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Most Favored Nation: The Republican Revisionists and U.S. Tariff Policy, 1897–1912. By Paul Wolman. Chapel Hill: University of North Carolina Press, 1992. xxv + 328 pp. Notes, bibliography, and index. $34.95. ISBN 0-8078-2022-9

California national banks yield results showing integration, as do comparisons between San Francisco and Washington state. Oregon fails the tests completely. The benchmarking technique seems to complicate the study unnecessarily, especially when the selection of appropriate urban to rural comparisons seems arbitrary. Relying on national bank data is another obvious weakness, but this is less troubling because the conclusions seem to support my work on California, which relied on state bank data. Another problem is the failure to break the analysis into sub-periods. The years 1850-1920 mentioned in the book's title take the West Coast from purely extractive rural areas to nationally linked industrial bases. National banks did not exist in the Pacific Coast until 1871, and the tests described above cover only 1888 to 1911, but even this shorter period saw important changes in the economy. Although the tests described, presented in chapter 6, are the vital part of the book, other chapters present very brief descriptions of economic development in the West, the two largest regional banks of the early part of the era, and the development of the stock market and life insurance industries. There is also an interesting analysis of the behavior of the markets during panic and recession. This book should be included in any complete collection of U.S. financial history and would be useful as well for western economic historians, business historians comfortable with quantitative analysis, and those concerned with financial aspects of economic development.