Migration and business cycles

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Monograph

Identifikator:: 1736236210

URN:: urn:nbn:de:zbw-retromon-111544

Document type:: Monograph

Author:: Jerome, Harry

Title:: Migration and business cycles

Place of publication:: New York

Publisher:: National Bureau of Economic Research

Year of publication:: 1926

Scope:: 256 S.

Digitisation:: 2020

Collection:: Economics Books

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Document type:: Monograph

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Title:: Chapter V. The pre-war quarter century : 1890-1914

Collection:: Economics Books

CHAPTER V THE PRE-WAR QUARTER CENTURY: 1890-1914 Characteristics of the Period. The twenty-five years from 1890 to the outbreak of the World War include a most fascinating period of American industrial history, and one which in many ways affords the richest field for study of the relations of migration to industrial activity. The decade of the eighties witnessed the virtual passing of the frontier with an abundant area of free and fertile land available for the homesteader. While railroad construction activities did not in the following decades reach the magnitude which they had attained in the eighties, and though the first years of the nineties were characterized by prolonged depression and business uncertainty, toward the end of the decade there began a sharp recovery in industrial activity, accompanied by an equally remarkable increase in the volume of immigration, which reached its peak in the calendar year 1913 with a recorded total of 1,387,318 immigrant aliens and 229,585 nonimmigrant aliens. It will be remembered, also, that it is in the nineties that the “old” immigration from northern and western Europe ceased to be the predominating element in the immigrant stream, yielding in numbers to the rising tide of immigrants from southern and eastern Europe. Data Available for Quantitative Analysis. This quarter century also affords much more adequate data for the purposes of our study than are available for the earlier decades. While the years during and following the Great War have witnessed a remarkable development in the variety and adequacy of statistics of production and employment, even in the preceding quarter cen- tury to which we now wish to turn our attention we find at hand statistics which facilitate the close study of cyclical movements in industry. Monthly estimates of pig iron production, usually con- sidered a good index of industrial activity, are available in some form throughout the entire period; and, as noted in a previous chapter, it has been possible to weld together a monthly index of factory em- 89

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