Critique and consequence
In: Journal of monetary economics, Band 141, S. 2-13
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In: Journal of monetary economics, Band 141, S. 2-13
In: The economic journal: the journal of the Royal Economic Society, Band 129, Heft 619, S. 1457-1476
ISSN: 1468-0297
In: Journal of economic dynamics & control, Band 49, S. 147-150
ISSN: 0165-1889
In: Journal of political economy, Band 120, Heft 1, S. 1-40
ISSN: 1537-534X
In: Journal of political economy, Band 120, Heft 1, S. 1-40
ISSN: 0022-3808
Under the Articles of Confederation, the central government of the United States had limited power to tax. Therefore, large debts accumulated during the US War for Independence traded at deep discounts. That situation framed a US fiscal crisis in the 1780s. A political revolution-for that was what scuttling the Articles of Confederation in favor of the Constitution of the United States of America was -- solved the fiscal crisis by transferring authority to levy tariffs from the states to the federal government. The Constitution and acts of the First Congress of the United States in August 1790 gave Congress authority to raise enough revenues to service a big government debt. In 1790, the Congress carried out a comprehensive bailout of state governments' debts, part of a grand bargain that made creditors of the states become advocates of ample federal taxes. That bailout created expectations about future federal bailouts that a costly episode in the early 1840s proved to be unwarranted. Adapted from the source document.
In: Economica, Band 78, Heft 310, S. 197-214
In: American economic review, Band 98, Heft 1, S. 5-37
ISSN: 1944-7981
The introduction of the precious metals for the purposes of money may with truth be considered as one of the most important steps towards the improvement of commerce, and the arts of civilised life; but it is no less true that, with the advancement of knowledge and science, we discover that it would be another improvement to banish them again from the employment to which, during a less enlightened period, they had been so advantageously applied. —David Ricardo (1816)
In: American economic review, Band 97, Heft 2, S. ix-ix
ISSN: 1944-7981
In: Journal of political economy, Band 107, Heft 2, S. 419-425
ISSN: 1537-534X
In: Journal of political economy, Band 107, Heft 2, S. 419
ISSN: 0022-3808
In: Journal of monetary economics, Band 37, Heft 3, S. 535-548
In: Journal of political economy, Band 100, Heft 3, S. 665-672
ISSN: 1537-534X
In: Journal of political economy, Band 100, Heft 3, S. 665
ISSN: 0022-3808
In: Journal of economic dynamics & control, Band 15, Heft 2, S. 245-273
ISSN: 0165-1889
In: Journal of political economy, Band 97, Heft 2, S. 251-287
ISSN: 1537-534X