Populism and the First Wave of Globalization: Evidence from the 1892 US Presidential Election

Arbeitspapier

The reasons for the famous agrarian unrest in the United States between 1870 and 1900 remain debated. We argue that they are, at least in part, consistent with a simple economic explanation. Falling transportation costs allowed for the extension of the frontier, where farmers received the world price minus the transaction costs involved in getting their produce to market. Many perceived these costs to be unfairly large, owing to the perceived market power of rail firms and the discriminatory practices of middlemen, with farmers closer to the frontier most affected. Consistent with this, we find that the protest, as measured by vote shares for the Populists in the 1892 Presidential elections, is negatively related to wheat prices, transportation costs, and rail network density.

Object Details

• Language: Englisch

References and Relationships

• Bibliographic citation: Series: EHES Working Paper ; No. 191

Classification and Topics

• Classification: Wirtschaft ; Economic History: Agriculture, Natural Resources, Environment, and Extractive Industries: U.S.; Canada: Pre-1913 ; Economic History: Transport, Trade, Energy, Technology, and Other Services: U.S.; Canada: Pre-1913
• Subject: Agriculture ; globalization ; Grain Invasion ; populism ; United States

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): Klein, Alexander ; Persson, Karl Gunnar ; Sharp, Paul
• Event: Veröffentlichung
• (who): European Historical Economics Society (EHES)
• (where): s.l.
• (when): 2020

Further information

• Handle: http://hdl.handle.net/10419/247121
• Last update: 10.03.2025, 11:45 AM CET