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Religion, Social Capital, and Business Bankruptcy in the United States, 1921-1932

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Author Info
Bradley A. Hansen
Mary Eschelbach Hansen
Abstract

We consider the value of social capital that derives from membership in a church. American states with larger churchgoing populations had lower business bankruptcy rates from 1921 to 1932, and states in which the churchgoing population was concentrated in few churches had business bankruptcy rates that were lower still. Both voluntary and involuntary bankruptcy were lower in states with higher church membership. The evidence suggests that church membership acted on bankruptcy through a safety net mechanism and not solely through indicating a preference for honoring commitment.

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File URL: http://www.american.edu/academic.depts/cas/econ/workingpapers/2008-15.pdf
File Format: application/pdf
File Function: First version, 2008
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Publisher Info
Paper provided by American University, Department of Economics in its series Working Papers with number 2008-15.

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Length: 35 pages
Date of creation: Sep 2008
Date of revision:
Handle: RePEc:amu:wpaper:1508

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Web page: http://www.american.edu/cas/economics/

For technical questions regarding this item, or to correct its listing, contact: (Thomas Meal).

Related research
Keywords: business bankruptcy; church membership; social capital;

Find related papers by JEL classification:
N22 - Economic History - - Financial Markets and Institutions - - - U.S.; Canada: 1913-
N82 - Economic History - - Micro-Business History - - - U.S.; Canada: 1913-
K29 - Law and Economics - - Regulation and Business Law - - - Other

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This page was last updated on 2009-11-23.

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