Rule Britannia!: British Stock Market Returns, 1825-1870

This article presents a new series of monthly equity returns for the British stock market for the period 1825-1870. In addition to calculating capital appreciation and dividend yields, the article also estimates the effect of survivorship bias on returns. Three notable findings emerge from this study. First, stock market returns in the 1825-1870 period are broadly similar for Britain and the United States, although the British market is less risky. Second, real returns in the 1825-1870 period are higher than in subsequent epochs of British history. Third, unlike the modern era, dividends are the most important component of returns.

The rate of return on equity across industrial sectors on the British stock market, 1825-70

This article assesses the contribution of the various industrial sectors to the growth of the British equity market in the 1825–70 period. It also provides estimates of the rates of return on these industrial sectors in this period. The article then proceeds to examine whether differences in rates of return across the various sectors can be explained by risk or other financial factors. One of the main findings is that the relatively high rates of return in the banking, insurance, and miscellaneous sectors appear to be in some measure explained by the presence of extended liability and uncalled capital.

Anthropology, Socialist Prediction and William Morris’s Commonweal

In the late nineteenth century, a number of writers turned to anthropology to predict a socialist future. They included prominent revolutionary socialists: Friedrich Engels, William Morris and members of the Socialist League. Contextualising the appropriation of the anthropologist Lewis Henry Morgan by such readers, this article also pays particular attention to socialist popularisations of anthropology, particularly those by Morris and his fellow writers in his penny weekly, the Commonweal. Focusing on Morris’s articles on ancient society helps to illuminate his own understanding of history, art and socialism. It also sheds new light on his predictive fiction News from Nowhere, which was originally read alongside Commonweal non-fiction. Both, I will argue, encouraged readers to see the future in the struggles of the ancient past.

Eclectic Dialectics: William Klein's Documentary Method

This article examines the relations between documentary aesthetics and the political sensibility of William Klein. Structured around the cultural phenomena that have remained integral to his career as a photographer and filmmaker - fashion, sport, and music - it discusses his enduring attachment to notions of freedom and creativity still associated with 1960s counter-culture, and the Vietnam War. In particular, it examines how how his films disrupt conventional categories, and subvert the familiar rhetoric of mainstream documentary film, especially that associated with cinéma vérité. A erstwhile protege of Dada, Klein has always valued the expressive potential of improbable juxtapositions, of intercutting between times and places, and subverting mainstream journalistic modes and intentions. The article argues that this attitude is increasingly rare among contemporary documentary filmmakers, and yet it is the very thing that gives his work a distinctive aesthetic texture, and relevance to any history of cinema.