Operations of Unfettered Labor Markets: Exit and Voice in American Labor Markets at the Turn of the Century

Journal of Economic Literature, June 1998

Posted: 28 Apr 1998

See all articles by Price V. Fishback

Price V. Fishback

University of Arizona; National Bureau of Economic Research (NBER)

Abstract

The American economy at the turn of the century offers an excellent opportunity to study the functioning of relatively unregulated labor markets. The essay surveys the economic history literature to determine how well labor markets operated in the early 1900s. After examining the mobility of workers, the integration of geographically dispersed labor markets, and a case study of the extent of employer monopsony, we examine the extent to which workers received compensating differentials for workplace disamenities and the extent to which competition among employers reduced discrimination. During this period institutions like the company town, company union, and share cropping developed. These institutions are re-examined to determine the extent to which they were exploitative or helped resolve problems with transactions costs. Finally, reformers pushed for legislation during the progressive era to correct perceived market failures. We examine the impact of progressive legislation and discuss the political economy of its passage.

JEL Classification: J00, N31, N32

Suggested Citation

Fishback, Price V., Operations of Unfettered Labor Markets: Exit and Voice in American Labor Markets at the Turn of the Century . Journal of Economic Literature, June 1998, Available at SSRN: https://ssrn.com/abstract=73772

Price V. Fishback (Contact Author)

University of Arizona ( email )

Tucson, AZ 85721-0108
United States
520-621-4421 (Phone)
520-621-8450 (Fax)

National Bureau of Economic Research (NBER)

1050 Massachusetts Avenue
Cambridge, MA 02138
United States

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