Turning Citizens into Investors: Promoting Savings with Liberty Bonds During World War I

REFERENCES

1. ↵
   1. Anderson, Lisa R.,
   2. Jennifer M. Mellor, , and
   3. Jeffrey Milyo

   . 2008. “Inequality and Public Good Provision: An Experimental Analysis.” Journal of Socio-Economics 37(3): 1010–28. doi: 10.1016/j.socec.2006.12.073.

   OpenUrlCrossRef
2. ↵
   Axelrod, Alan. 2009. Selling the Great War: The Making of American Propaganda. New York: Palgrave Macmillan.
3. ↵
   Azurdia, Gilda, and Stephen Freedman. 2016. “Encouraging Nonretirement Savings at Tax Time. Final Impact Findings from the SaveUSA Evaluation.” New York: MDRC. Accessed May 9, 2016. http://mdrc.org/sites/default/files/SaveUSAfinalReportpercent202015.pdf.
4. ↵
   Baradaran, Mehrsa. 2015. How the Other Half Banks: Exclusion, Exploitation, and the Threat to Democracy. Cambridge, Mass.: Harvard University Press.
5. ↵
   Barr, Michael S., and Rebecca M. Blank. 2011. “Savings, Assets, Credit, and Banking Among Low-Income Households: Introduction and Overview.” In Insufficient Funds, edited by Rebecca M. Blank and Michael S. Barr. New York: Russell Sage Foundation.
6. ↵
   Board of Governors of the Federal Reserve System (Board of Governors). 2015. “Report on the Economic Well-Being of U.S. Households in 2014.” Washington: Federal Reserve System. Accessed May 9, 2016. http://www.federalreserve.gov/econresdata/2014-report-economic-well-being-us-households-201505.pdf.
7. ↵
   Board of Governors of the Federal Reserve System (Board of Governors). 2016. “Survey of Consumer Finances, 2013.” Washington: Federal Reserve System. Accessed May 31, 2016. http://www.federalreserve.gov/econresdata/scf/scfindex.htm
8. ↵
   Breen, W. J. 1984. Uncle Sam at Home: Civilian Mobilization, Wartime Federalism, and the Council of National Defense, 1917–1919. Contributions in American Studies no. 70. Westport, Conn: Greenwood Press.
9. ↵
   1. Brehm, John, and
   2. Wendy Rahn

   . 1997. “Individual-Level Evidence for the Causes and Consequences of Social Capital.” American Journal of Political Science 41(3): 999–1023.

   OpenUrlCrossRefWeb of Science
10. ↵
    Burhouse, Susan, Karyen Chu, Ryan Goodstein, Joyce Northwood, Yazmin Osaki, and Dhruv Sharma. 2014. “2013 FDCI National Survey of Unbanked and Underbanked Households.” Washington: Federal Deposit Insurance Corporation. Accessed May 9, 2016. https://www.fdic.gov/householdsurvey/2013report.pdf.
11. ↵
    Carter, Susan, Scott Sigmund Gartner, Michael R. Haines, Alan L. Olmstead, Richard Sutch, and Gavin Wright, eds. 2006. Historical Statistics of the United States, millennial ed. New York: Cambridge University Press.
12. ↵
    1. Cartwright, Dorwin

    . 1949. “Some Principles of Mass Persuasion: Selected Findings of Research on the Sale of United States War Bonds.” Human Relations 2(3): 253–67.

    OpenUrlCrossRefPubMed
13. ↵
    Célérier, Claire, and Adrien Matray. 2014. “Unbanked Households: Evidence of Supply-Side Factors.” Les Cahiers de Recherche research paper no. 1039. Paris: Hautes Etudes Commerciales de Paris.
14. ↵
    Choi James J., David Laibson, Briggitte Madrian, and Andrew Metrick. 2004. “Saving for Retirement on the Path of Least Resistence.” Working paper. Cambridge, Mass.: Harvard University.
15. ↵
    Clancy, Margaret, and Terry Lassar. 2010. “College Savings Plan Accounts at Birth: Maine’s Statewide Program.” Center for Social Development policy brief no. 10–16. St. Louis, Mo.: Washington University, George Warren Brown School of Social Work.
16. ↵
    Clancy, Margaret, and Michael Sherraden. 2014. “Automatic Deposits at Birth: Maine’s Harold Alfond College Challenge.” Center for Social Development policy report no. 14–05. St. Louis, Mo.: Washington University.
17. ↵
    Clifford, Edward. 1917. “Selling the First Installment of the Liberty Loan in the Seventh Federal Reserve District, May 4th to June 15th, 1917.” Chicago: Seventh Federal Reserve District, Liberty Loan Committee.
18. ↵
    Cole, Shawn, Anna Paulson, and Gauri Kartini Shastry. 2015. “High School Curriculum and Financial Outcomes: The Impact of Mandated Personal Finance and Mathematics Courses.” Journal of Human Resources, forthcoming. Published ahead of print November 30, 2015. doi: 10.3368/jhr.51.3.0113-5410R1.
19. ↵
    Committee on Public Information. Division of Four Minute Men. 1918. “The Third Liberty Loan.” Bulletin no. 29, April 6, 1918. Washington: Government Printing Office.
20. ↵
    Committee on Public Information. Division of Four Minute Men. 1920. “Complete Report of the Chairman of the Committee on Public Information, 1917–1919.” Washington: Government Printing Office.
21. Creel, George. 1928. How We Advertised America. New York: Harper & Brothers.
22. ↵
    Currie, Janet. 2006. “The Take-Up of Social Benefits.” In Public Policy and the Income Distribution, edited by lan J. Auerbach, David Card, and John M. Quigley. New York: Russell Sage Foundation.
23. ↵
    DeBauche, Leslie Midkiff. 1997. Reel Patriotism: The Movies and World War I. Madison: University of Wisconsin Press.
24. ↵
    De Nardi, Mariacristina. 2015. “Quantitative Models of Wealth Inequality: A Survey.” NBER working paper no. 21106. Cambridge, Mass.: National Bureau of Economic Research. Accessed May 9, 2016. http://www.nber.org/papers/w21106.
25. ↵
    1. Depew, Briggs,
    2. Price V. Fishback, , and
    3. Paul W. Rhode

    . 2013. “New Deal or No Deal in the Cotton South: The Effect of the AAA on the Agricultural Labor Structure.” Explorations in Economic History 50(4): 466–86. doi: 10.1016/j.eeh.2013.06.004.

    OpenUrlCrossRef
26. ↵
    Feigenbaum, James. 2015. “Intergenerational Mobility During the Great Depression.” Working paper. Cambridge, Mass.: Harvard University. Accessed May 9, 2016. http://scholar.harvard.edu/jfeigenbaum/publications/jmp.
27. ↵
    1. Fernandes, Daniel,
    2. John G. Lynch, , and
    3. Richard G. Netemeyer

    . 2014. “Financial Literacy, Financial Education, and Downstream Financial Behaviors.” Management Science 60(8): 1861–83.

    OpenUrlCrossRef
28. ↵
    Garon, Sheldon M. 2012. Beyond Our Means: Why America Spends While the World Saves. Princeton, N.J: Princeton University Press.
29. ↵
    Gilbert, Charles. 1970. American Financing of World War I. Westport, Conn: Greenwood Publishing.
30. ↵
    Grinstein-Weiss, Michal, Krista Comer, Blair Russell, Clinton Key, Dana C. Perantie, and Dan Ariely. 2014. “Refund to Savings: 2013 Evidence of Tax-Time Saving in a National Randomized Control Trial.” Center for Social Development research report no. 14–03. St. Louis, Mo.: Washington University.
31. ↵
    1. Guiso, Luigi,
    2. Paola Sapienza, , and
    3. Luigi Zingales

    . 2004. “The Role of Social Capital in Financial Development.” American Economic Review 94(3): 526–56.

    OpenUrlCrossRefWeb of Science
32. ↵
    1. Guiso, Luigi,
    2. Paola Sapienza, , and
    3. Luigi Zingales

    . 2008. “Trusting the Stock Market.” Journal of Finance 63(6)(December): 2557–600. doi: 10.1111/j.1540–6261.2008.01408.x.

    OpenUrlCrossRefWeb of Science
33. ↵
    Guiso, Luigi, and Paolo Sodini. 2013. “Household Finance: An Emerging Field.” In Handbook of the Economics of Finance, vol. 2, edited by George M. Constantinides, Milton Harris, and Rene M. Stulz. Atlanta, Ga.: Elsevier.
34. ↵
    Haines, Michael R., and Inter-University Consortium for Political and Social Research (Haines). 2010. Historical, Demographic, Economic, and Social Data: The United States, 1790–2002, vol. 3. ICPSR02896-v3. Ann Arbor, Mich.: Inter-University Consortium for Political and Social Research [distributor], 2010–05–21. http://doi.org/10.3886/ICPSR02896.v3.
35. ↵
    Hastings, Justine S., Brigitte C. Madrian, and William L. Skimmyhorn. 2012. “Financial Literacy, Financial Education, and Economic Outcomes.” NBER working paper no. 18412. Cambridge, Mass.: National Bureau of Economic Research. Accessed May 9, 2016. http://www.nber.org/papers/w18412.pdf.
36. ↵
    1. Kang, Sung Won, and
    2. Hugh Rockoff

    . 2015. “Capitalizing Patriotism: The Liberty Bonds of World War I.” Financial History Review 22(1): 45–78.

    OpenUrl
37. ↵
    1. Karlan, Dean,
    2. Aishwarya Lakshmi Ratan, , and
    3. Jonathan Zinman

    . 2014. “Savings by and for the Poor: A Research Review and Agenda.” Review of Income and Wealth 60(1)(March): 36–78. DOI: 10.1111/roiw.12101.

    OpenUrlCrossRef
38. ↵
    1. Laibson, David

    . 1997. “Golden Eggs and Hyperbolic Discounting.” Quarterly Journal of Economics 112(2): 443–78.

    OpenUrlCrossRefWeb of Science
39. ↵
    1. Leon, Maurice

    . 1918. “Safe-Keeping of Bonds for Small Holders.” Journal of the American Bankers Association 10(7): 514.

    OpenUrl
40. ↵
    1. Lindaman, Matthew

    . 2014. “First the War, Then the Future: Younkers Department Store and the Project of a Civic Image During World War II.” Annals of Iowa 73(1): 1–27.

    OpenUrl
41. ↵
    Luebke, Frederick C. 1974. Bonds of Loyalty: German-Americans and World War I. DeKalb: Northern Illinois University Press.
42. ↵
    1. Lusardi, Annamaria, and
    2. Olivia S. Mitchell

    . 2014, “The Economic Importance of Financial Literacy: Theory and Evidence.” Journal of Economic Literature 52(1): 5–44. doi: 10.1257/jel.52.1.5.

    OpenUrlCrossRef
43. ↵
    Makinen, Gail. 2002. “The Economic Effects of 9/11: A Retrospective Assessment.” Washington: Congressional Research Service. Accessed June 1, 2016. https://fas.org/irp/crs/RL31617.pdf.
44. ↵
    1. Mani, Anandi,
    2. Sendhil Mullainathan, ,
    3. Eldar Shafir, , and
    4. Jiaying Zhao

    . 2013. “Poverty Impedes Cognitive Function.” Science 341 (6149): 976–80.

    OpenUrlAbstract/FREE Full Text
45. McAdoo, William G. 1931. Crowded Years: The Reminiscences of William G. McAdoo. Cambridge, Mass.: Riverside Press.
46. ↵
    McCutheon, Ben F. 1918. “Report of the Publicity Department, Seventh Federal Reserve District.” Chicago: Federal Reserve Bank.
47. ↵
    1. Means, Gardiner C

    . 1930. “The Diffusion of Stock Ownership in the United States.” Quarterly Journal of Economics 44(4): 561–600. http://www.jstor.org/stable/1884024.

    OpenUrlCrossRef
48. ↵
    1. Miller, Margaret,
    2. Julia Reichelstein, ,
    3. Christian Salas, , and
    4. Bilal Zia

    . 2015. “Can You Help Someone Become Financially Capable? A Meta-Analysis of the Literature.” World Bank Research Observer 30(2): 220–46. doi: 10.1093/wbro/lkv009.

    OpenUrlCrossRef
49. ↵
    Mitchell, Lawrence E. 2007. The Speculation Economy: How Finance Triumphed Over Industry. San Francisco: Berrett-Koehler.
50. ↵
    Mock, James Robert, and Cedric Larson. 1939. Words That Won the War: The Story of the Committee on Public Information, 1917–1919. Princeton, N.J.: Princeton University Press.
51. ↵
    Morse, Jarvis M. 1971. Paying for a World War: The United States Financing of World War II. Washington: Government Printing Office.
52. ↵
    Murray, William D. 1937. The History of the Boy Scouts of America. New York: Boy Scouts of America.
53. ↵
    National Women’s Liberty Loan Committee. 1920. “Report of the National Women’s Liberty Loan Committee for the Victory Loan Campaign, April 21st to May 10th.” Washington: Government Printing Office.
54. ↵
    New York Times. 1917. “Bond Sales in Stores Starts Tomorrow.” May 20, 1917.
55. ↵
    New York Times. 1918. “Rainbow Division Aims to Raise $450,000. Keen Rivalry Marks Work of 81 Business Organizations Representing Many Industries.” April 9, 1918, p. 4.
56. ↵
    O’Brien, Rourke. 2012. “’We Don’t Do Banks’: Financial Lives of Families on Public Assistance.” Washington, D.C.: New America Foundation. Accessed May 9, 2016. https://static.newamerica.org/attachments/3772-we-dont-do-banks/RourkeMarch2012.280c7e858336448499de926c84038108.pdf.
57. ↵
    1. O’Donoghue, Ted, and
    2. Matthew Rabin

    . 1991. “Doing It Now or Later.” American Economic Review 89(1): 103–24.

    OpenUrl
58. ↵
    1. O’Sullivan, Mary

    . 2007. “The Expansion of the U.S. Stock Market, 1885 1930: Historical Facts and Theoretical Fashions.” Enterprise and Society 8(3): 489–542.

    OpenUrlCrossRefWeb of Science
59. ↵
    Olney, Lawrence M. 1971. The War Bond Story. Washington: Government Printing Office.
60. ↵
    Olney, Martha L. 1995. Saving and Dissaving of 12,817 American Households, 1917–1919. Amherst: University of Massachusetts [producer], 1993. Ann Arbor, Mich.: Inter-University Consortium for Political and Social Research [distributor]. http://doi.org/10.3886/ICPSR06276.v1.
61. ↵
    Ott, Julia. 2011. When Wall Street Met Main Street: The Quest for an Investors’ Democracy. Cambridge, Mass.: Harvard University Press.
62. ↵
    Pew Charitable Trusts. 2015. “American’s Financial Security.” Issue Brief. Philadelphia, Pa.: Pew Charitable Trusts. Accessed May 9, 2016. http://www.pewtrusts.org/en/research-and-analysis/issue-briefs/2015/02/americans-financial-security-perceptions-and-reality.
63. ↵
    1. Rajan, Raghuram, and
    2. Rodney Ramcharan

    . 2015. “The Anatomy of a Credit Crisis: The Boom and Bust in Farm Land Prices in the United States in the 1920s.” American Economic Review 105(4): 1439–77. Accessed May 9, 2016https://www.aeaweb.org/articles?id=10.1257/aer.20120525.

    OpenUrlCrossRef
64. ↵
    Rhine, Sherrie L.W., and Eric Robbins. 2012. “2011 FDIC Survey of Banks’ Efforts to Serve the Unbanked and Underbanked.” Washington: Federal Deposit Insurance Corporation. Accessed May 9, 2016. https://www.fdic.gov/unbankedsurveys/2011survey/2011report.pdf.
65. ↵
    Rockoff, Hugh. 2012. America’s Economic Way of War. New York: Cambridge University Press.
66. 1. Saez, Emmanuel, and
    2. Gabriel Zucman

    . 2016. “Wealth Inequality in the United States Since 1913: Evidence from Capitalized Income Tax Data.” Quarterly Journal of Economics 131(2): 519–78.

    OpenUrlCrossRef
67. Sevron, Lisa. 2013. “The High Cost, for the Poor, of Using a Bank.” New Yorker, October 9, 2013. Accessed May 9, 2016. http://www.newyorker.com/business/currency/the-high-cost-for-the-poor-of-using-a-bank.
68. ↵
    Skocpol, Theda, Ziad Munson, Andrew Karch, and Bayliss Camp. 2002. “Patriotic Partnerships: Why Great Wars Nourished American Civic Voluntarism.” In Shaped by War and Trade: International Influences on American Political Development, edited by Ira Katznelson and Martin Shefter. Princeton Studies in American Politics. Princeton, N.J: Princeton University Press.
69. ↵
    1. Sparrow, James T

    . 2008. “‘Buying Our Boys Back’: The Mass Foundations of Fiscal Citizenship in World War II.” Journal of Policy History 20(2): 263. doi: 10.1353/jph.0.0015.

    OpenUrlCrossRef
70. ↵
    Sutch, Richard. 2015. “Financing the Great War. A Class Tax for the Wealthy, Liberty Bonds for All.” Behl working paper no. 2015–09. Berkeley: University of California.
71. ↵
    Tufano, Peter, and Daniel Schneider. 2005. “Reinventing Savings Bonds. Doorways to Dreams Fund.” Allston, Mass.: D2D Fund. Accessed May 9, 2016. http://www.d2dfund.org/files/publications/Reinventing-Savings-Bonds.pdf.
72. ↵
    U.S. Congressional Serial Set, vol. 113. 1918. Washington: Government Printing Office.
73. U.S. Department of the Treasury (U.S. Treasury). 1917. “Annual Report of Secretary of the Treasury on the State of the Finances: 1917.” Washington: Government Printing Office.
74. ↵
    U.S. Department of the Treasury (U.S. Treasury). 1918. “Annual Report of Secretary of the Treasury on the State of the Finances: 1918.” Washington: Government Printing Office.
75. U.S. Department of the Treasury (U.S. Treasury). 1919. “Annual Report of Secretary of the Treasury on the State of the Finances: 1919.” Washington: Government Printing Office.
76. U.S. Department of the Treasury (U.S. Treasury). 1923. Statistics of Income from Returns of Net Income for 1921. Washington: Government Printing Office.
77. ↵
    U.S. Treasury, National War-Savings Committee. 1917. War-Savings Stamps: Handbook for Banking, Education, Industrial, and Other Interests. Washington: Government Printing Office.
78. ↵
    U.S. Treasury, National War-Savings Committee. 1918a. War Saver: A Bulletin for War Savings Societies of the United States 1(2)(April). Washington: Government Printing Office.
79. ↵
    U.S. Treasury, National War-Savings Committee. 1918b. War Saver: A Bulletin for War Savings Societies of the United States 1(4)(June). Washington: Government Printing Office.
80. ↵
    U.S. Treasury, Savings Bond Division. 1991. “A History of the United States Savings Bond Program,” 50th anniversary issue. Washington: Government Printing Office. Accessed May 9, 2016. https://www.treasurydirect.gov/indiv/research/history/history_sb.pdf
81. ↵
    1. Warshow, H. T

    . 1924. “The Distribution of Corporate Ownership in the United States.” Quarterly Journal of Economics 39(1): 15–38.

    OpenUrlCrossRef
82. ↵
    Whitney, Nathaniel Ruggles. 1923. The Sale of War Bonds in Iowa. Iowa City: State Historical Society of Iowa.
83. ↵
    Wilcox, Ronald T. 2008. Whatever Happened to Thrift?: Why Americans Don’t Save and What to Do About It. New Haven, Conn.: Yale University Press.
84. ↵
    Williamson, Samuel H. 2015. “Seven Ways to Compute the Relative Value of a U.S. Dollar Amount, 1774 to present.” Measuring Worth. Accessed May 9, 2016. http://www.measuringworth.com/.
85. ↵
    Winslow, Helen M, ed. 1914. Official Register and Directory of Women’s Clubs in America, vol. 16. Boston, Mass.: Helen M. Winslow, publisher.
86. ↵
    Wolkoitz, Eva, and Theresa Schmall. 2015. “2014 Underserved Market Size: Financial Opportunity in Dollars and Cents.” Chicago: Center for Financial Services Innovation. Accessed May 9, 2016. http://www.cfsinnovation.com/Document-Library/2014-Underserved-Market-Size-Financial-Health-Oppo.