School of Arts and Sciences 1893-1898; pursued postgraduate studies in the Universities of Halle, Berlin, and Paris; moved to Gloucester, Mass., and was instructor and assistant professor of economics at Harvard University 1900-1909; expert assistant and editor of publications of the National Monetary Commission 1908-1911; director of the Mint 1909 and 1910; Assistant Secretary of the Treasury 1910-1912; served in France continuously for four and a half years during the First World War, first with the French Army and later with the United States Army; commissioned major, United States National Army, in September 1917 and promoted to lieutenant colonel in September 1918; elected as a Republican to the Sixty-seventh Congress to fill the vacancy caused by the resignation of Willfred W. Lufkin; reelected to the Sixty-eighth and to the six succeeding Congresses and served from September 27, 1921, until his death; delegate to the Republican National Conventions in 1924 and 1928; member of the board of trustees of Princeton University 1932-1936; died in Gloucester, Mass., June 3, 1936; remains were cremated and the ashes scattered from an airplane flying over his estate at Eastern Point, Gloucester, Mass.

Source: Abram Piatt Andrew, Jr. entry at the internet Biographical Directory of the United States Congress.

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Economics 8a
Course Description

1902-1903

8a1hf. Money. — A general survey of currency legislation, experience, and theory in recent times. Half-course (first half-year). Mon., Wed., Fri., at 10. Dr. Andrew.

In this course the aim will be to show how the existing monetary systems of the principal countries have come to be, and to analyze the more important currency problems. The course will begin with a brief history of the precious metals, which will be connected, in so far as possible, with the history of prices and the development of monetary theory. The history of coinage legislation in England and Europe and the United States will be traced, and will lead to an extended consideration of the various aspects of the bimetallic controversy.

At convenient points, the experiences of various countries with paper money will also be reviewed, and the influence of such issues upon wages, prices, and trade examined. Some attention, moreover, will be given to the non-monetary means of payment and to the large questions of monetary theory arising from their use.

Systematic reading will be required and will be tested by monthly examinations.

Course 8a1 is open to students who have taken Course 1.

Source: Harvard University. Faculty of Arts and Sciences, Division of History and Political Science [Comprising the Departments of History and Government and Economics], 1902-03. Published in The University Publications, New Series, no. 55. June 14, 1902.

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Economics 8a
Course enrollment
1902-1903

Economics 8a. 1hf. Dr. Andrew. — Money. A general survey of currency legislation, experience, and theory in recent times.

Total 99: 4 Gr., 34 Se., 40 Ju., 14 So., 1 Fr., 6 Others.

Source: Harvard University. Annual Report of the President of Harvard College, 1902-03, p. 68.

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Reading List
Economics 8a
1902-03

BOOKS TO BE PROCURED

Francis A. Walker: International Bimetallism.

J. Laurence Laughlin: History of Bimetallism in the United States.

Leonard Darwin: Bimetallism.

REQUIRED READING

October

Walker: 1-110, 118-183.

Laughlin: 109-206.

Macaulay: History of England, ch. XXI. (Passages concerning the currency and its reform.)

The Bullion Report in Sumner, History of American Currency, Appendix; or in Sound Currency pamphlet, Vol. II, No. 14.
In connection with the Bullion Report consult Macleod: Theory of Credit, 738-760, 551-573; or Theory of Banking, I, 516-539,II, 1-95; or Sumner, American Currency, 231-310.

November

Laughlin: 1-105, 209-280.

Walker: 110-117, 183-9, 217-224.

Darwin: 1-154.

December

Taussig: Recent. Investigations on Prices in the United States, in the Yale Review for November, 1893.

Walker: 190-288.

Darwin: 157-280.

Taussig: The International Silver Situation in the Quarterly Journal of Economics for October, 1896.

January

(To be assigned later.)

Hour examinations will be held Nov. 7 and Dec. 5.

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003. Box 1, Folder “1902-1903.”

Cf. the richer bibliography for this course from the first term 1901-1902.

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ECONOMICS 8a
Mid-year Examination
1902-1903

Arrange answers strictly in the order of the questions
Omit one question

  1. Why did England adopt the gold standard? Why have other countries adopted it?
    State Walker’s and Laughlin’s opinions as well as your own.
  2. In a country with an inconvertible paper currency what are the conditions which control the premium on gold?
    1. according to the Bullion Report.
    2. according to Tooke.
    3. according to your own opinion.

Illustrate from English or American experiences with inconvertible paper.

  1. Trace the general changes in the value of gold in the United States from 1850 to the present time, analyzing so far as possible the reasons for these changes.
  2. Explain what you consider to be the merits and defects in the plans for the Phillipine currency adopted last year by the Senate and the House respectively? What lesson of significance for the Phillipine currency can be drawn from the history of the Latin monetary Union?
  3. Suppose that owing to the increasing gold supply the ratio between gold and silver were to fall, how would Mexican prices and the foreign trade of Mexico tend to be affected?
  4. How would you expect the fall in the value of silver to have affected (a) the trade relations of England and India before 1893? (b) the trade relations of India and China after 1893? How far is theory confirmed by actual experience?
  5. How according to Walker did monetary conditions affect the interests of the American working classes during the last quarter of the 19th century? Explain and criticise the nature of our evidence upon this subject.
    How did Walker and Marshall differ with regard to the effect of monetary conditions upon productive enterprise?
  6. Do falling prices “necessarily enhance the burden of all debts and fixed charges?”
    Illustrate by the experience of the United States during the period from 1873 to 1896, pointing out possible differences between agricultural and mercantile debts.
  7. Under what circumstances might a higher level of prices be maintained by means of book credits? Under what circumstances might a continuous rise in prices be effected by means of such credits?

Source: Harvard University Archives. Mid-year Examinations 1852-1943. Box 6. Papers (in the bound volume Examination Papers Mid-years 1902-1903).
Also included in: Harvard University Archives. Examination Papers 1873-1915. Box 6. Papers Set for Final Examinations in History, Government, Economics, History of Religions, Philosophy, Education, Fine Arts, Architecture, Landscape Architecture, Music in Harvard College, June 1903 (in the bound volume Examination Papers 1902-1903).

Image Source: 1911 portrait of Abram Piatt Andrew, Jr. by Anders Born at Boston’s Isabella Stewart Gardner Museum. Wikimedia Commons.

 

Categories
Exam Questions Harvard Industrial Organization Labor

Harvard. Problems of labor and industrial organization, Student Reports, Exams. Ripley, 1902-1903

 

William Zebina Ripley began his career as racial social anthropologist, with a scientific legacy that could have reduced him to the fate of a poster-child in later histories of popular and academic racism. At the latest, his work as transportation expert for the United States Industrial Commission in 1900 helped to divert his attention to disputes between organized labor and organized capital and away from “problems of immigration”. And so we find his course “Problems of Labor and Industrial Organization” at Harvard which is the subject of this post. Besides a thick course description in the division announcement of its course offerings for 1902-03, course enrollment figures, and the semester final exams, the Harvard archives also has a copy of a four-page printed instructions for the student reports to be prepared during the first semester covering “problems of labor”.

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Economics 9
Course Description
1902-1903

  1. Problems of Labor and Industrial Organization. , Th., and (at the pleasure of the instructor) Sat., at 10. Professor Ripley.

The work of this course will consist of two parts, one concerned mainly with the economic and social questions relating to labor, with especial reference to legislation; the other with the fiscal and industrial organization of capital, especially in the corporate form.

Among the topics included under the first head will be the following, viz.: methods of remuneration, profit sharing, cooperation, sliding scales, and collective bargaining; labor organizations; factory legislation in all its phases in the United States and Europe; strikes, strike legislation and judicial interpretation, conciliation and arbitration; employers’ liability and compulsory compensation acts; compulsory insurance with particular reference to European experience; provident institutions, friendly societies, building and loan associations; the problem of the unemployed; apprenticeship, and trade and technical education.

With reference to the organization of capital and especially the economics of corporations, the principal topics will be industrial combination and the so-called trust problem. This will be considered in all its phases, with comparative study of the conditions in the United States and European countries. The growth and development of corporate enterprise, promotion, capitalization and financing, publicity of accounting, the liability of directors and underwriters, will be illustrated fully by the study of cases, not from their legal but from their purely economic aspects; and the effects of industrial combination and integration upon efficiency, profits, wages, the rights of investors, prices, industrial stability, the development of export trade, and international competition will be considered in turn.

The course is open to students who have taken Economics 1. Systematic reading and report work will be assigned from time to time.

Source: Harvard University. Faculty of Arts and Sciences, Division of History and Political Science[Comprising the Departments of History and Government and Economics], 1902-03. Published in The University Publications, New Series, no. 55. June 14, 1902.

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Economics 9
Enrollment
1902-1903

Economics 9. Professor Ripley. — Problems of Labor and Industrial Organization.

Total 112: 3 Gr., 26 Se., 55 Ju., 17 So., 11 Others.

Source: Harvard University. Annual Report of the President of Harvard College, 1902-03, p. 68.

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ECONOMICS 9
ASSIGNMENT OF REPORTS

GROUP A

Students will report upon the comparative conditions respecting Trade Union organization, functions, and efficiency in corresponding industries in the United States and Great Britain. The particular, industry assigned to each man is indicated by a number on the enrolment slip, which refers to the Trade Union number on the appended list of National Labor Organizations.

GROUP B

Students will report upon the comparative efficiency of Trade Union organization in two distinct lines of industry in the United States. Numbers against the names on the enrolment slip refer to the numbered Trade Union list, appended hereto.

GROUP C

Students will report upon the nature of Trade Union organization in two distinct lines of industry in Great Britain. Names on the enrolment slip as numbered refer to the industries concerned in the appended list of Trade Unions.

→ The letters preceding the assignment number against the student’s name refer to the group in which the report is to be made. Thus, for example: “8A” on the enrolment slip indicates that the student is to report upon the Cotton Spinners’ Unions in the United States and Great Britain; “1 & 8B,” that a comparison of the Spinners’ and of the Boot and Shoe Workers’ Organizations in the United States is expected : while “1 & 8C” calls for the same comparison for the two industries in Great Britain.

NATIONAL LABOR ORGANIZATIONS IN THE UNITED STATES

A star indicates that the Trade Union journal is in the Library. [Loeb Fund.]

*The Knights of Labor
*The American Federation of Labor

  1. Boot and Shoe Workers’ Union.
  2. The United Hatters of North America.
  3. The United Garment Workers of America.
  4. The Journeymen Tailors’ Union of America.
  5. Custom Clothing Makers’ Union of America.
  6. International Ladies’ Garment Workers’ Union.
  7. The Shirt, Waist and Laundry Workers’ International Union.
  8. National Spinners’ Association of America.
  9. The Elastic Goring Weavers’ Amalgamated Association of the United States of America.
  10. International Union of Textile Workers.
  11. Trunk and Bag Workers’ International Union of America.
  12. *International Typographical Union of North America.
  13. German-American Typographia.
  14. International Printing Pressmen and Assistants’ Union of North America.
  15. International Brotherhood of Bookbinders.
  16. Lithographers’ International Protective and Beneficial Association.
  17. International Steel and Copperplate Printers’ Union of the United States of America.
  18. Bricklayers and Masons’ International Union of America.
  19. *United Brotherhood of Carpenters and Joiners of America.
  20. Amalgamated Society of Carpenters and Joiners.
  21. International Brotherhood of Electrical Workers.
  22. *Granite Cutters’ National Union of the United States of America.
  23. Brotherhood of Painters, Decorators, and Paper Hangers of America.
  24. Operative Plasterers’ International Association.
  25. United Association of Journeymen Plumbers, Gas Fitters, Steam Fitters, and Steam Fitters’ Helpers.
  26. National Association of Steam and Hot-Water Fitters and Helpers.
  27. Journeymen Stone Cutters’ Association of North America.
  28. Mosaic and Encaustic Tile Layers and Helpers’ International Union.
  29. Glass Bottle Blowers’ Association.
  30. American Flint Glassworkers’ Union.
  31. *Amalgamated Glassworkers’ International Association.
  32. National Brotherhood of Operative Potters.
  33. *United Mine Workers of America.
  34. Northern Mineral Mine Workers’ Progressive Union.
  35. Amalgamated Woodworkers’ International Union.
  36. United Order of Box Makers and Sawyers.
  37. *Piano and Organ Workers’ International Union.
  38. International Wood Carvers’ Association.
  39. Coopers’ International Union.
  40. Carriage and Wagon Workers’ International Union.
  41. National Amalgamated Association of Iron, Steel, and Tin Workers.
  42. *International Association of Machinists.
  43. Amalgamated Society of Engineers.
  44. *Brotherhood of Boiler Makers and Iron Ship Builders.
  45. International Association of Allied Metal Mechanics.
  46. Metal Polishers, Buffers, Platers, and Brass Workers’ International Union.
  47. Amalgamated Sheet Metal Workers’ International Association.
  48. *Iron Molders’ Union.
  49. Pattern Makers’ League.
  50. Core Makers’ International Union.
  51. Grand Union of the International Brotherhood of Blacksmiths.
  52. Chain Makers’ National Union.
  53. Stove Mounters and Steel Range Workers’ International Union.
  54. Tin Plate Workers’ International Protective Association.
  55. American Wire Weavers’ Protective Association.
  56. Metal Trades’ Federation of North America.
  57. *International Seamen’s Union.
  58. National Marine Engineers’ Beneficial Association.
  59. International Longshoremen’s Association.
  60. Amalgamated Association of Street Railway Employees.
  61. Switchmen’s Union.
  62. Journeymen Bakers’ and Confectioners’ International Union.
  63. Journeymen Barbers’ International Union.
  64. National Union of the United Brewery Workmen.
  65. *National Brickmaker’s Alliance.
  66. International Broom Makers’ Union.
  67. *Cigar Makers’ International Union.
  68. Retail Clerks’ International Protective Association.
  69. Team Drivers’ International Union.
  70. International Union of Steam Engineers.
  71. National Brotherhood of Coal Hoisting Engineers.
  72. Watch Case Engravers’ International Association.
  73. International Brotherhood of Stationary Firemen.
  74. International Union of Journeymen Horseshoers.
  75. Hotel and Restaurant Employees’ International Alliance and Bartenders’ International League.
  76. International Jewelry Workers.
  77. The United Brotherhood of Leather Workers on Horse Goods.
  78. National Association of Letter Carriers.
  79. *Amalgamated Meat Cutters and Butcher Workmen.
  80. American Federation of Musicians.
  81. International Brotherhood of Oil and Gas Well Workers.
  82. United Brotherhood of Paper Makers.
  83. National Alliance of Theatrical Stage Employees.
  84. National Stogie Makers’ League.
  85. *Tobacco Workers’ International League.
  86. Upholsterers’ International Union.
  87. *Brotherhood of Locomotive Engineers.
  88. *Order of Railway Conductors of America.
  89. *Brotherhood of Locomotive Firemen.
  90. Brotherhood of Railroad Trainmen.
  91. *Order of Railroad Telegraphers.
  92. Brotherhood of Railway Truckmen.
  93. Switchmen’s Union of North America.

The constitutions of most of the Trades Unions for the United States will be found in Vol. XVII, Reports, U. S. Industrial Commission. Similar data for Great Britain is in the Appendix to “Foreign Reports, Vols. 1-2,”Royal Commission on Labour, pp. 15-324. [Volume I, United States; Volume II, Colonies and Indian Empire] [Both reserved in Gore Hall.] Additional evidence as to labor conditions in each industry will be found in Vols. VII, VIII, XII, XIV, and XVII, U. S. Industrial Commission (consult Digest and Index in each volume); and in the Reports of the British Royal Commission. The student should also consult Charles Booth’s Life and Labor of the People;

[(Original) Volume I, East London; (Original) Volume II, London; (Original) Appendix to Volume II; Note: the previous three original volumes were re-printed as four volumes that then were followed by Volume V, Population Classified by Trades; Volume VI, Population Classified by Trades (cont.); Volume VII, Population Classified by Trades; Volume VIII, Population Classified by Trades (cont.); Volume IX, Comparisons, Survey and Conclusions];

Webbs, Industrial Democracy; and other books reserved in Gore Hall.

Data respecting the various unions among railroad employees in the United States will be found in a separate section on Railway Labor, in Vol. XVII, U. S. Industrial Commission: as also in Vols. IV and IX. (See Digests and Indexes.)

In cases where the American Trade Union journal is not in the library, the student will be expected to procure at least one copy from the Secretary of the Union. [See list of post office addresses posted with the enrolment slip.] These are to be filed with the report.

→ Exact references by title, volume and page must be given in foot notes for all facts cited. This condition is absolutely imperative. Failure to comply with it will vitiate the entire report.

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003. Box 1, Folder “Economics, 1902-1903”.

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Economics 9
Mid-Year Examination
1902-1903

  1. What is the “fellow-servant doctrine” as applied to the interpretation of Employers’ Liability? Upon what reasons was it based; wherein did it fail; and how was it remedied?
  2. Describe, briefly, the causes and results of five great strikes in the United States since 1870.
  3. What was the recent Taff Vale case in Great Britain, and why was it so important?
  4. What is the position of the leading political parties and statesmen in England on labor questions?
  5. What is the general attitude of the American courts toward—
    1. The rights of strikers?
    2. Boycotts?
    3. Non-union men?
  6. What is an injunction? What are its merits and evils?
  7. Where has compulsory arbitration of labor disputes been attempted? What is the main objection to such a policy?
  8. What is the relative importance of the different causes of labor disputes? Are they different in different countries?

Source: Harvard University Archives. Mid-year Examinations 1852-1943. Box 6. Papers (in the bound volume Examination Papers Mid-years 1902-1903).

Economics 9b
Year-end examination
1902-1903

  1. Outline with approximate dates, the development of the so-called Trust Problem in the United States.
  2. Show how the methods of promotion usually adopted have affected capitalization; illustrating by a case familiar to you.
  3. In what ways does the financing of industrials differ from railways; and what has been the principal effect upon their dividend policy?
  4. What are Jenks’ main conclusions as to the effect of combination upon prices? How do these compare with Ely’s?
  5. What are the three main inducements for transforming a partnership into a corporation?
  6. Contrast the attitude of the English common law toward monopoly with that of the law in Germany and France.
  7. What has been the attitude of the U.S. Steel Corporation toward its employees? Illustrate by concrete experience.
  8. Is “publicity” a sufficient remedy for the existing abuses of corporate management, in your opinion? Give specific reasons for your view.
  9. What was the decision in the Northern Securities Co. case, and what may be its possible effect?

Source: Harvard University Archives. Examination Papers 1873-1915. Box 6. Papers Set for Final Examinations in History, Government, Economics, History of Religions, Philosophy, Education, Fine Arts, Architecture, Landscape Architecture, Music in Harvard College, June 1903 (in the bound volume Examination Papers 1902-1903).

Image Source: Harvard University Archives.  William Zebina Ripley [photographic portrait, ca. 1910], J. E. Purdy & Co., J. E. P. & C. (1910). Colorized by Economics in the Rear-view Mirror.

Categories
Bibliography Economic History Harvard

Harvard. Short Bibliography of Economic History for “Serious-minded Students”, Gay, 1910

Economic history played a much larger role in the education of economists at the turn of the twentieth century than it does now. Course reading lists from the earlier time are relatively rare, it appears that assignments were written on the blackboard as part of lectures. Nonetheless, from printed bibliographies we do get a sense of the scale and scope of the literature advanced students would have been exposed to.

In 1910 Harvard published 43 short bibliographies covering “Social Ethics and Allied Subjects”, about half of which were dedicated to particular topics in economics and economic sociology. The project was coordinated by Plummer Professor of Christian Morals, Francis G. Peabody.

Economic History is the “allied subject” covered in the bibliography provided by Professor Edwin F. Gay and transcribed below. Economics in the Rear-view Mirror has added links to digital copies of all but one of the ca. 90 items listed by Gay! 

UPDATE (July 16, 2023). Friend of Economics in the Rear-View Mirror, Thea Don-Siemion (Twitter: @StationryBandit), suggested a comparison with A bibliography of historical economics to 1980 by D. N. McCloskey and G.K. Harsh (Cambridge University Press, 1990). The book can be borrowed online, an hour at a time, at archive.org by registered users. To think there is still a residual gap of over forty years already!

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Previously posted  Harvard short bibliographies

I.2. Economic Theory by Taussig, 1910

I.7. Social Statistics by Ripley, 1910

II.3. Taxation by Bullock, 1910

IV.5 Economics of Socialism by Carver, 1910

IV.6 Socialism and Family/Christian Ethics by McConnell, 1910

IV.7. Trade Unionism by Ripley, 1910

IV.8. Strikes and Boycotts by Ripley, 1910

IV.12 Thrift Institutions by Oliver M. W. Sprague.

IV.13. Social Insurance by Foerster, 1910

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Economic History
Edwin F. Gay

The reader interested in economic history must gather his information from many books, for the most part dealing with special phases of the subject and limited as to period and country, rather than from comprehensive manuals or surveys. Since economic history is but a portion or aspect of general history, isolating for convenience of study the organized efforts of mankind to satisfy its material needs, works on political and constitutional history must be used, though they vary greatly in the degree of emphasis placed upon the economic factors. Indeed, for the student who cannot read German and French, such general histories must often be his sole reliance. This is particularly true of the economic history of Greece and Rome and of large parts of the mediæval and modern economic history of other than English speaking countries. This brief list cannot include general histories, but it must necessarily comprise some of the more important German and French contributions to economic history.

The economic history of England must hold first place in such a list, and therefore the books in that field are given the larger amount of space. Then follow some of the more important works relating to the continent of Europe and to the United States.

Cunningham, W. An essay on western civilization in its economic aspects. [Cambridge Historical Series.] Volume I, ancient times; Volume II, mediæval and modern times. Cambridge, University Press, 1898-1900, pp. xii, 220; xii, 300.

A good general introduction to economic history.

Bücher, Karl. Die Entstehung der Volkswirtschaft. 1 Aufl., 1893; 7 Aufl., ibid., 1910. Tübingen: H. Laupp, vii, 464 S.

Bücher, Karl. Industrial evolution. Translated from the third German edition [of the above] by S. M. Wickett. New York: Henry Holt & Co., 1901, pp. xiv, 393.

A series of suggestive essays, illuminating the development of industrial organization. The book has exerted a marked influence.

Day, Clive. A history of commerce. New York: Longmans, Green & Co., 1907, pp. xliv, 626.

The best brief manual; well proportioned and with a good background of economic history; it has a useful bibliography.

Lindsay, W. S. History of merchant shipping and ancient commerce. 4 vols. London: Sampson, Low & Co., 1874-76. [Volume I, Volume II, Volume III, Volume IV]

An older standard work in this field; more exhaustive than any of its successors. The last two volumes (1816-74) were reprinted separately in 1876.

 

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Cunningham, W. The growth of English industry and commerce, . Volume I, Early and middle ages, fourth edition, 1905; [:] Modern times, Volume II [, The Mercantile System] and [Volume] III [Laissez Faire], fourth edition, 1907. Cambridge: University Press.

This work, constantly improved in the successive editions since the first in 1882, is of importance as a book of reference for English economic history, and should be used, if possible, in preference to the smaller but still commendable manuals on the subject, such as those by Cunningham and McArthur, Gibbins, Warner or Cheyney. Each volume has a helpful bibliography.

Ashley, W. J. An introduction to English economic history and theory. Part 1, The middle ages; Part 2, The end of the middle ages. Third edition. New York: Longmans, Green & Co., 1894-98, pp. xii, 227; xii, 501.

A scholarly and readable work.

Traill, H. D., editor. Social England: a record of the progress of the people in religion, laws, learning, arts, industry, commerce, science, literature and manners. By various writers. 6 vols., New York: George Putnam’s Sons, 1893-97 [Volume I, From the earliest times to the accession of Edward I (1895); Volume II, From the accession of Edward I to the death of Henry VII (1894); Volume III, From the accession of Henry VIII to the death of Elizabeth (1896); Volume IV, From the accession of James I to the death of Anne (1895); Volume V, From the accession of George I to the Battle of Waterloo (1896); Volume VI, From the Battle of Waterloo to the General Election of 1885 (1898)]; new edition [illustrated], Traill, H. D., and Mann, J. S., editors, 6 vols., New York: George Putnam’s Sons, 1901-4. [Volume I (1901); Volume II (1902); Volume III(1902); Volume IV (1903); Volume V (1904); Volume VI (1904)]

A poorly edited though useful book; the contributions of Prothero, Maitland, Powell and others more than counterbalance the less scholarly contributions. Brief bibliographical notes accompany each chapter.

Seebohm, Frederic. The English village community. New York: Longmans, Green & Co., 1883, pp. 464.

A stimulating pioneer book. Its conclusions are controverted by Vinogradoff and Maitland.

Vinogradoff, Paul. Villainage in England; essays in English mediæval history. Oxford: Clarendon Press, 1892, pp. xii, 464.

Vinogradoff, Paul. The growth of the manor. New York: The Macmillan Company, 1892, pp. 384.

These, with the same author’s “English Society in the Eleventh Century” (1908), are not easy reading, but indispensable for an understanding of earlier social history and manorial institutions.

Maitland, Frederic W. Domesday book and beyond: Three essays in the early history of England. Cambridge: University Press (Boston: Little, Brown & Co.), 1897, pp. xiii, 527.

The best starting point for the study of the vexed problems of social agrarian history presented by Domesday book.

Page, T. W. The end of villainage in England. Publications of the American Economic Association. New York: The Macmillan Company, third series, Volume I, No. 2, May, 1900, pp. 99.

A valuable contribution to the discussion of an important question.

Gross, Charles. The gild merchant. 2 vols. Oxford: Clarendon Press, 1890, pp. xxii, 332; xi, 447. [Volume I;Volume II]

The author’s chief interest in this book is in the development of the municipal constitution, but his investigations are of fundamental importance for a knowledge of the beginnings of mercantile associations in England. The book has a carefully prepared bibliography.

Rogers, J. E. Thorold. Six centuries of work and wages; the history of English labor. 1 vol. in 2 parts. London: Swan, Sonnenschein & Co. (G. P. Putnam’s Sons), 1884, pp. 591.

A summary of conclusions based upon his monumental “History of agriculture and prices in England” (7 vols., 1866-1902) [Volume I, 1259-1400; Volume II, 1259-1400; Volume III, 1401-1582; Volume IV, 1401-1582; Volume V, 1583-1702; Volume VI, 1583-1702; Volume VII, 1703-1793, Part I; Volume VII, 1703-1793, Part II], the most considerable collection of prices available for any country; but both his price averages and views must be accepted with caution. Eight selected chapters of this work have been reprinted (London, 1895, Social Science Series).

Unwin, George. Industrial organization in the sixteenth and seventeenth centuries. Oxford: Clarendon Press, 1904, pp. vii, 277.

A well-written attempt to prove the continuity of labor organizations from the medieval craft gild to the modern trade union. For a different opinion see the Webbs’ “History of trade unionism,” second edition, 1907.

Schanz, Georg. Englische Handelspolitik gegen Ende des Mittelalters. 2 Bde. Leipzig: Duncker und Humblot, 1881, xix, 684; xiii, 672 S. [Volume I; Volume II]

The best account of English commercial policy and commercial institutions under Henry VII and Henry VIII. The second volume consists largely of documentary materials.

Ehrenberg, Richard. Hamburg und England im Zeitalter der Königin Elizabeth. Jena: Gustav Fischer, 1896, 362 S.

A valuable study of the commercial struggle between England and the Hansa towns under Elizabeth.

Hewins, W. A. S. English trade and finance chiefly in the seventeenth century. London: Methuen (University Extension Series), 1892, pp. 174.

This work treats concisely and interestingly of the chief commercial companies and labor organizations of the seventeenth century and of three important commercial treaties of the eighteenth century.
An account of the English commercial companies is given in Cawston and Keane’sThe early chartered companies, 1296-1858” (London: Edward Arnold, 1896, pp. 329), a compilation from material which is found in Macpherson’s “Annals of commerce” (London, 1805, 4 vols.) [Volume I; Volume II; Volume III; Volume IV]. For further account of the commercial companies, especially the Continental, consult Bonnassieux, “Les grandes compagnies de commerce” (Paris: Plon, Nourrit et Cie., 1892, pp. 562).

Hunter, William W. History of British India. London: Longmans, Green & Co., 1899-1900. 2 vols. [Volume I,To the overthrow of the English in the Spice Archipelago; Volume II, To the union of the old and new companies under the Earl of Godolphin’s award] [Completed by P. E. Roberts owing to the author’s death.]

A readable and reliable history of the English India Company.

Andréadès, A. Histoire de la Banque d’Angleterre: ses origines, sa fondation, son developpement, etc. 2 vols. in 1. Paris: Rousseau, 1904, pp. 455. Translated by Christabel Meredith. London: P. S. King & Son, 1909. [Essai sur la foundation et l’histoire de la Banque d’Angleterre (1694-1844), Paris: Rousseau, 1901]

A competent study; it contains an extensive bibliography.

Prothero, R. E. Pioneers and progress of English farming. London: Longmans, Green & Co., 1888, pp. 290.

A brief and picturesque account of the history of English agriculture.

Johnson, A. H. Disappearance of the small landholder. Oxford: Clarendon Press, 1909, pp. 164.

The most recent and in many respects most useful discussion of the subject. W. Hasbach’sDie englischen Landarbeiter.” (Leipzig, 1894. English translation by Ruth Kenyon, with preface by Sidney Webb. London: P. S. King & Son, 1908, pp. 470, with bibliography), deals with another aspect, the history of agricultural labor.

Toynbee, Arnold. Lectures on the industrial revolution of the eighteenth century in England. Fourth edition, London, 1894, pp. 319 (with a memoir by B. Jowett). New edition, New York: Longmans, Green & Co., 1908 (with reminiscences by Lord Milner), pp. 282.

Suggestive lectures originally addressed to workingmen.

Mantoux, Paul. La Révolution industrielle au xviiie siècle. Paris: G. Bellair, 1906, pp. 543.

An excellent description (with good bibliography) of the industrial revolution in England, with, however, no adequate study of the causes and economic significance of the movement. The reader may find some assistance on this side from Hobson, “Evolution of modern capitalism” (London, 1896).

Macrosty, H. W. Trusts and the state. New York: E. P. Dutton & Co. (London: Grant Richards), 1901, pp. 318.

A well-informed historical treatment of the subject.

Webb, Sidney and Beatrice. History of trade unionism. New edition. New York: Longmans, Green & Co., 1907, pp. xxxiv, 558.

The best book on the subject.

Hutchins, B. L., and Harrison, A. History of factory legislation. Preface by Sidney Webb. London: P. S. King & Son, 1903, pp. xviii, 372.

Complete and reliable. Extensive bibliography.

Armitage-Smith, George. The free trade movement and its results. Chicago: Herbert S. Stone & Co., 1898, pp. 244.

An historical study written from the standpoint of a free trader.

Bowley, A. L. England’s foreign trade in the nineteenth century. Revised edition, 1905. London: Swan, Sonnenschein & Co., 1893, pp. 165.

A brief but valuable statistical discussion.

Ashley, W. J., editor. British industries. Second edition. New York: Longmans, Green & Co., 1907, pp. xvii, 232.

Eight lectures, each by an expert in his field.

Nicholls, George. History of the English poor law. 2 vols. [Volume I; Volume II] London: 1854. New edition with revision by the author, a biography by H. G. Willink, and a supplementary volume [III] by Thomas Mackay; 3 vols. [Volume I, A.D. 924 to 1714; Volume II, A.D. 1714 to 1853; Volume III, A.D. 1834 to the present time] London: P. S. King & Son, 1898–9.

The standard work on the subject.

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Lamprecht, Karl. Deutsches Wirtschaftsleben in Mittelalter. 3 Tle. in 4 Bdn. Leipzig: Dürr, 1885-86. [Volume I.1; Volume I.2; Volume II, Statistisches Material und Quellenkunde; Volume III, Quellensammlung]

An important work. Though based on a documentary study of economic conditions only in the Moselle valley for the period ending in the early sixteenth century, it nevertheless deserves its wider title. The same author’s “Deutsche Geschichte” emphasizes—perhaps over-emphasizes—the economic and social aspects of German history.

[Volume I, Urzeit und Mittelalter (Books 1-4);
Volume II, Urzeit und Mittelalter (Books 5-7);
Volume 3, Urzeit und Mittelalter (Books 8-10);
Volume 4, Urzeit und Mittelalter (Books 11-13);
Volume 5.1, Neuere Zeit (Books 14-15);
Volume 5.2, Neuere Zeit (Books 15-16);
Volume 6, Neuere Zeit (Books 17-18);
Volume 7.1, Neuere Zeit (Books 19-20);
Volume 7.2, Neuere Zeit (Book 21);
Volume 8, Neueste Zeit (Book 22);
Volume 9, Neueste Zeit (Book 23);
Volume 10, Neueste Zeit (Book 24);
Volume 11, Neueste Zeit (Book 25);
Volume 12, Anhang, Bibliographie, Register
Ergänzungsband I, Tonkunst—Bildende Kunst—Dichtung–Weltanschauung;
Ergänzungsband II.1, Wirtschaftsleben—Soziale Entwicklung];
Ergänzungsband II.2, Innere Politik—Äußere Politik]

Von Inama-Sternegg, K. T. Deutsche Wirtschaftsgeschichte. 3 Tle. in 4 Bdn. Leipzig: Duncker und Humblot, 1879-1901

[Volume I, bis zum Schluss der Karolingerperiode; Volume II, des 10. Bis 12. Jahrhunderts; Volume III, in den letzten Jahrhunderten des Mittelalters (1. Teil); Volume III, in den letzten Jahrhunderten des Mittelalters (2. Teil)]

Covers the period to the end of the middle ages. The only general work on the subject.

Pigeonneau, H. Histoire du commerce de la France. 2 vol. 2e édition. [Volume I; Volume II] Paris: Cerf, 1887-88.

A standard work, covering the period ending with the age of Richelieu.

Heyd, W. Geschichte des Levantehandels im Mittelalter. 2 Bde.  [Volume I; Volume II] Stuttgart: Cotta, 1879, 604, 781 S.

The French translation (Histoire du commerce du Levant au moyen-âge. 2 vols. [Volume I; Volume II] Leipzig: 1885-86, revised by the author) is preferable to the German original.

Levasseur, É. Histoire des classes ouvrières et de l’industrie en France avant 1789. 2 vol. [Volume 1; Volume 2] 2e édition. Paris: Rousseau, 1900-01.

Levasseur, É. Histoire des classes ouvrières et de l’industrie en France de 1789 à 1870. 2 vol. [Volume 1; Volume 2] 2e édition. Paris: Rousseau, 1903.

Levasseur, É. Questions ouvrières et industrielles en France sous la troisième république. Paris: Rousseau, 1907, pp. xxii, 968.

These three works together form the most available general survey not only of the history of the French working classes but of French economic history.

Sée, H. Les classes rurales et le régime domanial en France au moyen-âge. Paris: Giard et Brière, 1901, pp. xxvii, 638.

A convenient survey of French agrarian conditions in the middle ages, with bibliography.

Fuchs, [Carl Johannes]. Die Epochen der deutschen Agrargeschichte und Agrarpolitik. Jena: Gustav Fischer, 1898, ii, 32 S. [Beilage zur Allgemeinen Zeitung No 70 und 71 vom 29. und 30. März 1898]

An admirable summary of the results of recent investigation in German agrarian history.

Ehrenberg, R. Das Zeitalter der Fugger. 2 Bde. [Volume I; Volume II] Jena: Gustav Fischer, 1896, xv, 420; iv, 367 S.

A noteworthy contribution to the financial and commercial history of the sixteenth century.

Wiebe, G. Zur Geschichte der Preisrevolution des 16ten und 17ten Jahrhunderts. Leipzig: Duncker und Humblot, 1895, ix, 419 S.

The best study of the subject, clear and critical.

Schmoller, G. Das Merkantilsystem in seiner historischer Bedeutung. A chapter from his “Studien über die wirtschaftliche Politik Friedrichs des Grossen” (1884) [Jahrbuch für Gesetzgebung, Verwaltung und Volkswirtschaft im Deutschen Reich Band 8, S. 1-62] and reprinted in the Umrisse und Untersuchungen. Leipzig: Duncker und Humblot, 1898, pp. 1-60. English translation by W. J. Ashley: The mercantile system. New York: The Macmillan Company, 1896, pp. viii, 95.

Gives an understanding of the significance of the commercial and political policies of the period when the mercantile system prevailed. For the history of mercantilist doctrine, the English reader may consult J. K. Ingram’s “History of political economy.” New York: The Macmillan Company, 1888, pp. xv, 250. Second edition (unaltered), 1907. More recent books are available in French and German.

Sargent, A. J. Economic policy of Colbert. New York: Longmans, Green & Co., 1899, pp. vii, 138.

A judicious and concise survey of Colbert’s work, based mainly on P. Clément: “Histoire de Colbert et de son administration” (Paris, 1892) [Volume I; Volume II] and Clément’s edition of the “Lettres, instructions, et mémoires de Colbert” (Paris, 1861-70). [Volume I; Volume II (1); Volume II (2); Volume III (1); Volume III (2) ; Volume IV; Volume V; Volume VI; Volume VII; Errata Général et Table Analytique]

Shepherd, R. P. Turgot and the six edicts. New York: Columbia University Press, 1903, pp. 263.

A scholarly study of the policy of Turgot.

Knapp, G. F. Die Bauernbefreiung und der Ursprung der Landarbeiter in den älteren Teilen Preussens. 2 Tle. [Volume I; Volume II] Leipzig: Duncker und Humblot, 1887, vii, 352; vi, 473 S.

A most valuable study of the condition of the Prussian peasants and the work of emancipation. The English reader will find a less authoritative account in Seeley’s “Life and times of Stein,” [Volume I; Volume II; Volume III] and Morier’sAgrarian legislation of Prussia,” chapters from each being reprinted in B. Rand’sSelections illustrating economic history,” fourth revised edition. New York: The Macmillan Company, 1903, pp. vii, 647.

Sombart, W. Der moderne Kapitalismus. 2 Bde. [Volume I; Volume II] Leipzig: Duncker und Humblot, 1902, xxxiv, 669; viii, 646. S.

Sombart, W. Die deutsche Volkswirtschaft im 19ten Jahrhundert. Berlin: Bondi, 1903, pp. xviii, 647.

These two works together form a stimulating interpretation of the recent economic development of Germany.

Ashley, Percy. Modern tariff history. London: Murray, 1904, pp. xviii, 367.

Contains a useful summary of the tariff history of Germany and France and a less useful one of the United States.

Liefmann, R. Kartelle und Trusts. 2 erweit. Aufl. Stuttgart: E. H. Moritz, 1910, 210 S. [5. Erw. und erb. Aufl. 1922]

A popular account with especial reference to Germany, written by a careful student of the subject.

_____________

Emery, H. C. Economic development of the United States. Cambridge: University Press, 1904, in Cambridge Modern History, Volume VII: “The United States,” pp. 687-722.

The best brief survey. Two fairly good text-books in this field are: Coman, K., “The industrial history of the United States” (New York: Macmillan, 1905, pp. xviii, 343), and Bogart, E. L., “Economic history of the United States” (New York: Longmans, 1907, pp. 522).

Callender, G. S. Selections from the economic history of the United States, 1765-1860. Boston: Ginn & Company, 1909, pp. xviii, 869.

A comprehensive selection of original materials together with helpful editorial comment. Volume II (1860-1900) is in preparation.

Beer, G. L. The commercial policy of England toward the American colonies. New York: Columbia University Press, 1903, pp. 167.

An important monograph.

Hammond, M. B. The cotton industry. Publications of the American Economic Association. New York: The Macmillan Company, 1897, pp. viii, 382.

An historical study, especially good for the period before the Civil War.

Taussig, F. W. State papers and speeches on the tariff. Cambridge: Harvard University, 1893, pp. vii, 385.

Contains Hamilton’s report on manufactures, Gallatin’s free-trade memorial, Walker’s treasury report of 1845, and Clay’s and Webster’s speeches on the tariff of 1824.

Taussig, F. W. The tariff history of the United States. Fifth edition. New York: Henry Putnam’s Sons, 1903, pp. xi, 422.

This is the standard work on the subject. It is a scholarly investigation written from the free-trade standpoint. See also an article by the same author in the Quarterly Journal of Economics (November, 1909, Volume XXIV, pp. 1-38), on “The tariff debate of 1909 and the new tariff.” For the protectionist side of the tariff controversy see E. Stanwood’s “History of American tariff controversies.” 2 vols. [Volume I; Volume II] Boston: Houghton, Mifflin Company, 1903.

Dewey, D. R. Financial history of the United States. Second edition. New York: Longmans, Green & Co., 1903, pp. xxv, 530.

The standard text-book in its field. It contains excellent bibliographical notes.

Bullock, C. J. Essays on the monetary history of the United States. New York: The Macmillan Company, 1900, pp. x, 288.

Best on the period before the revolution.

Catterall, R. C. H. The second bank of the United States. Chicago: University Press, 1903, pp. xiv, 538.

A scholarly study.

Mitchell, W. C. A history of the greenbacks. Chicago: University Press, 1903, pp. xvi, 577.

An exhaustive work.

Noyes, A. D. Forty years of American finance. New York: Henry Putnam’s Sons, 1909, pp. ix, 418.

An excellent account of American financial history since the Civil War.

Hadley, A. T. Railroad transportation. New York: G. P. Putnam’s Sons, 1885, pp. iv, 269.

An early and valuable treatise.

Johnson, E. R. American railway transportation. Second edition. New York: D. Appleton & Co., 1908, pp. xviii, 434.

The best text-book on the subject.

Source: A guide to reading in social ethics and allied subjects; lists of books and articles selected and described for the use of general readers by teachers in Harvard University. (Cambridge, Massachusetts: Harvard University, 1910) pp. 10-21.

Image Source: Portrait of Edwin Francis Gay, colorized by Economics in the Rear-view Mirror. Monochrome image from The World’s Work, Vol. XXVII, No. 5, March 1914.

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Economic History Exam Questions Harvard

Harvard. U.S. Economic History. Enrollment and Exams. Sprague, 1902-1903

From the announcement of courses for the 1902-03 year, it would appear that the economics department reckoned with Frank Taussig’s return after a one year medical leave since he was listed to teach several courses, including U.S. economic history. However his leave needed to be extended and Oliver Mitchell Wentworth Sprague had to teach the course alone. This post provides the course description, enrollment figures and the final exam questions from 1902-03 for Economics 6.

Materials for the U.S. economic history course (Economics 6) taught at Harvard during the academic year 1901-02 have been posted earlier. They include a reading list for reports to prepared by the students. It was jointly taught by Oliver M.W. Sprague and James Horace Patten.

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Economics 6
Course Description
1902-1903

  1. The Economic History of the United States. Tu., Th., at 2.30. Professor Taussig and Dr. Sprague.

Course 6 gives a general survey of the economic history of the United States from the close of the eighteenth century to the present time, and aims to show on the one hand the mode in which economic principles are illustrated by American experience and, on the other, the extent to which economic conditions have influenced social and political development. The following are among the subjects considered: aspects of the Revolution and commercial relations during the Confederation and the European wars; the history of the protective tariff policy and the growth of manufacturing industries; the settlement of the West and the history of transportation, including the early canal and turnpike enterprises of the states, the various phases of railway building and the establishment of public regulation of railways; various aspects of agrarian history, such as the public land policy, the growth of foreign demand for American produce and the subsequent competition of other sources of supply, certain social topics, such as slavery and its economic basis, emancipation and the present condition of the Negro, the effects of immigration. Finally, the more important features of our currency and financial history are reviewed. Comparisons will be made from time to time with the contemporary economic history of Europe.

The course is taken advantageously with or after History 13. It is open to students who have taken Economics 1, and also to Juniors and Seniors who are taking that course.

Source: Harvard University. Faculty of Arts and Sciences, Division of History and Political Science[Comprising the Departments of History and Government and Economics], 1902-03. Published in The University Publications, New Series, no. 55. June 14, 1902.

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Economics 6
Enrollment
1902-1903

Economics 6. Dr. Sprague. — The Economic History of the United States.

Total 120: 1 Gr., 36 Se., 59 Ju., 15 So., 9 Others.

Source: Harvard University. Annual Report of the President of Harvard College, 1902-03, p. 68.

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Economics 6
Mid-Year Examination
1902-1903

  1. Was the colonial relationship economically advantageous to New England?
  2. The sale of public lands to 1821.
  3. The effect of the credit system in the South upon cotton growing.
  4. The investment of foreign capital and internal improvements in the United States.
  5. Contrast the views of Webster and Clay upon conditions in 1824, and give reasons for their difference of opinion.
  6. The United States “can without difficulty obtain from abroad the manufactured supplies of which they are in want, but they experience numerous impediments to the emission and vent of their own commodities. . . . A constant and increasing necessity on their part for the commodities of Europe, and only a partial or occasional demand for their own in return, could not but expose them to a state of impoverishment compared with the opulence to which their political and natural advantages authorize them to aspire.”
    Hamilton.
    What would Gallatin have said of this argument for protection? What is your own opinion?
  7. Why did not the opening of the Erie Canal at first greatly change the course of Western trade?
  8. Explain and illustrate the highly speculative character of American economic development.

Source: Harvard University Archives. Mid-year Examinations 1852-1943. Box 6. Papers (in the bound volume Examination Papers Mid-years 1902-1903).

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Economics 6
Year-End Examination
1902-1903

  1. The tariff act of 1883.
  2. “There are, however, some aspects of the tariff question on which the inductive and historical mode of inquiry has been more helpful. The protective policy of the United States has had unexpected successes and surprising failures.” Illustrate.
  3. Factors tending to the localization of industries.
  4. Why was the United States a more attractive country to immigrants in 1850 than in 1820?
  5. The future delivery system in the sale of cotton.
  6. What conclusions may be drawn from our experience under the tariffs of 1846 and 1857?
  7. Duties upon raw wool and their consequences.

Source: Harvard University Archives. Examination Papers 1873-1915. Box 6. Papers Set for Final Examinations in History, Government, Economics, History of Religions, Philosophy, Education, Fine Arts, Architecture, Landscape Architecture, Music in Harvard College, June 1903 (in the bound volume Examination Papers 1902-1903).

Image Source: Oliver Mitchell Wentworth Sprague portrait in the Harvard Class Album 1915. Colorized by Economics in the Rear-view Mirror.

 

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Exam Questions Harvard

Harvard. Exams for Organisation and Resources European Economies. Ripley and Meyer, 1902-1903

 

European economic geography was the subject of a year-long course co-taught in 1902-1903 by William Zebina Ripley and Hugo Richard Meyer. They took over this course from Professor William Ashley who last taught the course in 1900-01 before leaving Harvard.

Economics 17 had also been taught by William Zebina Ripley and Hugo Richard Meyer in 1901-02. The enrollment figures and exam questions for that year have been posted earlier.

Biographical information for Professor William Z. Ripley  posted as well. Economics in the Rear-view Mirror has also posted some life and career information for Hugo Richard Meyer.

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Economics 17
Course Description
1902-1903

  1. *The Economic Organization and Resources of European Countries. , Th., and (at the pleasure of the instructor) Sat., at 12. Professor [William Zebina] Ripley and Mr. [Hugo Richard] Meyer.

This course in Descriptive Economies is intended to afford a comprehensive survey of the commercial and industrial status of the leading countries of Europe at the present time. It will involve a comparison of actual economic conditions in Great Britain and Ireland, France, Germany, Austria-Hungary, Russia and Italy; in respect of agriculture, manufacturing industry, and commerce. Particular attention will be devoted throughout to the use and analysis of original sources of information. Ability to read simple French and German, while not required, is highly desirable.

In the first term will be considered in order: the physical geography and natural resources of each country as determined by soil, climate, and other circumstances; the distribution of population as affecting both the character and supply of labor, and the demand for food-stuffs and raw materials; the condition of agricultural and mining industry, with an account of governmental policies respecting the stimulation and control of private enterprise; and the principal trade routes and means of transportation, both within Europe and between European and foreign countries.

The work of the second term will deal with the geographical distribution, the character and the comparative development of manufacturing industry, such as iron and steel, cotton and other textiles, etc.; the investment of capital and the forms of business organization; and finally the reciprocal or conflicting interests of the several countries, and the attempts which have been made, or are now proposed, to remove or mitigate trade antagonism by means of customs tariffs, subsidies, commercial treaties, etc. The trade interests of the United States will be considered particularly with reference to these last topics, as, for instance, in the matter of reciprocity treaties.

Source: Harvard University. Faculty of Arts and Sciences, Division of History and Political Science[Comprising the Departments of History and Government and Economics], 1902-03. Published in The University Publications, New Series, no. 55. June 14, 1902.

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Economics 17
Course Enrollment
1902-1903

Economics 17. Professor Ripley and Mr. Meyer. — The Economic Organization and Resources of European Countries.

Total 9: 2 Gr., 2 Se., 3 Ju., 1 So., 1 Other.

Source: Harvard University. Annual Report of the President of Harvard College, 1902-03, p. 68.

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Economics 17
Mid-Year Examination
1902-1903

  1. The intervention of the State in the affairs of men, and the conflict of sectional or class interests, as illustrated by:—
    1. The working of protection to agriculture in Germany.
    2. The transportation situation in Russia.
  2. What are the principal factors that have determined the efficiency with which the land is cultivated:
    1. In Germany?
    2. In England?
  3. Comment upon the subjoined data:—

Yield in kg. pro ha.

Russia in Europe

Germany

United States

Wheat

726

1700

875

Rye

681

1470

875

Oats

665

1520

1150

Aggregate of agricultural produce obtained per head of farming population

450 kg.

1000 kg.

2000 kg.

  1. Arrange the five countries: Germany, Russia, England, Italy, and France, in the order of the standard of life of their inhabitants; and indicate briefly for each country the principal factors determining the standard of life.
  2. The several standards of life of the agricultural classes of Belgium.
  3. Contrast the condition of the settler in Siberia with the condition of the farmer in Dakota, and explain the differences of condition.
  4. Writers upon the agricultural depression in Great Britain frequently cite the British imports of poultry, eggs, butter, cheese, milk, and vegetables, for proof of the contention that British farming practices could be materially improved. Give your reasons for accepting or rejecting that argument.

Source: Harvard University Archives. Mid-year Examinations 1852-1943. Box 6. Papers (in the bound volume Examination Papers Mid-years 1902-1903).

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Economics 17
Year-End Examination
1902-1903

  1. What are the relative proportions of the different countries in the world’s manufactures of cotton? How do these differ in the relative importance of exports of cotton cloth?
  2. Describe the location and geographical advantages of the English cotton manufacture.
  3. What is the present condition of the German iron and steel industry?
  4. How does speculation in “tops” differ from grain “futures” in this country? Contrast the two systems.
  5. What is the main feature of the Smith combination movement in England?
  6. What are three main features of the present German law regulating corporations?
  7. Outline the recent tariff struggle in the German Parliament. What is the law which has resulted?
  8. What is Imperial Federation? Can it be effected in conjunction with a Free Trade policy?
  9. Is the combined effect of recent commercial tendencies in Europe, of importance as affecting the policy of the United States?

Source: Harvard University Archives. Examination Papers 1873-1915. Box 6. Papers Set for Final Examinations in History, Government, Economics, History of Religions, Philosophy, Education, Fine Arts, Architecture, Landscape Architecture, Music in Harvard College, June 1903 (in the bound volume Examination Papers 1902-1903).

Image Source: Harvard University Archives.  William Zebina Ripley [photographic portrait, ca. 1910], J. E. Purdy & Co., J. E. P. & C. (1910). Colorized by Economics in the Rear-view Mirror.

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Economic History Exam Questions Harvard

Harvard. Economic History of Europe since 1500. Final Exam. Gay, 1902-1903

 

The previous post provided material for the first-semester course on mediaeval economic history taught at Harvard by economics instructor Dr. Edwin Gay during the 1902-03 academic year. In this post Economics in the Rear-view Mirror provides the course description, enrollment, and final exam questions for the follow-up course on European economic history since 1500.

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Economics 11
Course announcement
1902-03, Spring term

  1. 2hf. The Modern Economic History of Europe (from 1500). Half-course (second half-year). Tu., Th., and (at the pleasure of the instructor) Sat., at 9. Mr. Gay.

This course, while intended to form a sequel to Course 10, will nevertheless be independent, and may usefully be taken by those who have not followed the history of the earlier period. The main thread of connection will be found in the history of trade; but the outlines of the history of agriculture and industry will also be set forth, and the forms of social organization dependent upon them. England, as the first home of the “great industry,” will demand a large share of attention; but the parallel or divergent economic history of the great countries of western Europe will be considered side by side with it.

Course 11 is open to those who have passed satisfactorily either in History 1 or Economics 1.

Source: Harvard University. Faculty of Arts and Sciences, Division of History and Political Science[Comprising the Departments of History and Government and Economics], 1902-03. Published in The University Publications, New Series, no. 55. June 14, 1902.

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Economics 11
Course Enrollment
1902-03, Spring term

Economics 11. 2hf. Dr. Gay. — The Modern Economic History of Europe (from 1500).

Total 18: 7 Gr., 1 Se., 5 Ju., 4 So., 1 Other.

Source: Harvard University. Annual Report of the President of Harvard College, 1902-03, p. 68.

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Economics 11
Final Examination
1902-03, Spring term

  1. Describe briefly (a) métayage, (b) Zunftzwang, (c) commenda, (d) South Sea Bubble.
  2. State succintly what you associate with the names of (a) John Hales, (b) Jean Bodin, (c) Colbert, (d) Nicholas Barbon.
  3. Give the chief points of interest in the economic history of the reign of Richard II. Where modern writers differ in opinion on any of these points, mention their views.
  4. (a) Summarize the history of wage regulation by public authority in England, noting the views of Rogers, Cunningham and Hewins as to the effectiveness of this public regulation.
    (b) By what causes and to what extent was the position of the wage-earner affected in the sixteenth and seventeenth centuries?
  5. Name the three English statutes between 1560 and 1660 which you consider of most economic importance, and outline their provisions and significance.
  6. When and why did the gild system of industry come to an end in England, France, and Germany? Describe the forms of industrial organization which displaced it.

Source: Harvard University Archives. Examination Papers 1873-1915. Box 6. Papers Set for Final Examinations in History, Government, Economics, History of Religions, Philosophy, Education, Fine Arts, Architecture, Landscape Architecture, Music in Harvard College, June 1903 (in the bound volume Examination Papers 1902-1903).

Image Source: Edwin F. Gay in Harvard Class Album 1906.

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Economic History Exam Questions Harvard

Harvard. Mediaeval economic history. Final exam. Gay, 1902-1903

Edwin Francis Gay (1867-1946) came to Harvard in 1902 as an instructor of economic history taking over William Ashley’s courses after having spent a dozen years of training and advanced historical study in Europe (Berlin, Ph.D. in 1902 under Gustav Schmoller, also he was in Leipzig, Zurich and Florence). He and Abram Piatt Andrew received five-year contracts as assistant professors of economics in 1903. In just four years he actually advanced to the rank of professor. He served as a principal advisor to Harvard President Charles Eliot in establishing the Harvard Graduate School of Business Administration in 1908. After the favored candidate to be the founding dean of the business school, William Lyon Mackenzie King (Ph.D., Harvard 1909) turned down the offer, instead continuing as deputy minister of labor in Canada then later becoming prime minister of Canada, President Eliot turned to Gay. In nine years Gay put his stamp on the Harvard Business School, apparently playing an instrumental role in the use of the case method (pedagogic transfer from the law school) with a strong emphasis on obtaining hands-on experience through practical assignments with actual businesses. He is credited with establishing the academic degree of the M.B.A. (Master of Business Administration), the credential of managers.

During WW I Gay worked as adviser to the U.S. Shipping Board and then went on to become editor of the New York Evening Post that would soon go under, giving Gay “an opportunity” to return to Harvard where he could teach economic history up through his retirement in 1936. Gay was among the co-founders of the National Bureau of Economic Research and the Council of Foreign Relations. He and his wife moved to California where he worked at the Huntington library where his bulk of his papers are to be found today. 

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Economics 10
Course Announcement
(1902-03, first semester)

  1. 1 The Mediaeval Economic History of Europe. Half-course (first half-year). Tu., Th., and (at the pleasure of the instructor) Sat., at 9. Mr. Gay.

In this course special attention will be given to England, but its economic life will be treated in connection with the general economic and social development of western Europe.

Supplementary reading on the part of the student will be expected and tested by written reports.

The object of this course is to give a general view of the economic development of society during the Middle Ages. It will deal, among others, with the following topics: the manorial system in its relation to mediaeval agriculture and serfdom; the merchant gilds and the beginnings of town life and of trade; the craft gilds and the gild-system of industry, compared with earlier and later forms; the commercial supremacy of the Hanseatic and Italian merchants; and the break-up of the mediaeval organization of social classes.

It is desirable that students in this course should already possess some general acquaintance with mediaeval history, and those who are deficient in this respect will be expected to read one or two supplementary books, to be suggested by the instructor. The course is conveniently taken after, before, or in conjunction with History 9; and it will be of especial use to those who intend to study the law of Real Property. It is open to those who have passed satisfactorily either in History 1 or in Economics 1.

Source: Harvard University. Faculty of Arts and Sciences, Division of History and Political Science[Comprising the Departments of History and Government and Economics], 1902-03. Published in The University Publications, New Series, no. 55. June 14, 1902.

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Economics 10
Course Enrollment
1902-03 (First term)

Economics 10. 1hf. Dr. Gay. — The Mediaeval Economic History of Europe.

Total 16: 6 Gr., 1 Se., 2 Ju., 6 So., 1 Other.

Source: Harvard University. Annual Report of the President of Harvard College, 1902-03, p. 68.

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Economics 10
Final Examination
(1902-03, First Semester)

  1. Explain briefly:—
    1. firma unius noctis.
    2. judex, villicus, major.
    3. damnum emergens, lucrum cessans.
    4. lettre de foire.
  2. Describe briefly:—
    1. reprisals, noting the action taken in the first Statute of Westminster.
    2. the staple.
    3. the views of Nicholas Oresme on money (following Cunningham).
  3. Comment on the following:—
    1. “Omnis etiam qui venit in hunc locum liber hic sedebit, nisi fucrit servus alicujus et confessus fuerit dominum.”
    2. What were the other chief characteristics and privileges of the mediaeval town?
  4. What was the Gild Merchant? The Craft Gild? The relation between them?

Take two of the following three questions.

  1. Outline the mediaeval history of the Levant trade. By what routes and through what hands were the Oriental products distributed over Western Europe?
  2. a. Give an account of the origin, extent and organization of the Hanseatic League.
    b. Give the chief facts (with dates) in the history of the ‘Steelyard.’
  3. Sketch the medieval monetary history of England to the introduction of a gold coinage, with the date and significance of this step. How far was this history parallel with that of France and Germany, and what was its chief point of difference?

Source: Harvard University Archives. Mid-year Examinations 1852-1943. Box 6. Papers (in the bound volume Examination Papers Mid-years 1902-1903).
Also included in: Harvard University Archives. Examination Papers 1873-1915. Box 6. Papers Set for Final Examinations in History, Government, Economics, History of Religions, Philosophy, Education, Fine Arts, Architecture, Landscape Architecture, Music in Harvard College, June 1903 (in the bound volume Examination Papers 1902-1903).

Image Source: Edwin F. Gay, seated in office, 1908. From Wikipedia. Colorized by Economics in the Rear-view Mirror

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Exam Questions Harvard Principles Undergraduate

Harvard. Principles of Economics. Description, Enrollment, Exam Questions. Andrew, Mixter, and Sprague. 1902-1903

Over 500 students enrolled in the introductory course “Outlines of Economics” offered at Harvard in 1902-03. Frank Taussig continued his sick-leave through the academic year 1902-03 which is why his name was listed in the (ex ante) course description from June 1902 but not included in the departmental staffing report to the president (ex post) for 1902-03. 

Artifacts for the same course offered during the academic year 1901-1902 have been posted earlier. It is worth noting that of the three required texts listed below, Hadley’s Economics replaced Walker’s Political Economy (Advanced Course) that had been assigned for the previous year.

Fun Fact: Gilbert Holland Montague, one of the teaching assistants, left economics to become an anti-trust lawyer who quite apparently had the means to collect over 15,000 books and 20,000 pamphlets during his lifetime. He even owned a 14th century copy of the Magna Carta.

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Course Description, 1902-03
Economics 1

Course 1 is introductory to the other courses. It is intended to give a general survey of the subject for those who take but one course in Economics, and also to prepare for the further study of the subject in advanced courses. It is usually taken with most profit by undergraduates in the second or third year of their college career. Students who plan to take it in their first year are strongly advised to consult the instructor in advance. History 1 or Government 1, or both of these courses, will usually be taken to advantage before Economies 1.

[…]

Primarily for Undergraduates

  1. Outlines of Economics. — Lectures on Social Questions and Monetary Legislation. , Th., Sat., at 11. Professor [Frank W.] Taussig, Drs. [Abram Piatt] Andrew, [Oliver Mitchell Wentworth] Sprague, and [Charles Whitney] Mixter, and Messrs. [Gilbert Holland] Montague and [Vanderveer] Custis.

Course 1 gives a general introduction to economic study, and a general view of Economics for those who have not further time to give to the subject. It undertakes a consideration of the principles of production, distribution, exchange, money, banking, and international trade. The relations of labor and capital, the present organization of industry, and the recent currency legislation of the United States, will be treated in outline.

Course 1 will be conducted partly by lectures, partly by oral discussion in sections. A course of reading will be laid down, and weekly written exercises will test the work of students in following systematically and continuously the lectures and the prescribed reading. Large parts of Mill’s Principles of Political Economy, of Hadley’s Economics, and of Dunbar’s Theory and History of Banking will be read; and these books must be procured by all members of the course.

Source: Harvard University. Faculty of Arts and Sciences, Division of History and Political Science [Comprising the Departments of History and Government and Economics], 1902-03. Published in The University Publications, New Series, no. 55. June 14, 1902.

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Course Enrollment, 1902-03
Economics 1

Primarily for Undergraduates:

Economics 1. Drs. [Abram Piatt] Andrew, [Oliver Mitchell Wentworth] Sprague, and [Charles Whitney] Mixter, and Messrs. [Charles] Beardsley [Jr.], [Vanderveer] Custis, and [Gilbert Holland] Montague. — Outlines of Economics.

Total 514: 2 Gr., 25 Se., 108 Ju., 270 So., 39 Fr., 70 Others.

Source: Harvard University. Annual Report of the President of Harvard College, 1902-03, p. 67.

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Mid-year Examination 1903
Economics 1

Omit one question

  1. The population of the United States has increased from 23 millions in 1850 to about 80 millions in 1902 (not including the population of the islands acquired from Spain), and yet the “standard of living” has not fallen. Can you reconcile this with the Malthusian theory?
  2. “Economic rent and net profits are like the producers’ and consumers’ surplus described at the beginning of the chapter in being differential gains. . . .”
    Explain these terms and discuss Hadley’s comparison of profits and rent.
  3. How in your opinion does the use of labor-saving machinery in agriculture affect the value of agricultural produce, and the rent of agricultural land?
  4. What would you suppose to be the effect of immigration upon the production of wealth, upon wages, and upon the value of land in the United States?
  5. A recent Secretary of the Navy, in defending large naval appropriations, wrote as follows: “It is a taking thing to say that $100,000,000 could be better spent for education or charity; and yet, on the other hand, $100,000,000 spent in the employment of labor is the very best use to which it can be put. There is no charity in the interest of the popular welfare or of education so valuable as the employment of labor.”
    Discuss the economic argument implied in this statement.
  6. Should a railroad be compelled to charge the same rate per ton-mile for all goods of equal bulk? Why? or why not?
  7. Suppose that one piano manufacturer buys out all of the other piano manufacturers in the country, can he now sell the former aggregate output of all the factories at an advanced price? Give reasons for your answer.
  8. Explain by the theory of the value of money why prices are high in times of speculation and low when a period of depression sets in.
  9. Could a paper currency depreciate in value, if a government pledged the public lands for its redemption? Give reasons.

Source: Harvard University Archives. Mid-year Examinations 1852-1943. Box 6. Papers (in the bound volume Examination Papers Mid-years 1902-1903).

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Year-end Examination 1903
Economics 1

Omit one question from each group.

I

  1. What is meant by

unearned increment,
marginal utility,
double standard,
rapidity of circulation?

  1. Explain the relation of the law of diminishing returns to rent.
  2. It wages are determined by the productivity of labor, how would you explain the circumstance that labor organizations which impose restrictions upon individual output, have been accompanied by a rise of wages?
  3. What considerations are likely to determine the prices of trust-made commodities?

II

  1. In what ways would the repeal of our tariff duties affect our export trade?
  2. Former Speaker Reed, in an article on Protection, said: “Any system which enables our people to do our own work is a system which can give the best results. . . . The whole nation gets the benefit of it?”
    Discuss this statement.
  3. Give the principal reasons for and against the adoption of the policy of the single tax.
  4. How is the community served by the produce exchanges? by the stock exchanges?

III

  1. (a) What kinds of money are susceptible of increase under existing legislation in the United States? In what way?
    (b) In what way do clearing house loan certificates add to the circulating medium?
    Under what circumstances may they be issued?
  2. Suppose the deposits of the national banks to increase one hundred million dollars, would the position of the banks be rendered stronger thereby?
  3. Are the national banks of the United States unfairly granted the privilege of earning a double profit in respect to their circulation?
  4. In his last annual report, the Secretary of the Treasury writes: “I think a far better course for the present at least would be to provide an elastic currency available in every banking community and sufficient for the needs of that locality. This, I think, can be accomplished . . . . by several methods.”
    Explain some of these methods.

Source: Harvard University Archives. Examination Papers 1873-1915. Box 6. Papers Set for Final Examinations in History, Government, Economics, History of Religions, Philosophy, Education, Fine Arts, Architecture, Landscape Architecture, Music in Harvard College, June 1903 (in the bound volume Examination Papers 1902-1903).

Image Sources: Abram Piatt Andrew (1920) from Wikimedia Commons. O.M.W. Sprague from Harvard Class Album 1920, p. 25.

 

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Berkeley Columbia Cornell Economists Harvard Illinois Johns Hopkins Wisconsin

USA. Joseph Schumpeter’s Roadshow. 1st Quarter, 1914

Joseph Schumpeter spent the 1913-14 academic year as Austria’s first exchange professor at Columbia University. But before heading home, he went on a whirlwind tour of American universities as documented in the following collection of news reports. Cornell, George Washington, Johns Hopkins, the Universities of Illinois, Wisconsin, and California, and apparently culminating with lectures in Taussig’s Ec 11 course at Harvard. All this between mid-January and mid-March 1914.

I have not seen the above portrait of Schumpeter before. He looks much less like Nosferatu’s twin and one could say has even leading-man material if only his ears were pinned back a notch.

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Dr. Schumpeter Near End of Course as Austrian Exchange Professor at Columbia University

Professor Joseph A. Schumpeter, who was sent to this country by the Austrian Government as an exchange professor, will soon complete his course of lectures on economic theory and on the problem of social classes, at Columbia University, where he has been since last October, and will visit a number of other leading universities in this country.

Professor Schumpeter was born in 1883, in Triesch in the Austrian Province of Moravia, and was educated at the “Theresianum” in Vienna. Then he entered the University of Vienna where he took his degree of Doctor in Law and Political Science in 1906, and gained locally some representation within the little circle of students of economic theory called the Austrian School. After spending some years in travel, he began lecturing on economies at the same university from which he was, at the age of 26, called to the chair of Political Economy in the University of Gernowitz. In 1911 he accepted a call to the University of Graz in Styria. When the Austrian Government, following the example given by the German Government, concluded an agreement with Columbia University for the exchange of professors, Schumpeter was selected to be the first visiting professor in this country.

Source: The Brooklyn Daily Eagle. January 14, 1914, p. 12.

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Predicts More War in Balkan Frontier

“Conditions as they exist in the Balkans now cannot last, I am sorry to say that the sad story of crime and suffering that we have been witnessing we shall have to see over again before long,” said Prof. Joseph Schumpeter in his lecture last night on “Austria’s Balkan Policy.”

“The Balkan situation awakens in us a multitude of passions,” said Dr. Schumpeter. “We see burning and murdered villages, and conditions growing worse and worse. Austria is very little known.

“A lot of false notions have arisen concerning Austria. It is a country of 50,000,000 inhabitants composed of a combination of different races and therefore gives statesmanship tasks of a peculiar kind. It is impossible to appeal to national patriotism in Austria for it is composed of several races apathetic to each other. The majority of the people are Slavs, but there are a great many Germans, Romanians, Italians and Servians. It is very difficult to adjust their claims for national supremacy.

“To keep the Turkish frontier is still Austria’s main care.

“What Austria wanted, and wants still, is to have a group of states on national lines so arranged that they will last for some time and not be under the influence of Russia. The Albanians held their own against Turkey for some time and finally Austria made a treaty with Italy that, no matter what happened to Turkey, they should combine to save the Albanian state.”

Source: The Ithaca Journal. January 17, 1915, p. 5.

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Admires Quick Wit Found in America

Professor Joseph Schumpeter of the University of Graz, Austria, expresses himself as delighted with Cornell University and everything he has seen here. Professor Schumpeter, who gave the lecture on “The Balkan Policies of Austria,” is now Exchange Professor at Columbia University. He has gained the reputation of being one of the most promising economists of Europe.

“You have a wonderful University here, splendidly equipped,” he declared. “The situation is ideal. I have been very much interested in my work at Columbia and feel that we Europeans can learn a lot from you. My work at Columbia has been mostly with the graduate students and I have not been able to get into as close touch with the undergraduates as I would have liked to. I have been especially struck by the quick-wittedness and energy of the American undergraduates. They also have an aptitude for intelligent discussion which is lacking in Europe. The whole spirit of fellowship is so splendid.

“The social life in America is remarkably pleasant. In other countries you take much longer to make friends. In my short stay here I have already made scores of excellent friends. American audiences are also so pleasant to talk to. I feel less intellectual sympathy while talking before a German audience than I do here. Unlike Europe all classes of society seem equally interested, the workingmen as much so as the richest families.”

Source: The Ithaca Journal, Jan 19, 1914, p. 9.

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Talk on the Balkans by Prof. Schumpeter
University of Gratz Educator Entertains Audience at National Museum

Prof. Joseph Schumpeter delivered a lecture on the present and prospective situation in the Balkans at the New National Museum last night, to which the general public was invited, the audience including students of the eastern question and a number of diplomats. Dr. Schumpeter is exchange professor between the University of Gratz, where he is professor of political science and economics, and Columbia University, New York, where he has just completed his series of lectures.

Last night’s address was delivered under the auspices of George Washington University, and Dr. Schumpeter was introduced by Rear Admiral Charles Herbert Stockton, U. S.N., retired, president of George Washington.

Dr. Schumpeter gave an historical account of the development of the Ottoman empire from the conquest of Constantinople in 1453 up to the present time. He declared that outside of Greece, where the situation has been practically clarified, the Balkan troubles have not been set at rest, and that further trouble may be expected in the Balkan countries at any time.

Real Root of Troubles.

He pointed out that the real root of many of the troubles of those countries has been differences because of race, the clash between Mohammedan and Christian, which he said is likely to continue to the end of the world. He offered, for example, the experiences of Great Britain, in charge of the largest number of Mohammedans in the world, in India.

Dr. Schumpeter devoted considerable attention to the part that Austria-Hungary is playing in the Balkan situation. Since 1908 the Balkan provinces of Bosnia and Herzegovina have been recognized as a part of Austria, and it is around the possession of these provinces that considerable interest lies. Austria-Hungary was permitted by the congress of Berlin in 1878 to occupy and administer these two Balkan provinces, but it was not until 1908 that they were formally annexed.

Source: Evening Star (Washington, D.C.), February 5, 1914, p. 9.

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Balkan War Policy of Austria Defended
Prof. Schumpeter Says Nation Must Control of Principalities Along the Danube.
Great Britain is Criticised.

John Bull was said to have in his charge the greatest Mohammedan power in the world by Prof. Joseph Schumpeter, professor of political science and economics at the University of Gratz, Austria, in an Interesting lecture last night at the National Museum.

“No less than 90,000,000 Mohammedans are under British rule, yet England has seen fit to attack the right of Austria to establish a mere legal pact by taking over Herzegovina and Boris and assuring to these two countries safety and security,” said Prof. Schumpeter.

Rear Admiral Stockton, president of Georgetown University, under the auspices of which institution the lecture was given, presided.

Prof. Schumpeter gave a comprehensive historical account of the development of the Ottoman empire since the conquest of Constantinople, in 1453, up to the present day.

In closing, Prof. Schumpeter asserted that in his opinion, outside of Greece, where he said the situation has been pretty well clarified, the Balkan troubles have not been definitely put at rest. He made it clear that he looked for further trouble.

Source: The Washington Herald, February 5, 1914, p. 3.

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Predicts Third Balkan War.
Prof. Schumpeter of Austria, Is Pessimistic in Lecture.

Under the auspices of George Washington University, Prof. Joseph Schumpeter, dean of political science and economics at the University of Gratz, Austria, and exchange professor between his university and Columbia, spoke Wednesday in the auditorium of the new National Museum on “The Balkan Situation from the Austrian Viewpoint.” Among those present were Konstantin von Masirevich, first secretary, and the Baron Freudenthal, attache of the Austrian embassy; Rear Admiral C. H. Stockton, president of George Washington, Prof. Richard Cobb, secretary of the university; Dean Charles E. Munroe, Dean Charles Noble Gregory and L. Cleveland McNemar, assistant professor of international law.

Prof. Schumpeter claimed that the Austrian annexation of Bosnia and Herzogovina in 1910 was warranted by circumstances. He said that Balkan peace is merely transitory; that another war is sure to come.

Source: The Washington Post, February 8, 1914, p. 2.

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Johns Hopkins University.

Two foreign educators lectured at the Johns Hopkins university last week. Dr. Joseph Schumpeter, of the University of Gratz, and first Austrian exchange professor at Columbia, delivered five lectures before the department of political economy….

Source: The Oregon Daily Journal. February 15, 1914, p. 48.

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Vienna Man at Madison.
Exchange Professor Studies Wisconsin Industrial Laws.

(Special to The Northwestern.) Madison, Wis., Feb. 10. — Dr. J. A. Schumpeter, exchange professor from Vienna to Columbia university, spent today here investigating the work of the state industrial commission. He will leave tonight for St. Paul, where he intends to make a similar investigation. Dr. Schumpeter is a recognized expert on labor legislation, and in addition to investigating the work of the commission held a conference with Prof. John R. Commons.

Source: The Oshkosh Northwestern, February 10, 1914, p. 9.

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Professor Schumpeter has very busy two days here.
Austrian makes four addresses and attends several affairs.

Four addresses were given by Prof. Josef Schumpeter during his stay here from last Saturday morning until Sunday night, when he left for the University of California via Chicago. All of his addresses were along the line of the social sciences in which he enjoys wide fame for his great ability.

Professor Schumpeter’s first talk was given Saturday noon to the University Club where he took lunch. There he gave a talk on smoke. His second, and most important address, was to the combined seminars of the social science departments. It was given in room 304 of Lincoln Hall to an audience which contained almost every faculty and student member of the two seminars. His discussion was upon the theory of economic development. The lecturer paid especial attention to the place of interest and economic crises in static and dynamic states. Although he is an Austrian. and from the University of Graz, his lecture was delivered in perfect English, and was of profound interest to those who were privileged to attend.

With some eighteen University people, Professor Schumpeter took dinner at the Beardsley Saturday evening. Here again he spoke, this time giving an address on “The Austrian Attitude to the Balkan Situation.” He was followed by Professors E. B. Greene, A. H. Lybyer, L. M. Larson and W. F. Dodd, each of whom spoke on some aspect of world politics.

A reception was given the Professor at the home of Dean Kinley on Sunday afternoon. Here he addressed those present on “The Aspects of Austrian Social and Political Life in University Government.” Sunday night, Professor Schumpeter took the train for Chicago.

Source: The Daily Illi (Urbana, Illinois). February 17, 1914. Page 4.

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Talks of Marx’ Economy

University of California, Feb. 25. — Dr. J. A. Schumpeter, eminent Austrian economist, addressed an audience at California hall yesterday on “The Economy of Karl Marx.” Among the points he made were that one could believe in Marx’ doctrines without being a Socialist; his theories of value and exploitation of the working class were receiving more and more general acceptance; he was a “flaming propagandist whose followers regarded him as little less than inspired.”

He addressed also during the day classes in economics on interest rates and classical and modern economic theories.

Source: Oakland Tribune. February 25, 1914, p. 4.

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Brings Austria’s Message to Both Columbia and Harvard

The first Austrian exchange professor at Columbia will deliver a series of lectures on economic theory at Harvard in March. His lectures will be in connection with some of the courses given by Professor Taussig on economic theory.

Professor Schumpeter was born in Triesch, Moravia, in 1883, and received his early education in Vienna, where he also attended the University. He was awarded the degree of doctor of law and political science in 1906 and after spending several years in travel, established himself as a docent at the University of Vienna in 1909. A few months later, he was appointed professor of political economy in the University of Czernowitz, and in 1911 he was appointed professor of political economy in the University of Graz.

Professor Schumpeter’s own system of economic theory is developed in two books, “Wesen und Hauptinhalt der Theoretischen Nationalökonomie” and “Theorie der Wirtschaftlichen Entwicklung.” In addition, he has published a number of important papers. He has also contributed a history of economic theory to Schönberg’s “Handbuch der Politischen Oekonomie,” which is to appear shortly, and has furthermore prepared a treatise on banking law for a manual of mercantile law to be published in the near future.

In recent years Professor Schumpeter’s interest has been largely in the field of sociology, but he has not yet published anything in this department. As an economist, Professor Schumpeter is a member of the Austrian school — the brilliant group of writers headed by Böhm-Bawerk and Wieser of the University of Vienna, who have rescued economic theory from the eclipse with which it was for a time threatened by the able but exaggerated criticisms of the leaders of the German historical school. Though agreeing with his Viennese colleagues in many of their theories, he has shown great independence and originality in his treatment of the phases of economics, such as the interest problem, to which he has given particular attention. Thus, in spite of his comparative youth, he has won a place in the very front rank of contemporary European economists. His fluent command of spoken English and his intimate knowledge of American economic literature make him a most attractive lecturer.

Source: Boston Evening Transcript. February 4, 1914.

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“The Theory of Crises”at 4.30
March 16, 1914

Professor Josef Schumpeter, an Austrian economist of the University of Vienna, will lecture upon “The Theory of Crises” before the Seminary of Economics in Upper Dane this afternoon at 4.30 o’clock. Professor Schumpeter has written two books upon Economic. Theory which are of high quality, and have attracted a great deal of attention.

Source: The Harvard Crimson. March 16, 1914.

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Noted Economist’s Last Lecture

All members of the University interested in economics are invited to hear Professor Josef Schumpeter, of the University of Vienna, lecture upon “Economic Theory” in Professor Taussig’s course, Economics 11, this afternoon at 2.30 o’clock. This will be the last of a series of lectures given by Professor Schumpeter, who is this year conducting courses at Columbia University. The lecture will take place in Emerson H.

Source: The Harvard Crimson. March 18, 1914.

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Prof. Schumpeter Sails.
Says That America Made a Deep Impression on Him.

Professor Joseph Schumpeter, the first Austrian exchange professor in America, who is returning to his home University of Graz, Austria, sailed on the Martha Washington yesterday. The professor has lectured on social problems, money systems, democracy and other branches of science, has been with Columbia University until the end of January, when he left for a tour through all of the leading universities of this country, the tour extending to San Francisco. Mr. Schumpeter said that he was sorry to leave America, which had made a deep impression upon him.

“The big American universities,” the professor stated, “are far better than the average Austrian and even European university. America has a bigger and better body of scientists at each university, and the student’s material is of a much higher type than that of European schools. The American student wants to learn. He has the earnest desire to go to the bottom of science. He wants to make headway in the world, whereas the Austrian student visits a university for reasons of tradition, social standing and title.”

Asked what he thought the greatest American achievement, the professor answered that the “one-man management” was most appealing to him. It was far better, he claimed to have one man run a business, a university, and even a political party, than to have the European system of sharing power and responsibilities.

Four pretty young sisters, all of whom are ardent suffragists, left on board the big Austrian liner for Italy, France and Germany. The fair travelers are Misses Catherine, Ella S., Grace and Margaret Switzer of Manhattan. Their purpose is to show their European sisters how superfluous man really is, for never during their trip will they tolerate or accept the services of any man nor will they speak to any man or stand for being addressed by a man.

Source: The Brooklyn Daily Eagle. March 22, 1914, p.74

Image Source: Boston Evening Transcript. February 4, 1914. Colorized by Economics in the Rear-view Mirror.