front cover of Government and the American Economy
Government and the American Economy
A New History
Price V. Fishback et al.
University of Chicago Press, 2007

The American economy has provided a level of well-being that has consistently ranked at or near the top of the international ladder. A key source of this success has been widespread participation in political and economic processes. In The Government and the American Economy, leading economic historians chronicle the significance of America’s open-access society and the roles played by government in its unrivaled success story.

America’s democratic experiment, the authors show, allowed individuals and interest groups to shape the structure and policies of government, which, in turn, have fostered economic success and innovation by emphasizing private property rights, the rule of law, and protections of individual freedom. In response to new demands for infrastructure, America’s federal structure hastened development by promoting the primacy of states, cities, and national governments. More recently, the economic reach of American government expanded dramatically as the populace accepted stronger limits on its economic freedoms in exchange for the increased security provided by regulation, an expanded welfare state, and a stronger national defense.

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front cover of Housing and Mortgage Markets in Historical Perspective
Housing and Mortgage Markets in Historical Perspective
Edited by Eugene N. White, Kenneth Snowden, and Price V. Fishback
University of Chicago Press, 2014
The central role of the housing market in the recent recession raised a series of questions about similar episodes throughout economic history. Were the underlying causes of housing and mortgage crises the same in earlier episodes? Has the onset and spread of crises changed over time? How have previous policy interventions either damaged or improved long-run market performance and stability?

This volume begins to answer these questions, providing a much-needed context for understanding recent events by examining how historical housing and mortgage markets worked—and how they sometimes failed. Renowned economic historians Eugene N. White, Kenneth Snowden, and Price Fishback survey the foundational research on housing crises, comparing that of the 1930s to that of the early 2000s in order to authoritatively identify what contributed to each crisis. Later chapters explore notable historical experiences with mortgage securitization and the role that federal policy played in the surge in home ownership between 1940 and 1960. By providing a broad historical overview of housing and mortgage markets, the volume offers valuable new insights to inform future policy debates.
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front cover of A Prelude to the Welfare State
A Prelude to the Welfare State
The Origins of Workers' Compensation
Price V. Fishback and Shawn Everett Kantor
University of Chicago Press, 2000
Workers' compensation was arguably the first widespread social insurance program in the United States and the most successful form of labor legislation to emerge from the early Progressive Movement. Adopted in most states between 1910 and 1920, workers' compensation laws have been paving seen as the way for social security, Medicare, unemployment insurance, and eventually the broad network of social welfare programs we have today.

In this highly original and persuasive work, Price V. Fishback and Shawn Everett Kantor challenge widespread historical perceptions, arguing that, rather than being an early progressive victory, workers' compensation succeeded because all relevant parties—labor and management, insurance companies, lawyers, and legislators—benefited from the legislation. Thorough, rigorous, and convincing, A Prelude to the Welfare State: The Origins of Workers' Compensation is a major reappraisal of the causes and consequences of a movement that ultimately transformed the nature of social insurance and the American workplace.
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front cover of Well Worth Saving
Well Worth Saving
How the New Deal Safeguarded Home Ownership
Price Fishback, Jonathan Rose, and Kenneth Snowden
University of Chicago Press, 2013
The urgent demand for housing after World War I fueled a boom in residential construction that led to historic peaks in home ownership. Foreclosures at the time were rare, and when they did happen, lenders could quickly recoup their losses by selling into a strong market. But no mortgage system is equipped to deal with credit problems on the scale of the Great Depression. As foreclosures quintupled, it became clear that the mortgage system of the 1920s was not up to the task, and borrowers, lenders, and real estate professionals sought action at the federal level.
           
Well Worth Saving
tells the story of the disastrous housing market during the Great Depression and the extent to which an immensely popular New Deal relief program, the Home Owners’ Loan Corporation (HOLC), was able to stem foreclosures by buying distressed mortgages from lenders and refinancing them. Drawing on historical records and modern statistical tools, Price Fishback, Jonathan Rose, and Kenneth Snowden investigate important unanswered questions to provide an unparalleled view of the mortgage loan industry throughout the 1920s and early ’30s. Combining this with the stories of those involved, the book offers a clear understanding of the HOLC within the context of the housing market in which it operated, including an examination of how the incentives and behaviors at play throughout the crisis influenced the effectiveness of policy.
           
More than eighty years after the start of the Great Depression, when politicians have called for similar programs to quell the current mortgage crisis, this accessible account of the Home Owners’ Loan Corporation holds invaluable lessons for our own time.

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