Department of Economics
106 Central Street
Wellesley, MA 02482
NBER Working Papers and Publications
|June 2011||Democratic Dividends: Stockholding, Wealth and Politics in New York, 1791-1826|
with Eric Hilt: w17147
This paper analyzes the early history of corporate shareholding, and its relationship with political change. In the late eighteenth century, corporations were extremely rare and were dominated by elites, but in the early nineteenth century, after American politics became significantly more democratic, corporations proliferated rapidly. Using newly collected data, this paper compares the wealth and status of New York City households who owned corporate stock to the general population there both in 1791, when there were only two corporations in the state, and in 1826, when there were hundreds. The results indicate that although corporate stock was held principally by the city's elite merchants in both periods, share ownership became more widespread over time among less affluent households....
Published: Hilt, Eric & Valentine, Jacqueline, 2012. "Democratic Dividends: Stockholding, Wealth, and Politics in New York, 1791–1826," The Journal of Economic History, Cambridge University Press, vol. 72(02), pages 332-363, June. citation courtesy of