Ann M Carlos
Biographic Data
| ID | 456702 |
|---|---|
| NAME | Ann M Carlos |
| GIVEN NAMES | Ann M |
| FAMILY NAME | Carlos |
| SIGNATURE | CARLOS A M |
| AFFILIATIONS | University of Colorado Boulder |
| VERIFIED | No |
| TOTAL WORKS | 36 |
| TOTAL CITATIONS | 222 |
| AUTHOR COUNT | 36 |
| EDITOR COUNT | 0 |
| FIRST PUBLICATION YEAR | 1981 |
| LATEST PUBLICATION YEAR | 2025 |
| H-INDEX | 9 |
Resilience of Indigenous communities in Alaska by 1940
This article describes household activity in 13 Indigenous communities in Alaska around 1940. Alaska is too often ignored in discussions of Indigenous economic development. Our focus contributes to a greater understanding of economic development among Indigenous communities in the region and provides an important counterpoint to Indigenous economies in the contiguous United States where agency was more limited. Certainly in 1940, Alaskan Indigeno…
Early modern globalization and the extent of indigenous agency: Trade, commodities and ecology
This paper examines the responses of Indigenous nations and European companies to new trading opportunities: the Cree nations with the Hudson's Bay Company (HBC) and the Khoe nations with the Dutch East India Company [Verenigde Oostindische Compagnie (VOC)]. This case study is important because of the disparate outcomes. Within a few decades the Cree standard of living had increased, while Khoe nations had lost cattle and land. Standard histories…
The Country They Built: Dynamic and Complex Indigenous Economies in North America before 1492
The economic history of the United States is that of Europeans and their institutions. Indigenous nations are absent. This absence is partly due to a lack of data but perhaps also to a perception that Indigenous communities contributed little to U.S. growth. Three case studies explore the economic complexity and social stratification across different nations/regions prior to contact. Migrants to the United States came not to an empty land but one…
Indigenous Nations and the Development of the U.S. Economy: Land, Resources, and Dispossession
Abundant land and strong property rights are conventionally viewed as key factors underpinning U.S. economic development success. This view relies on the “Pristine Myth” of an empty undeveloped land, but the abundant land of North America was already made productive and was the recognized territory of sovereign Indigenous Nations. We demonstrate that the development of strong property rights for European/American settlers was mirrored by the atte…
Going the Distance: Eurasian Trade and the Rise of the Business Corporation 1400–1700; Family Firms and Merchant Capitalism in Early Modern Europe: The Business, Bankruptcy and Resilience of the Höchs…
Harris’ Going the Distance is a conceptually large, engrossing, multilayered book. It is not so much about the Eurasian trade as about the institutions that allowed for the existence of a Eurasian trade. Selling goods from China, East Asia, and India in the Middle East and Western Europe required moving products over long distances, at high cost, to uncertain markets. If markets were favorable and agents were honest, profits were possible; if mar…
Dark Matter Credit: The Development of Peer-to-Peer Lending and Banking in France, by Philip T. Hoffman, Gilles Postel-Vinay and Jean-Laurent Rosenthal
Dark Matter Credit: The Development of Peer-to-Peer Lending and Banking in France, by Philip T. Hoffman, Gilles Postel-Vinay and Jean-Laurent Rosenthal Dark Matter Credit: The Development of Peer-to-Peer Lending and Banking in France, by Philip T. Hoffman, Gilles Postel-Vinay and Jean-Laurent Rosenthal (Princeton, NJ: Princeton U.P., 2019; pp. 320. £34). Ann M Carlos Ann M Carlos University of Colorado Boulder, USA [email protected] Search …
J ustin M. C arroll . The Merchant John Askin: Furs and Empire at British Michilimackinac
Describing both a particular location and a region along the Great Lakes in colonial America, Michilimackinac is located on the southern shore at the juncture of Lake Michigan and Lake Huron. Waterways were the roads of colonial America and thus one finds posts, forts, and centers of commerce arising at nodal points between different water systems. The Merchant John Askin: Furs and Empire at British Michilimackinac provides a narrative history of…
Bankruptcy, Discharge, and the Emergence of Debtor Rights in Eighteenth-Century England
Bankruptcy is a precise legal process defining, ex ante , the rules for allocation of assets when debtors fail to repay their legally constituted debts. Ultimately, these rules determine willingness to lend and to borrow, and thus economic growth. In 1706, Parliament in England passed a bankruptcy statute that allowed, for the first time, bankrupts to exit the state of bankruptcy prior to full repayment of all debts. This represented a fundamenta…
Share portfolios in the early years of financial capitalism: London, 1690-1730
The dramatic expansion of public and private financial markets in the aftermath of the Glorious Revolution has received extensive attention. Despite this, little is known about how ordinary individual investors managed risk within this framework. Using a newly constructed dataset of share ownership for those joint-stock companies listed in the financial press of the day, we reconstruct individual portfolio holdings for investors in these companie…
The Cambridge History of Capitalism: From Ancient Origins To 1848
The first volume of The Cambridge History of Capitalism provides a comprehensive account of the evolution of capitalism from its earliest beginnings. Starting with its distant origins in ancient Babylon, successive chapters trace progression up to the 'Promised Land' of capitalism in America. Adopting a wide geographical coverage and comparative perspective, the international team of authors discuss the contributions of Greek, Roman, and Asian ci…
Casualties of Credit: The English Financial Revolution, 1620–1720, by Carl Wennerlind
Journal Article Casualties of Credit: The English Financial Revolution, 1620–1720, by Carl Wennerlind Get access Casualties of Credit: The English Financial Revolution, 1620–1720, by Carl Wennerlind (Cambridge, MA: Harvard U.P., 2011; pp. 348. £29.95). Ann M. Carlos Ann M. Carlos University of Colorado Boulder Search for other works by this author on: Oxford Academic Google Scholar The English Historical Review, Volume 128, Issue 535, December 20…
Smallpox and Native American mortality: The 1780s epidemic in the Hudson Bay region
Fur, Fortune, and Empire: The Epic History of the Fur Trade in America
In Fur, Fortune, and Empire, Eric Jay Dolin interprets the history of American expansion through the lens of the fur trade. The book covers a broad period of history from the settlement of the thirteen colonies to the beginning of the twentieth century. Nearly one-third of the book focuses on furs and colonial history to the American Revolution, then the focus switches to what were then the frontiers of the nation with a description of the Missou…
Reflection on reflections: Review essay on reflections on the cliometric revolution: conversations with economic historians
Commerce by a Frozen Sea: Native Americans and the European Fur Trade
‘A knavish people…’: London Jewry and the stock market during the South Sea Bubble
In an era when financial markets were only beginning the move from personal to impersonal relations, this paper examines the role of Jewish brokers in the market for Bank of England stock at a time when their status as recent immigrants, subject to constraints due to religion and ethnicity, made them unlikely intermediaries beyond their own communities. Using formal network analysis, an examination of their activity during the first half of 1720 …
The micro-foundations of the early London capital market: Bank of England shareholders during and after the South Sea Bubble, 1720-251
Using two sources, Bank of England Transfer Books and Stock Ledgers, this article explores the nature of the ‘customer base’ for Bank shares during and after the South Sea Bubble. This examination uncovers the nature of individual participation in this early capital market. The Transfer Ledgers record roughly 7,000 transfers during 1720, while the Ledger Books from 1720–25 record over 8,000 individuals holding stock. The analysis finds the custom…
Marketing in the Land of Hudson Bay: Indian Consumers and the Hudson's Bay Company, 1670–1770
The Hudson's Bay Company traded European goods for furs that were hunted, trapped, and brought down to the Bayside posts by Native Americans. The process of exchange was deceptively simple: furs for goods. Yet behind this simple process lies a series of decisions on the part of the company about which goods to provide, what levels of quality to provide, and what price to set. We examine the marketing strategies used by the Hudson's Bay Company an…
Royal African Company Share Prices during the South Sea Bubble
Trade, Consumption, and the Native Economy: Lessons From York Factory, Hudson Bay
Like Europeans and colonists, eighteenth-century Native Americans were purchasing a greatly expanded variety of goods. As fur prices rose from 1716 to 1770, there was a shift in expenditures from producer and household goods to tobacco, alcohol, and other luxuries by Indians who traded furs at the Hudson's Bay Company's York Factory post. A consumer behavior model, using company accounts, shows that Indians bought more European goods in response …
Learning and the Creation of Stock-Market Institutions: Evidence from the Royal African and Hudson's Bay Companies, 1670–1700
In this article we use a unique source—a 30-year time series of the share transactions of two joint-stock companies—to examine the growth of the London capital market prior to and immediately after the Glorious Revolution. We argue that the London experience with open capital markets was not solely the result of 1689. Rather it was the learning by private individuals and goldsmith bankers which took place in the decades before 1689 that allowed t…
Stock Transfer Patterns in the Hudson's Bay Company: A study of the English Capital Market in Operation, 1670–1730
In recent years, there has been expanding interest in the growth, structure and integration of the early English securities market. However, much of the research on this market has focused on overall market data or the larger chartered companies. The purpose of this paper is to provide an alternative approach to studying the issue of market activity and development, utilising the stock ownership and transfer records of the Hudson's Bay Company. A…
Theory and history: Seventeenth-Century Joint-Stock Chartered Trading Companies
An abstract is not available for this content so a preview has been provided. Please use the Get access link above for information on how to access this content
The Decline of the Royal African Company: Fringe Firms and the Role of the Charter
The Creative Financing of an Unprofitable Enterprise: The Grand Trunk Railway of Canada, 1853-1881
Giants of an Earlier Capitalism”: The Chartered Trading Companies as Modern Multinationals
Much has been written about late-nineteenth-century multinationals and their relationship to the transnational firms of the present, but both historians and economists have largely discounted the relevance of the earlier chartered trading companies to this discussion. In an article emphasizing transaction cost analysis and the theory of the firm, Professors Carlos and Nicholas argue that the trading companies did meet the criteria of the modern M…
Agency Problems in Early Chartered Companies: The Case of the Hudson’s Bay Company
The problem of controlling overseas managers confronts all multilocational firms. Historians have argued that because of the extreme time lags in communication, chartered companies were unable to control managerial behavior. We argue that not only did the Hudson’s Bay Company understand the agency problem but also put into operation strategies designed to attenuate opportunistic behavior. The company used employment contracts and control systems …
Bonding and the Agency Problem: Evidence from the Royal African Company, 1672-1691
Commerce by a Frozen Sea: Native Americans and the European Fur Trade
Theory and history: Seventeenth-Century Joint-Stock Chartered Trading Companies
An abstract is not available for this content so a preview has been provided. Please use the Get access link above for information on how to access this content
The micro-foundations of the early London capital market: Bank of England shareholders during and after the South Sea Bubble, 1720-251
Using two sources, Bank of England Transfer Books and Stock Ledgers, this article explores the nature of the ‘customer base’ for Bank shares during and after the South Sea Bubble. This examination uncovers the nature of individual participation in this early capital market. The Transfer Ledgers record roughly 7,000 transfers during 1720, while the Ledger Books from 1720–25 record over 8,000 individuals holding stock. The analysis finds the custom…
The Decline of the Royal African Company: Fringe Firms and the Role of the Charter
Learning and the Creation of Stock-Market Institutions: Evidence from the Royal African and Hudson's Bay Companies, 1670–1700
In this article we use a unique source—a 30-year time series of the share transactions of two joint-stock companies—to examine the growth of the London capital market prior to and immediately after the Glorious Revolution. We argue that the London experience with open capital markets was not solely the result of 1689. Rather it was the learning by private individuals and goldsmith bankers which took place in the decades before 1689 that allowed t…
Indians, the Beaver, and the Bay: The Economics of Depletion in the Lands of the Hudson's Bay Company, 1700–1763
Indians depleted the beaver, yet we do not understand why. We analyzed the pattern and determinants of beaver exploitation in the hinterlands of three Hudson's Bay Company posts. Simulating beaver population, we found declining beaver stock within each hinterland, but overharvesting in only two. Central to this process was the Company reaction to French competition. Managers raised prices in the Albany and York hinterlands, and in response the In…
Indigenous Nations and the Development of the U.S. Economy: Land, Resources, and Dispossession
Abundant land and strong property rights are conventionally viewed as key factors underpinning U.S. economic development success. This view relies on the “Pristine Myth” of an empty undeveloped land, but the abundant land of North America was already made productive and was the recognized territory of sovereign Indigenous Nations. We demonstrate that the development of strong property rights for European/American settlers was mirrored by the atte…
Smallpox and Native American mortality: The 1780s epidemic in the Hudson Bay region
Fur, Fortune, and Empire: The Epic History of the Fur Trade in America
In Fur, Fortune, and Empire, Eric Jay Dolin interprets the history of American expansion through the lens of the fur trade. The book covers a broad period of history from the settlement of the thirteen colonies to the beginning of the twentieth century. Nearly one-third of the book focuses on furs and colonial history to the American Revolution, then the focus switches to what were then the frontiers of the nation with a description of the Missou…
Trade, Consumption, and the Native Economy: Lessons From York Factory, Hudson Bay
Like Europeans and colonists, eighteenth-century Native Americans were purchasing a greatly expanded variety of goods. As fur prices rose from 1716 to 1770, there was a shift in expenditures from producer and household goods to tobacco, alcohol, and other luxuries by Indians who traded furs at the Hudson's Bay Company's York Factory post. A consumer behavior model, using company accounts, shows that Indians bought more European goods in response …
Share portfolios in the early years of financial capitalism: London, 1690-1730
The dramatic expansion of public and private financial markets in the aftermath of the Glorious Revolution has received extensive attention. Despite this, little is known about how ordinary individual investors managed risk within this framework. Using a newly constructed dataset of share ownership for those joint-stock companies listed in the financial press of the day, we reconstruct individual portfolio holdings for investors in these companie…
Royal African Company Share Prices during the South Sea Bubble
Marketing in the Land of Hudson Bay: Indian Consumers and the Hudson's Bay Company, 1670–1770
The Hudson's Bay Company traded European goods for furs that were hunted, trapped, and brought down to the Bayside posts by Native Americans. The process of exchange was deceptively simple: furs for goods. Yet behind this simple process lies a series of decisions on the part of the company about which goods to provide, what levels of quality to provide, and what price to set. We examine the marketing strategies used by the Hudson's Bay Company an…
The North American Fur Trade: Bargaining to a Joint Profit Maximum under Incomplete Information, 1804–1821
We examine bargaining between the Northwest Company and the Hudson's Bay Company using recent models of bargaining under incomplete information. Two previously undisturbed bodies of correspondence are analyzed: letters between the two companies and letters between the Hudson's Bay Company and its London committee. Through merger the companies achieved a joint maximum, but the lengthy and costly bargaining process dissipated much of the potential …
The Birth and death of predatory competition in the north American fur trade: 1810–1821
The Creative Financing of an Unprofitable Enterprise: The Grand Trunk Railway of Canada, 1853-1881
The Causes and Origins of the North American Fur Trade Rivalry: 1804–1810
Two ideas contrary to those of the existing literature are advanced. First, the early years of the Hudson's Bay Company/Northwest Company duopoly were characterized by passive rather than by predatory competition. Second, the Hudson's Bay Company initiated the changes that eventually led to predatory competition. The Company's financial crisis of 1809–1810 brought about by the decline in demand due to the Napoleonic Wars shocked it out of complac…
The Country They Built: Dynamic and Complex Indigenous Economies in North America before 1492
The economic history of the United States is that of Europeans and their institutions. Indigenous nations are absent. This absence is partly due to a lack of data but perhaps also to a perception that Indigenous communities contributed little to U.S. growth. Three case studies explore the economic complexity and social stratification across different nations/regions prior to contact. Migrants to the United States came not to an empty land but one…
Stock Transfer Patterns in the Hudson's Bay Company: A study of the English Capital Market in Operation, 1670–1730
In recent years, there has been expanding interest in the growth, structure and integration of the early English securities market. However, much of the research on this market has focused on overall market data or the larger chartered companies. The purpose of this paper is to provide an alternative approach to studying the issue of market activity and development, utilising the stock ownership and transfer records of the Hudson's Bay Company. A…
Bankruptcy, Discharge, and the Emergence of Debtor Rights in Eighteenth-Century England
Bankruptcy is a precise legal process defining, ex ante , the rules for allocation of assets when debtors fail to repay their legally constituted debts. Ultimately, these rules determine willingness to lend and to borrow, and thus economic growth. In 1706, Parliament in England passed a bankruptcy statute that allowed, for the first time, bankrupts to exit the state of bankruptcy prior to full repayment of all debts. This represented a fundamenta…
The Causes and Origins of the North American Fur Trade Rivalry: 1804–1810
Two ideas contrary to those of the existing literature are advanced. First, the early years of the Hudson's Bay Company/Northwest Company duopoly were characterized by passive rather than by predatory competition. Second, the Hudson's Bay Company initiated the changes that eventually led to predatory competition. The Company's financial crisis of 1809–1810 brought about by the decline in demand due to the Napoleonic Wars shocked it out of complac…
The Birth and death of predatory competition in the north American fur trade: 1810–1821
Steel rails versus iron rails: Evidence from Canada
The North American Fur Trade: Bargaining to a Joint Profit Maximum under Incomplete Information, 1804–1821
We examine bargaining between the Northwest Company and the Hudson's Bay Company using recent models of bargaining under incomplete information. Two previously undisturbed bodies of correspondence are analyzed: letters between the two companies and letters between the Hudson's Bay Company and its London committee. Through merger the companies achieved a joint maximum, but the lengthy and costly bargaining process dissipated much of the potential …
Game Theory and the North American Fur Trade: A Reply
An abstract is not available for this content so a preview has been provided. Please use the Get access link above for information on how to access this content
Giants of an Earlier Capitalism”: The Chartered Trading Companies as Modern Multinationals
Much has been written about late-nineteenth-century multinationals and their relationship to the transnational firms of the present, but both historians and economists have largely discounted the relevance of the earlier chartered trading companies to this discussion. In an article emphasizing transaction cost analysis and the theory of the firm, Professors Carlos and Nicholas argue that the trading companies did meet the criteria of the modern M…
Agency Problems in Early Chartered Companies: The Case of the Hudson’s Bay Company
The problem of controlling overseas managers confronts all multilocational firms. Historians have argued that because of the extreme time lags in communication, chartered companies were unable to control managerial behavior. We argue that not only did the Hudson’s Bay Company understand the agency problem but also put into operation strategies designed to attenuate opportunistic behavior. The company used employment contracts and control systems …
Chance or Destiny? The Dominance of Toronto over the Urban Landscape, 1797-1850
Chance or Destiny? The Dominance of Toronto over the Urban Landscape, 1797–1850
The study of urban systems has generated a considerable volume of work designed to allow one both to categorize urban areas at a point in time and to describe their development through time. This has resulted in the examination of the growth of individual cities, their phases of development, and the relationship between cities and their hinterlands or regions. The study of urban areas and urban systems from so many different perspectives is a mea…
Indians, the Beaver, and the Bay: The Economics of Depletion in the Lands of the Hudson's Bay Company, 1700–1763
Indians depleted the beaver, yet we do not understand why. We analyzed the pattern and determinants of beaver exploitation in the hinterlands of three Hudson's Bay Company posts. Simulating beaver population, we found declining beaver stock within each hinterland, but overharvesting in only two. Central to this process was the Company reaction to French competition. Managers raised prices in the Albany and York hinterlands, and in response the In…
Bonding and the Agency Problem: Evidence from the Royal African Company, 1672-1691
The Creative Financing of an Unprofitable Enterprise: The Grand Trunk Railway of Canada, 1853-1881
Stock Transfer Patterns in the Hudson's Bay Company: A study of the English Capital Market in Operation, 1670–1730
In recent years, there has been expanding interest in the growth, structure and integration of the early English securities market. However, much of the research on this market has focused on overall market data or the larger chartered companies. The purpose of this paper is to provide an alternative approach to studying the issue of market activity and development, utilising the stock ownership and transfer records of the Hudson's Bay Company. A…
Theory and history: Seventeenth-Century Joint-Stock Chartered Trading Companies
An abstract is not available for this content so a preview has been provided. Please use the Get access link above for information on how to access this content
The Decline of the Royal African Company: Fringe Firms and the Role of the Charter
Learning and the Creation of Stock-Market Institutions: Evidence from the Royal African and Hudson's Bay Companies, 1670–1700
In this article we use a unique source—a 30-year time series of the share transactions of two joint-stock companies—to examine the growth of the London capital market prior to and immediately after the Glorious Revolution. We argue that the London experience with open capital markets was not solely the result of 1689. Rather it was the learning by private individuals and goldsmith bankers which took place in the decades before 1689 that allowed t…
Trade, Consumption, and the Native Economy: Lessons From York Factory, Hudson Bay
Like Europeans and colonists, eighteenth-century Native Americans were purchasing a greatly expanded variety of goods. As fur prices rose from 1716 to 1770, there was a shift in expenditures from producer and household goods to tobacco, alcohol, and other luxuries by Indians who traded furs at the Hudson's Bay Company's York Factory post. A consumer behavior model, using company accounts, shows that Indians bought more European goods in response …
Marketing in the Land of Hudson Bay: Indian Consumers and the Hudson's Bay Company, 1670–1770
The Hudson's Bay Company traded European goods for furs that were hunted, trapped, and brought down to the Bayside posts by Native Americans. The process of exchange was deceptively simple: furs for goods. Yet behind this simple process lies a series of decisions on the part of the company about which goods to provide, what levels of quality to provide, and what price to set. We examine the marketing strategies used by the Hudson's Bay Company an…
Royal African Company Share Prices during the South Sea Bubble
The micro-foundations of the early London capital market: Bank of England shareholders during and after the South Sea Bubble, 1720-251
Using two sources, Bank of England Transfer Books and Stock Ledgers, this article explores the nature of the ‘customer base’ for Bank shares during and after the South Sea Bubble. This examination uncovers the nature of individual participation in this early capital market. The Transfer Ledgers record roughly 7,000 transfers during 1720, while the Ledger Books from 1720–25 record over 8,000 individuals holding stock. The analysis finds the custom…
‘A knavish people…’: London Jewry and the stock market during the South Sea Bubble
In an era when financial markets were only beginning the move from personal to impersonal relations, this paper examines the role of Jewish brokers in the market for Bank of England stock at a time when their status as recent immigrants, subject to constraints due to religion and ethnicity, made them unlikely intermediaries beyond their own communities. Using formal network analysis, an examination of their activity during the first half of 1720 …
Reflection on reflections: Review essay on reflections on the cliometric revolution: conversations with economic historians
Commerce by a Frozen Sea: Native Americans and the European Fur Trade
Fur, Fortune, and Empire: The Epic History of the Fur Trade in America
In Fur, Fortune, and Empire, Eric Jay Dolin interprets the history of American expansion through the lens of the fur trade. The book covers a broad period of history from the settlement of the thirteen colonies to the beginning of the twentieth century. Nearly one-third of the book focuses on furs and colonial history to the American Revolution, then the focus switches to what were then the frontiers of the nation with a description of the Missou…
Smallpox and Native American mortality: The 1780s epidemic in the Hudson Bay region
Economics (22 works) · Historical Economic and Social Studies (21 works) · Business (18 works) · Political science (15 works) · Law (13 works) · Finance (12 works) · History (12 works) · Archaeology (11 works) · Finance (11 works) · Geography (11 works)