Samsung Economic Research Institute
7th floor, Kukje Center Building
191, Hangangro 2-Ga, Youngsan-Gu
Seoul, Korea 140-702
NBER Working Papers and Publications
|July 2007||After Johnny Came Marching Home: The Political Economy of Veterans' Benefits in the Nineteenth Century|
with Hugh Rockoff: w13223
This paper explores new estimates of the number of veterans and the value of veterans' benefits -- both cash benefits and land grants -- from the Revolution to 1900. Benefits, it turns out, varied substantially from war to war. The veterans of the War of 1812, in particular, received a smaller amount of benefits than did the veterans of the other nineteenth century wars. A number of factors appear to account for the differences across wars. Some are familiar from studies of other government programs: the previous history of veterans' benefits, the wealth of the United States, the number of veterans relative to the population, and the lobbying efforts of lawyers and other agents employed by veterans. Some are less familiar. There were several occasions, for example, when public attitudes to...
|January 2006||Capitalizing Patriotism: The Liberty Loans of World War I|
with Hugh Rockoff: w11919
In World War I the Secretary of the Treasury, William Gibbs McAdoo, hoped to create a broad market for government bonds, the famous Liberty Loans, by following an aggressive policy of "capitalizing patriotism." He called on everyone from Wall Street bankers to the Boy Scouts to volunteer for the campaigns to sell the bonds. He helped recruit the nation's best known artists to draw posters depicting the contribution to the war effort to be made by buying bonds, and he organized giant bond rallies featuring Hollywood stars such as Douglas Fairbanks, Mary Pickford, and Charlie Chaplin. These efforts, however, enjoyed little success. The yields on the Liberty bonds were kept low mainly by making the bonds tax exempt and by making sure that a large proportion of them was purchased directly or i...
Published: Sung Won Kang & Hugh Rockoff, 2015. "Capitalizing patriotism: the Liberty loans of World War I," Financial History Review, vol 22(01), pages 45-78.