Exam 7: Law and the Rise of Classical American Capitalism

There are many examples of attempts to establish an ideal society,such as the establishment of the Georgia colony and Jefferson's idealized view of American land settlement.Explain how economic factors contributed to the failure of these attempts.

With regard to the American Revolution,research suggests that

Traditionally,laws of incorporation have been predominantly privileges of the states.

During the antebellum period,rapid economic growth was accompanied by significant changes in public economics and policy-making.

Describe how a federal,state or local requirement of an equal distribution of wealth would negatively impact the private incentive to invent,innovate and be productive.

What is rent-seeking? Who does it impact? Describe the benefits and costs associated with it.

Which of the following statements holds true for eminent domain?

The nature of contracts changed in the 19th century through judicial instrumentalism and had what effect?

The police powers of the government include

How has the American legal system generally favored economic progress over equity? Use examples of slavery,priority rights,incorporation,contract law and/or eminent domain to illustrate.Contrast this with feudal traditions that hindered economic growth.

Hughes and Cain (2011)note that constitutional problems of national scope soon arose that required solutions by the U.S.Supreme Court.Discuss the policy and rulings of the Supreme Court.Which rulings were intended to help the new nation remain a coherent political and economic entity capable of growing and developing with changes in circumstances?

What is the economic significance of the police power and government regulation? How did state ?and local governments in the U.S.differ from similar colonial governments under British rule? In what ways did federal,state and local governments change in the years from Independence (1789)?to the beginning of the Civil War (1860)?

The American Revolution changed the basic structure of private property rights inherited during the colonial period.