{"id":{"repo_id":"uiuc","oai_identifier":"oai:www.ideals.illinois.edu:2142/70796"},"canonical_url":"https://search.dev.ndltd.org/etd/uiuc/oai:www.ideals.illinois.edu:2142/70796","repository":{"repo_id":"uiuc","name":"University of Illinois - Urbana-Champaign","base_url":"https://www.ideals.illinois.edu/oai-pmh"},"display":{"title":"Antebellum Manufacturing Returns, Risks, and Patterns of Specialization","abstract":"At the middle of the nineteenth century returns to investment in manufacturing exceeded those to investment in agriculture. This difference was significantly greater in the South. The South also had the lowest value of manufactures per capita, the smallest manufacturing facilities, and the greatest risk premia of all the regions of the United States. Data suggest that this was not always the case. The eighteenth-century South had not lagged behind the North, if anything, it had been the industrialized region. The relative success of the South in the eighteenth century weakens traditional explanations of Southern manufacturing backwardness in the nineteenth.","abstract_html":"At the middle of the nineteenth century returns to investment in manufacturing exceeded those to investment in agriculture. This difference was significantly greater in the South. The South also had the lowest value of manufactures per capita, the smallest manufacturing facilities, and the greatest risk premia of all the regions of the United States. Data suggest that this was not always the case. The eighteenth-century South had not lagged behind the North, if anything, it had been the industrialized region. The relative success of the South in the eighteenth century weakens traditional explanations of Southern manufacturing backwardness in the nineteenth.","abstract_has_math":false,"creators":["Quade, Robert Clyde"],"institution":"University of Illinois at Urbana-Champaign","degree_name":"Ph.D.","degree_level":"Dissertation","degree_discipline":"Economics","degree_department":null,"school":null,"contributors":["Ulen, Thomas S."],"advisors":[],"committee_chairs":[],"committee_members":[],"year":1988,"date_issued":"1988","date_published":"1988","updated_at":"2026-07-22T22:26:03Z","subjects":["Economics, History"],"languages":[],"rights":[],"rights_urls":[],"identifier_entries":[{"key":"dc:identifier","label":"Identifier","values":["(UMI)AAI8815409"],"render_values":[{"text":"(UMI)AAI8815409","href":null,"code":true}]}]},"links":{"outbound_url":"http://hdl.handle.net/2142/70796","outbound_label":"Handle","outbound_source":"dc:identifier"},"metadata_groups":[{"id":"people","label":"People","entries":[{"key":"dc:contributor","label":"Contributor","values":["Ulen, Thomas S."]},{"key":"dc:creator","label":"Author","values":["Quade, Robert Clyde"]}]},{"id":"academic_context","label":"Academic Context","entries":[{"key":"dc:date","label":"Dc Date","values":["1988","2014-12-16T04:05:24Z","10000-01-01"]},{"key":"dc:type","label":"Dc Type","values":["text"]},{"key":"thesis:degree_discipline","label":"Discipline","values":["Economics"]},{"key":"thesis:degree_level","label":"Degree Level","values":["Dissertation"]},{"key":"thesis:degree_name","label":"Degree Name","values":["Ph.D."]},{"key":"thesis:institution_name","label":"Thesis Institution Name","values":["University of Illinois at Urbana-Champaign"]}]},{"id":"subjects_keywords","label":"Subjects and Keywords","entries":[{"key":"dc:subject","label":"Dc Subject","values":["Economics, History"]}]},{"id":"identifiers","label":"Identifiers","entries":[{"key":"dc:identifier","label":"Identifier","values":["http://hdl.handle.net/2142/70796","(UMI)AAI8815409"]}]},{"id":"additional","label":"Additional Metadata","entries":[{"key":"dc:description","label":"Description","values":["At the middle of the nineteenth century returns to investment in manufacturing exceeded those to investment in agriculture. This difference was significantly greater in the South. The South also had the lowest value of manufactures per capita, the smallest manufacturing facilities, and the greatest risk premia of all the regions of the United States. Data suggest that this was not always the case. The eighteenth-century South had not lagged behind the North, if anything, it had been the industrialized region. The relative success of the South in the eighteenth century weakens traditional explanations of Southern manufacturing backwardness in the nineteenth.","This dissertation offers another explanation. A general equilibrium model of investment under conditions of risk is developed. It is discovered that an increase in systematic risk leads to an increase in the risk premium. If manufacturing was the riskier sector in the nineteenth century, the increased systematic risk due to Southern monoculture for export may have been the cause of the observed Southern backwardness. As Southern concentration on cotton did not begin until the end of the eighteenth century, the timing appears to be correct.","The model was tested using the Bateman and Weiss sample of firms drawn from the 1850 and 1860 Censuses of Manufactures. Rates of return were calculated for each firm and risk premia were calculated for each state from this sample. The variances of wholesale price indices were used as proxies for variance in aggregate demand-systematic risk. Risk premia were regressed against these variances and the resulting equations used to adjust rates of return for risk. It was found that Southerns were no more risk averse than their Northern counterparts. The increased risk in the South may very well have been the cause of the lack of Southern manufacturing development.","Made available in DSpace on 2014-12-16T04:05:24Z (GMT). No. of bitstreams: 1 8815409.pdf: 7597894 bytes, checksum: 4e777f7c8fc228dca06e46bee5a14653 (MD5) Previous issue date: 1988","Embargo set by: Seth Robbins for item 70962 Lift date: Forever Reason: Restricted to the U of I community idenfinitely during batch ingest of legacy ETDs","Restricted to the U of I community idenfinitely during batch ingest of legacy ETDs","U of I Only","175 p.","Thesis (Ph.D.)--University of Illinois at Urbana-Champaign, 1988."]},{"key":"dc:title","label":"Title","values":["Antebellum Manufacturing Returns, Risks, and Patterns of Specialization"]}]}],"canonical_facts":{"dc:contributor":["Ulen, Thomas S."],"dc:creator":["Quade, Robert Clyde"],"dc:date":["1988","2014-12-16T04:05:24Z","10000-01-01"],"dc:description":["At the middle of the nineteenth century returns to investment in manufacturing exceeded those to investment in agriculture. This difference was significantly greater in the South. The South also had the lowest value of manufactures per capita, the smallest manufacturing facilities, and the greatest risk premia of all the regions of the United States. Data suggest that this was not always the case. The eighteenth-century South had not lagged behind the North, if anything, it had been the industrialized region. The relative success of the South in the eighteenth century weakens traditional explanations of Southern manufacturing backwardness in the nineteenth.","This dissertation offers another explanation. A general equilibrium model of investment under conditions of risk is developed. It is discovered that an increase in systematic risk leads to an increase in the risk premium. If manufacturing was the riskier sector in the nineteenth century, the increased systematic risk due to Southern monoculture for export may have been the cause of the observed Southern backwardness. As Southern concentration on cotton did not begin until the end of the eighteenth century, the timing appears to be correct.","The model was tested using the Bateman and Weiss sample of firms drawn from the 1850 and 1860 Censuses of Manufactures. Rates of return were calculated for each firm and risk premia were calculated for each state from this sample. The variances of wholesale price indices were used as proxies for variance in aggregate demand-systematic risk. Risk premia were regressed against these variances and the resulting equations used to adjust rates of return for risk. It was found that Southerns were no more risk averse than their Northern counterparts. The increased risk in the South may very well have been the cause of the lack of Southern manufacturing development.","Made available in DSpace on 2014-12-16T04:05:24Z (GMT). No. of bitstreams: 1 8815409.pdf: 7597894 bytes, checksum: 4e777f7c8fc228dca06e46bee5a14653 (MD5) Previous issue date: 1988","Embargo set by: Seth Robbins for item 70962 Lift date: Forever Reason: Restricted to the U of I community idenfinitely during batch ingest of legacy ETDs","Restricted to the U of I community idenfinitely during batch ingest of legacy ETDs","U of I Only","175 p.","Thesis (Ph.D.)--University of Illinois at Urbana-Champaign, 1988."],"dc:identifier":["http://hdl.handle.net/2142/70796","(UMI)AAI8815409"],"dc:subject":["Economics, History"],"dc:title":["Antebellum Manufacturing Returns, Risks, and Patterns of Specialization"],"dc:type":["text"],"thesis:degree_discipline":["Economics"],"thesis:degree_level":["Dissertation"],"thesis:degree_name":["Ph.D."],"thesis:institution_name":["University of Illinois at Urbana-Champaign"]},"updated_at":"2026-07-22T22:26:03Z"}