Exam 7: Law and the Rise of Classical American Capitalism

Which of the following statement(s)is true?

The Charles River Bridge v.Warren Bridge (1837)decision established that a state could incorporate competing franchises,effectively overturning the old idea that a corporate charter implied a grant of monopoly.

The equal wealth and income distribution in the U.S.during its antebellum period can be clearly linked to its system of private property rights over land and minerals.

The fee simple form of land ownership in the United States was of English origin.

Both Horwitz (1973)and Scheiber (1975)emphasize the restraining effects of judicial formalism on U.S.economic growth in the antebellum period.

What is judicial instrumentalism,and how did it contribute to the development of the U.S.economy?

Regarding the privilege of incorporation (the right to organize an enterprise in the corporate form),all of the following are true except

As an economy grows and develops,the police powers of the government with respect to controlling,regulating and inspecting businesses and their output become increasingly more costly to uphold and protect.

In which case did the U.S.Supreme Court's review powers extend to actions by the other two branches of the federal government and not merely to the laws of the states?

The right to grant charters to incorporated firms is reserved to the federal government,according to the Constitution.

Prior to the Civil War (1861-1865)American capitalism was free from government influence and controls.The government only served as the protector of private property rights and the provider of national defense.

Describe the rise of American capitalism between the American Revolution and 1860.Explain how American capitalism contributed to the growth and development of the U.S.economy.

The form of property ownership rights inherited from the colonial period was characterized by which of the following?

In the 19th century,American capitalism appeared in its classic form: giant firms,industrial labor force,complete commercialization of agriculture and extractive industries,big banking and finance and giant transportation systems.The property laws handed down from colonial times were apparently the perfect vehicle for economic growth.Nevertheless,Hughes and Cain (2011)argue ?that there were several legal developments in the 19th century which further aided or facilitated entrepreneurial activity and the rise of industrial capitalism; in fact,they argue,these developments were essential to the rise of industrial capitalism.Describe the developments they cite.

The American Revolution and Constitution resulted in

Which of the following is false?

Describe two doctrines that "relieved employers of liability from the dangers of the workplace and job." Explain how,combined,these doctrines reduced business risks and encouraged daring,productive behavior on the parts of employers.

Which of the following cases was most important for ensuring the United States an internal common market?

Incorporated firms first began appearing in the 1850s.

What is a corporation? Why is it an important entity in a growing and developing economy? ?Describe the rise of corporate America between 1789 and 1860.