Chapter

The Other Foundings

John Joseph Wallis

in Founding Choices

Published by University of Chicago Press

Published in print January 2011 | ISBN: 9780226384740
Published online February 2013 | e-ISBN: 9780226384764 | DOI: http://dx.doi.org/10.7208/chicago/9780226384764.003.0007
The Other Foundings

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After the Constitution provided a stable and accommodative government at the national level during 1790, most of the interactions between political and economic development took place at the level of the states. The chapter explains that it was difficult politically for the federal government to maintain a presence in banking or to play much of a role in the development of the nation's economic infrastructure; for example, improvements in internal transportation. Dividends and other revenues states obtained from investment in banks and corporations as well as toll revenues on state-owned canals would be greater if there had not been so many banks, corporations, and canals. Within a stable framework of national government, many states rewrote their own constitutions to disentangle their governments from banks and corporations, and to provide more open access to both by enacting free banking and general incorporation laws.

Keywords: Constitution; accommodative government; federal government; economic infrastructure; revenues; national government

Chapter.  16308 words. 

Subjects: Economic History

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