Review of periodical literature for 2021
2022; Wiley; Volume: 76; Issue: 1 Linguagem: Inglês
10.1111/ehr.13233
ISSN1468-0289
Autores Tópico(s)Migration and Labor Dynamics
ResumoOccasionally, several articles published in the same year converge upon a quite specific theme. Sometimes, the convergence may be attributed to newly available data, for example, from population censuses, or to a significant anniversary, for example, the centenary of the First World War. Other times, it may arise from an ambitious programme of research having come to fruition. Yet, especially for the heavily studied period from 1850 to 1945, there are occasions when the clustering of articles around a closely circumscribed theme happens, seemingly, by chance. These serendipitous convergences afford readers of economic and social history a more comprehensive treatment of topics than would have been expected. One of the purposes of this review (and one of the joys of the reviewer) is to bring these convergences to the attention of economic and social historians. In 2021, no less than five articles converged, serendipitously, on the topic of British emigration to Australasia. These articles spanned six authors and three journals, viz. Australian Economic History Review, Historical Research, and Social History of Medicine. Relying on shipping records, Ward estimates that, during the period from 1852 to 1915, approximately 20 per cent of British emigrants to the colony of Victoria eventually returned to Britain. The returning migrants, who were mostly women, were strongly influenced by social networks. Ward's article includes both quantitative analysis and biographical vignettes of returning migrants. One of these migrants was Annie Martlew, who emigrated from Liverpool to Melbourne in 1884, only to return two decades later as a widow with five young children, motivated by the existence of a stronger support network in Britain. Social networks are a potential explanation for a paradox identified by Hatton in his study of emigration from the United Kingdom to the Anglosphere during the late nineteenth century. Surprisingly, he finds that emigrants to Australia and New Zealand were, on average, more skilled than emigrants to Canada and the United States, despite wages exhibiting a higher skill premium in North America. Hatton speculates that the lower skill content of emigrants from the United Kingdom—importantly, including Ireland—to the United States (vis-à-vis migrants to Australasia) might be due to the presence of greater networks of previous migrants there. Leaving aside the skill content of migrants, the sheer number of migrants to Australasia was positively influenced by colonial governments offering assisted passages to the Antipodes. In the early 1860s, Queensland promoted immigration, not through assisted passages but through the granting of a land order worth £30 to each fare-paying adult immigrant. Queensland's immigration policy is discussed in an article by Morgan, who contends that the policy was substantially revised and improved by Queensland's first Emigration Commissioner and Agent-General in London, Henry Jordan; initially, the policy was subject to such abuses as immigrants selling their land orders for cash and then moving on to other colonies. Tomkins and Coleborne consider a particular class of highly skilled British emigrants to New Zealand: medical professionals. They argue that the dislocating experience of migration contributed to the mental distress suffered by this group, who resorted more to alcoholism than did medical professionals in Britain. Robinson investigates the condition of disabled veterans of the First World War who emigrated from Britain to Australia. This study of ‘imperial pensioners’ reveals a contrast between Australia's relatively generous system of support for disabled veterans and Britain's system of support, which was more orientated toward the limitation of public expenditure. The First World War has continued to attract the interests of social historians in particular. A couple of articles concerned ad hoc arrangements prompted by war-induced labour shortages. Fraser describes how, amid fears over Britain's food supply in 1917, several hundred policemen were seconded to agricultural work and contributed to a year-on-year increase in the harvest. Meanwhile, McKay argues that the enlistment of criminals into the military—it was believed that their violent character would prove useful on the battlefield—alleviated the need to remove skilled labourers from the workforce, while also reducing the cost of operating prisons. Another feature of wartime British society was the public's conflation of Germans and Jews, which, according to Seketa, left Jewish-founded businesses susceptible to attacks and boycotts. In response, these businesses went to tremendous lengths to assert their ‘Britishness’, including through their branding. Koren explores a little-known episode arising from the First World War: Britain's ‘coal trade surplus’ payment to Norway. The payment resulted from an Anglo-Norwegian informal agreement that Britain would not profit from its coal exports to Norway and, subsequently, the realization that Britain had set the price of coal too high, that is, well above actual costs. When the coal trade surplus payment was made to Norway in 1919, Britain demanded that a portion of the payment be allocated for the benefit of Norwegian seafarers, who had been vital to Britain's capacity to export coal, especially across the English Channel. In countless ways, the catastrophe of the First World War influenced both economy and society during the interwar era, and several articles published in 2021 addressed various aspects of the war's legacy. Flores Zendejas evaluates investors’ treatment of so-called League loans: private loans promoted by the League of Nations on behalf of central and eastern European governments that had previously been excluded from international capital markets in the aftermath of the war. During the 1931 financial crisis (but not before), these loans exhibited lower risk premia than did non-League loans; although the League loans did not bear a legally senior status, creditors were pricing the loans as though they did. An article in The Economic Journal by Lopez and Mitchener analyses the relationship between economic policy uncertainty and hyperinflation in European countries during the early 1920s. For a panel of 10 countries, the authors construct a monthly measure of uncertainty as the realized volatility in the daily spot exchange rate of each country's currency. They find that, in Germany, Austria, Poland, and Hungary, uncertainty exerted a strong effect on inflation, whereas uncertainty had hardly any effect on inflation in the other countries. In early 1920s Britain, the shipbuilding industry suffered a collapse in demand due to the near cessation of orders from the Admiralty for warships, coinciding with a downturn in demand for merchant ships. As Miller and Murphy relate, the industry underwent a period of rationalization, involving reductions both in the number of shipbuilding firms and in aggregate capacity. The pernicious consequence of rationalization was a price-fixing cartel, the Warship Group, which profited immensely during rearmament. As for organizations in the immediate aftermath of the war, White chronicles the brief existence, from 1919 to 1923, of Britain's National Association of Landswomen (a quasi-successor of the wartime Women's Land Army), which managed to accomplish a lot, including the formation of a health insurance scheme for female agricultural labourers. The Women's International League for Peace and Freedom, specifically the British operations thereof, is covered in a piece by Beers, who claims that the organization was a sphere in which both Liberal and Socialist women collaborated in pursuit of common causes. By the early twentieth century, women had become ubiquitous within Britain's investing public. Drawing on a dataset of nearly one-half million observations of investors in British railways, Acheson et al. determine that women comprised 30–40 per cent of shareholders. The authors also identify several noteworthy characteristics of female investors; compared with men, women were more likely to invest locally and to invest individually (i.e., not as a joint shareholder), but their portfolios were less diversified. The increased independence of women in the early twentieth century extended to the sociopolitical realm, as well as the financial. With regard to the campaign for women's suffrage in Britain, Miller claims that the longstanding practice of petitioning came to be reinvented as ‘a flexible, mutable tool that was used by all shades of the suffrage movement because it underpinned a broader repertoire of activism and fostered political cultures’ (p. 355). From their reading of nine diaries, Pooley and Pooley conclude that young British women were highly mobile within society in the late nineteenth and early twentieth centuries, while Wildman discusses how the increased geographic mobility of working-class women coincided with social anxiety over shoplifting in interwar Manchester. Bradley and Rowland find that, before (and even after) women were admitted to the legal profession in 1919, female factory inspectors and social workers functioned as makeshift legal agents, dispensing advice to women who would otherwise not receive it. Glew's article concerns three successive organizations of female clerical workers in the civil service, and it points out that these organizations refused to collaborate with male-dominated organizations in an attempt to preserve both their autonomy and their commitment to women's causes, such as equal pay. Another association claiming to represent working-class women was the Women's Co-operative Guild. In a study highlighting the internationalist character of this association, Hellawell relies, among other sources, on the minute books of its Darlington branch, which was just one of the 1819 branches in operation by 1939. Within the milieu of Irish Catholicism, a number of women worked in laundries attached to Magdalen asylums, which purported to reform fallen women. As Harrison notes, when the Factory and Workshop Bill of 1895 was debated, pressure from Irish nationalist members of parliament (MPs) ensured that charitable laundries were exempted from the regulations and inspections which would apply to for-profit laundries. Under the Factory and Workshop Act of 1907, charitable laundries did become regulated, but the regulations were more relaxed for charitable laundries; for example, charitable laundries were permitted to select their own inspectors. Harrison's analysis of the Magdalen laundries concludes that their legislative treatment affirmed the belief that the laundries served a reformatory purpose, that is, a public good, and that the privacy of the religious communities operating the laundries should not, therefore, be infringed. Elderly women deemed to be respectable were the sort of individuals admitted to St. Joseph's Asylum for Aged and Virtuous Females in Dublin. Frehill's article in Irish Economic and Social History explores various facets of this institution, including the reasons why women decided to enter it. Death in Ireland was often an occasion accompanied by payments to the church, taking the form of funeral offerings and Mass bequests in last wills and testaments. Doyle and Roddy challenge the too simplistic belief that these payments imply either the donor's lack of agency or coercion by the church. Although the enactment of the new poor law in 1834 preceded the interval of this review, it remained in effect well into the twentieth century. As ever, the poor law and its leading manifestation, the workhouse, were a popular topic among economic and social historians publishing in 2021. Brown's article in Business History investigates the functioning of poor law unions as customers within their communities. While the new poor law aimed to standardize the provision of relief, procurement remained one of the few areas left to the discretion of the poor law union's guardians. This discretion often gave rise to abuses, as guardians prioritized social relationships over financial propriety. For example, in 1864, the Lanchester guardians voted to make an ex gratia payment of £10 to the union's butcher, simply because meat prices had risen. In addition to food, poor law unions also procured clothing. Workhouse clothing is the focus of related research by Jones et al., who revise the widely held view that the clothing was intended to demean the inmates. Some of the inmates would have been vagrants, whose rebellions are considered in Yates's case study of the Mansfield Poor Law Union in Nottinghamshire. A number of articles concerned the broad topic of child and maternal health and welfare. Gao and Schneider demonstrate that ground-breaking contributions to the discipline are possible when an excellent data source is identified (and properly analysed). They make use of the records of the Indefatigable, a ship on which boys trained to become sailors. The records include heights upon admission and discharge for 11 548 boys born between the 1850s and 1970s. These individual-level, longitudinal measures of child growth permit the first study of long-run changes in the growth pattern of British boys. One of the authors’ most important findings is that, for boys born in the 1910s and after, the pubertal growth spurt occurred at a higher velocity and within a narrower interval of ages – a finding which carries implications for historians’ understanding of health conditions in childhood. Complementary research by Smith published in the Journal of the History of Medicine and Allied Sciences establishes that, in the late nineteenth century, the Royal Navy and the merchant service made increased use of selective admissions criteria in an effort to exclude unhealthy and unfit boys. Furthermore, there was a range of interventions to promote the healthy growth and development of recruits. The Industrial Schools Act of 1857 called for the creation of such schools, but their main purpose has been debated by historians. Concentrating on the Manchester Certified Industrial Schools, Santoki finds an ethos of supporting children's well-being so that they might become conventional members of society. Trivedi's study of maternal care in the early twentieth century takes a comparative approach—specifically, a comparison between the care of expectant women working in the cotton mills of Manchester and Bombay. Trivedi finds a number of differences, but also imperial cooperation, during a transitional time when ‘the understanding of maternal mortality shifted from a “social” to a “medical” framework’ (p. 67). The secular decline in infant mortality in England from 1837 to 1910 is extensively discussed in Galley's article, which is the third in a four-installment series appearing in Local Population Studies. To no small extent, Troesken et al. advance historians’ understanding of the relationship between water infrastructure and mortality. They exploit exogenous variation in the timing of the transition from an intermittent to a constant water supply, occurring across London's districts during the closing decades of the nineteenth century. It is estimated that a one-percentage-point increase in the population with access to a constant water supply caused as much as a 0.4 per cent reduction in mortality from waterborne disease. Among other articles on the topic of London was one by Hanlon et al., who analyse the effect of temperature on mortality in the capital city over the century from 1866 to 1965. Using weekly temperature data and weekly mortality data disaggregated by cause and age group, they arrive at a number of conclusions. Until the First World War, unusually warm weather was associated with elevated mortality, due to infant deaths from digestive disease. By the interwar era, however, unusually warm weeks had hardly any effect on mortality. One significant counterfactual is that, but for the atypically warm summers of the 1890s, the trend of declining infant mortality in London would have commenced five years earlier; see also Galley's article. Turner and Tennent make the case that the London County Council's acquisition and expansion of the tramway network, beginning in the mid-1890s, was motivated by a desire to capture profits. Nevertheless, the council also treated the tramway network as a vehicle for social and economic reform, as evidenced by certain projects undertaken. Dericks and Koster exploit the random geographic variation in bombings during the London Blitz, estimating that a one-standard-deviation increase in bombings is associated with a 6.45 per cent increase in local building height, that is, higher density. Given the agglomeration economies arising from higher density, the authors estimate that, but for the Blitz, the GDP of greater London would be approximately 10 per cent lower today! Several articles honed in on locations beyond London, such as Middleton's microstudy of two streets, viz. one working class and the other middle class, in Leicester. Analysing samples from the population censuses of 1851–1911, the author draws a number of conclusions. Among these conclusions are that, compared with England overall, women in Leicester were more likely to be employed (often in the local hosiery industry), children were more likely to attend school, and working-class residents were less likely to live in overcrowded housing. Jones builds a profile of nineteenth-century Darlaston, a Staffordshire town with local employment in coal and iron mining and in the manufacture of metal smallwares. Due to the industrial composition of Darlaston, its economy suffered highly during the depression of the late 1870s. Hirst claims that, in Victorian days, small coastal towns in Meirionnydd and Caernarfonshire attempted, with some degree of success, to attract tourists by means of marketing that was linked to the railway network. At the time, western Wales was suffering from an outward migration of men to the collieries of South Wales. When mining disasters occurred in Senghenydd (1913) and Gresford (1934), the Barry urban district council raised funds to support bereaved families, even though the disasters occurred in parts of Wales outside of the council. According to Foster, this temporary entry into the realm of private charity was an instance of an urban district council exerting control over civic space at a time when urban district councils were losing their powers. The topic of agriculture received some attention within the periodical literature published in 2021. Randalls and Kneale elucidate the provision of hail insurance within British agriculture, which enjoyed its heyday from the 1850s to the 1870s, just prior to the agricultural depression and the attendant shift from arable to pastoral agriculture. The authors convince scholars to interpret the hail insurance industry as a fragile network of information and actors, including farmers, agents, valuers, and those who worked in the head office. Economic historians know well that the fall in grain prices during the agricultural depression of the late nineteenth century hit Norfolk rather hard, and there was an increase in social tensions there. Weinbren's case study of the Kings Lynn's Freemason Lodge concludes, ‘The lodge was more than a haven which enabled spiritual enlightenment to be nurtured, it offered a route across class lines and modelled and promoted civility and respectability in a locality where social tensions had been bitter and violent’ (p. 37). On a farm in Northallerton in Yorkshire, the first ever public egg-laying trial in Britain was held over the course of 16 weeks between 1897 and 1898. In the early twentieth century, a number of institutions, such as Harper Adams College and the National Poultry Club, organized egg-laying trials. As Bowen asserts, these trials were intended to assess the productivity of different breeds and strains of chickens, with the ultimate aim of enhancing Britain's capacity for egg production at a time when the country was quite reliant upon imports. With respect to the dairy industry, McLaughlin and Sharp contrast and explain the emergence of different organizational forms in Ireland and Denmark, the latter more characterized by cooperative (as opposed to proprietary) creameries. Cotton and wheat were the two most traded commodities during the long nineteenth century, and world trade in these agricultural commodities is the very topic of an article by Chilosi and Federico. They estimate that declining trade costs explain 40 per cent of the growth in the wheat trade and 60 per cent of the growth in the cotton trade. And when, in the late nineteenth century, western European countries increased tariffs on wheat, the consequence was a significant diminution of consumer welfare. Economic historians will benefit from reading this article alongside another, by Aldous and Coyle, on the largest raw cotton market in the nineteenth century: Liverpool. They evaluate the function and success of the Liverpool Cotton Brokers’ Association, a large private-order institution that achieved, inter alia, the standardization of quality, the enhancement of information flows, and the strengthening of contract enforcement. Karlsson and Hedberg use a high-dimensional gravity model to estimate the effect of wars on trade flows during the (not entirely peaceful) long nineteenth century. They find that wars had either no effect or even a positive effect on trade between belligerent and neutral countries. In contextualizing this finding, the authors observe that, during the nineteenth century, there was a lesser degree of production specialization; thus, countries were better able to substitute among trade partners. In the late 1920s, Britain attempted to increase its imports from the Empire, but its free-trade policy precluded any use of preferential tariffs. As a stopgap measure, the Empire Marketing Board was created to increase imports from the Empire by means of advertising. However, as Higgins and Varian contend, the Board failed to achieve this objective. Another trade-related article appeared in a special issue of the Australian Economic History Review honouring the career of Jeffrey Williamson.1 This article, written by Jacks and Stuermer, presents an index of real dry bulk freight rates since 1850 and analyses it, determining that its variation is mostly explained by shipping demand shocks. Entrepreneurship was a noticeable theme within the literature. Guimarães and Greenhill offer insights into how, in a rather short amount of time, the British merchant firm of Edward Johnston & Co. emerged as the market leader in the Brazilian coffee-exporting business by the 1870s. Writing in Enterprise & Society, Smith interprets Britain's company law reforms, which were championed by the Law Amendment Society in the 1850s, as a morally motivated attempt to achieve fair competition. It was believed that fair competition would afford middle- and working-class entrepreneurs, regardless of their capital, an opportunity to prosper. Late-nineteenth-century census data on businesses prompted van Lieshout et al. to observe that Britain had a higher number of large firms than did the United States. Analysis of the same data source by Smith et al. reveals that the entrepreneurship rate was higher in Scotland than in England and Wales – a finding which the authors attribute to, among other reasons, the greater persistence of workshop-based manufacturing and the existence of smaller businesses in geographically remote areas. One example of Scottish entrepreneurship, explored by Williams, was the North of Scotland, Orkney, and Shetland Steam Navigation Company, a pioneer firm which offered short and inexpensive pleasure cruises to the Norwegian fjords beginning in 1886. In 1908, the firm ceased operating cruises to Norway, having been out-competed by newer entrants offering finer amenities. Bamforth and Abbott show how entrepreneurs in the early British aircraft-manufacturing industry benefitted from participation in ‘communities of practice’, such as airshows, exhibitions, and associations, including the Royal Aero Club and the Royal Aeronautical Society. Published in 2021 was a trilogy of articles, all authored by Taylor, concerning the culture and practice of investing in late-Victorian Britain. Taylor's article in Enterprise & Society places a spotlight on so-called outside brokers, who were not members of the London Stock Exchange. In marketing stocks to the public, outside brokers were acting like peddlers of patent medicine. There was a blurring of the lines between investing, speculating, and gambling. Yet, it should be recognized that the outside brokers, whatever their tactics, contributed to the emerging democratization of financial markets in the late nineteenth century. Also contributing to increased participation in the stock market was the financial press, the subject of Taylor's article in The English Historical Review. Financial periodicals often took a lively and personal approach to the news. This type of journalism ‘had a powerful emotional appeal, constructing the stock market as an ambiguous object of curiosity and fascination, onto which investors could project their desires for wealth and excitement’ (p. 623). And in the Historical Journal, Taylor considers the matter of trust. In the late nineteenth century, a number of developments, for example, the spread of limited liability joint-stock companies, rendered financial markets less personal and more abstract, causing prospective investors to value local knowledge supplied by trusted individuals. The case of the Reverend Dr James Caspar Clutterbuck, who swindled tens of thousands of pounds from a range of investors, reveals the significance of trust among the investing public. Interest in financial history did not wane in 2021. A study of British investment trusts by Sotiropoulos et al. finds that interlocking directorships were equally common between weakly and strongly performing investment trusts. Sanfilippo draws a contrast between John Maynard Keynes's behaviour when investing on behalf of King's College, Cambridge, and his behaviour when investing in a personal capacity. Following a decline in the stock market in 1937, Keynes's approach for the (more diversified) portfolio of King's was very much ‘buy and hold’, unlike the approach for his own portfolio. Amini and Toms perform social network analyses of the board members of railway companies in Britain, India, and Argentina in the late nineteenth century. Across the three countries, there were differences in board composition; directors with military backgrounds were more prominent on the boards of Indian railways, for example. However, the authors argue that these directors were not just ornamental, as previously literature has suggested. A closely related article by Fjesme et al. examines British company boards engaged in initial public offerings (IPOs) of their securities. Among the several findings of this article is that those boards possessing at least one director with recent previous experience of an IPO realized less underpricing of the security and a more diverse shareholder base. The silver-jubilee volume of the European Review of Economic History published a monumental article by Campbell et al. A dataset spanning 5900 equity securities traded in the British equity market across the century from 1829 to 1929, amounting to more than one million security-month observations, serves as the basis for many important discoveries, and it is worth restating several of them here. First, the equity market peaked, on average, two months prior to the peak in economic output. Second, by modern standards, the equity risk premium was modest. And third, on a risk-adjusted basis, the returns on domestic and foreign equities were statistically indistinguishable after 1870 – a sharp revision of the classic work by Edelstein (1976). As for foreign equities traded in London, interested economic historians ought to read the account, by Rönnbäck and Broberg, of investors’ speculation in the Ashanti Goldfields Corporation. Jansson exploits county-level economic variation in England and Wales, from 1871 to 1911, to advance economic historians’ understanding of the relationship between banking and economic growth. Whereas banking concentration did not affect economic growth (as proxied by income tax data), the number of bank branches was positively associated with economic growth; a 10 per cent increase in the number of branches corresponded to a 0.26–1.2 per cent increase in the county's average growth rate over a quinquennial interval. In some way, a sequel to this article is one by Billings et al., who examine the Colwyn committee of 1918, which was occasioned by the high degree of concentration in the British banking system. The committee decided that any further mergers were to be approved by the Treasury and the Board of Trade. Relying on a dataset of every bill of exchange re-discounted by the Bank of England in 1906, Accominotti et al. unveil the workings of the London bill market, in which risky debts from different corners of the globe were transformed into liquid monetary instruments. Crucial to this system were a layered reduction of information asymmetries and joint liability for the bill's payment, which was shared by the ‘acceptors’ and the ‘discounters’. Drea and Barry call for the rehabilitation of Joseph Brennan, a leading Irish economic policymaker who served in various positions from the 1920s to the 1950s. The authors praise his incrementalist and internationalist approach, whereas previous scholars alleged that his policies were overconservative. Among the articles addressing the theme of inequality was Cummins's article – it won the 2021 Arthur H. Cole Prize – in The Journal of Economic History. Digitizing and analysing the records of 18 million English probates occurring between 1892 and 1992 was an avant-garde endeavour, leading to many important findings. One of the findings, relevant to the period of this review, is that the share of the population subject to probate, that is, holding a significant wealth at death, increased from approximately 10 per cent in the 1890s to approximately 40 per cent by 1950. Scott's article considers not the wealth of the English dead but the wealth(iest) of the British living. In the late 1920s, most of Britain's millionaires were not rentiers but businesspeople disproportionately concentrated in industries characterized by cartelization and abnormal profits, for example, shipbuilding; see also the article by Miller and Murphy. As for global inequality, on the basis of new Augmented Human Development Indices for over 100 countries, Prados de la Escosura determines that augmented human development, which incorporates political and civil liberties, reached a relative peak in the late 1920s. Rounding out this year's review of periodical literature are several articles covering different aspects of Edwardian economy and society. The Edwardian era is notable for the growth of second industrial revolution industries, and Boyns examines the depreciation practices in these technologically progressive industries, which were marked by faster obsolescence of capital than in the more mature industries of the first industrial revolution. Anderson probes the relationship between trade unions and compensating wage differentials for fatal and non-fatal accident risk. Analysing a sample of 838 railwaymen and using individual fixed effects for each railwayman, so as to avoid concerns of endogeneity, the author finds that the growing union density and power of the Amalgamated Society of Railway Servants increased the wage premium for fatal accident risk but not for non-fatal accident risk. Lee focuses on the 1908 report, Oxford and Working-Class Education, arguing that the report embodied incompatible visions for the Workers’ Educational Association. Those in the Oxford Idealist School, which included R. H. Tawney, sought the improvement of society through the democratization of education.2 Others, however, sought the improvement of society through greater efficiency, achieved through university reform, which included selection by merit. Zevin offers a reinterpretation of the relationship between liberalism and the financial interests of the city, placing emphasis on the nuanced stance of Francis Hirst, then editor of The Economist. As Zevin concludes, ‘In the aftermath of the Second Boer War, the idea of London as the nerve centre of global capitalism looked even more attractive than before – as a means to preserve British power without tariffs or wars while accommodating later industrial developers inside a world system in which London still set the rules’ (p. 370). Echoing a previous article by Crafts and Mills (2020) covered in last year's review, Crafts's article in the Journal of Economic Surveys calls for a more positive assessment of productivity growth in Edwardian Britain, which compares very favourably with productivity growth today.
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