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来源类型Working Paper
规范类型报告
DOI10.3386/w27400
来源IDWorking Paper 27400
Economic Crisis, General Laws, and the Mid-Nineteenth-Century Transformation of American Political Economy
Naomi R. Lamoreaux; John Joseph Wallis
发表日期2020-06-22
出版年2020
语种英语
摘要Before the middle of the nineteenth century most laws enacted in the United States were special bills that granted favors to specific individuals, groups, or localities. This fundamentally inegalitarian system provided political elites with important tools that they could use to reward supporters, and as a result, they were only willing to modify it under very special circumstances. In the early 1840s, however, a major fiscal crisis forced a number of states to default on their bonded debt, unleashing a political earthquake that swept this system away. Starting with Indiana in 1851, states revised their constitutions to ban the most common types of special legislation and, at the same time, mandate that all laws be general in their application. These provisions dramatically changed the way government and the economy worked and interacted, giving rise to the modern regulatory state, interest-group politics, and a more dynamic form of capitalism.
主题Other ; Law and Economics ; History ; Other History
URLhttps://www.nber.org/papers/w27400
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/585073
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Naomi R. Lamoreaux,John Joseph Wallis. Economic Crisis, General Laws, and the Mid-Nineteenth-Century Transformation of American Political Economy. 2020.
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