Capital in the Nineteenth Century

This book explores Robert E. Gallman's extensive research on U.S. capital stock, providing insights into economic growth during the nineteenth century.

When considering the trajectory of history, we often highlight people, events, and ideas, yet the significance of numbers cannot be overlooked. Capital in the Nineteenth Century delves into the extensive data gathered by economist Robert E. Gallman, who meticulously documented the capital stock in the United States from the colonial era through the end of the nineteenth century. This work emphasizes the importance of understanding capital not just as a static measure, but as a dynamic component that reflects income accumulation and investment, which are crucial for production processes.

Gallman's approach to analyzing capital stock provides valuable insights into long-term economic performance, offering a detailed perspective on how the United States transitioned into a global economic leader during the nineteenth century. His research serves as an empirical foundation for understanding the complexities of economic growth, particularly during the period characterized by significant changes in per capita income. However, despite the depth of his analysis, Gallman did not publish the comprehensive data that underpinned his findings, leaving a gap in the accessibility of his work.

In Capital in the Nineteenth Century, Paul W. Rhode takes on the important task of completing Gallman's project, ensuring that his insights and meticulous craftsmanship are preserved for future generations. This book not only highlights the critical role of capital in shaping economic conditions but also addresses contemporary issues that stem from historical economic practices. Through Gallman's data, readers can gain a clearer understanding of the foundational elements that have influenced modern economic debates.