Setting Up the Rules Acts of Parliament, 1763-1783. First printings. - - PowerPoint PPT Presentation

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Setting Up the Rules Acts of Parliament, 1763-1783. First printings. - - PowerPoint PPT Presentation

Aug 17, 2023 304 likes •581 views

Setting Up the Rules Acts of Parliament, 1763-1783. First printings. London: by the Crown Printer,1763-83 http://www.theworldsgreatbooks.com/parliament.htm J. Parman (College of William & Mary) Regulation of Markets, Spring 2017 January 18,

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Setting Up the Rules

Acts of Parliament, 1763-1783. First printings. London: by the Crown Printer,1763-83 http://www.theworldsgreatbooks.com/parliament.htm

  • J. Parman (College of William & Mary)

Regulation of Markets, Spring 2017 January 18, 2017 10 / 35

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The Constitution of the United States - ratified 1788

  • J. Parman (College of William & Mary)

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Setting Up the Rules–Article I, Section 8

The Congress shall have power to lay and collect taxes, duties, imposts and excises, to pay the debts and provide for the common defense and general welfare of the United States; but all duties, imposts and excises shall be uniform throughout the United States; ... To borrow money on the credit of the United States; ... To regulate commerce with foreign nations, and among the several states, and with the Indian tribes; ... To coin money, regulate the value thereof, and of foreign coin, and fix the standard of weights and measures; ... To provide for the punishment of counterfeiting the securities and current coin of the United States;

  • J. Parman (College of William & Mary)

Regulation of Markets, Spring 2017 January 18, 2017 12 / 35

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Early State Regulation: Chartering Roads and Banks

  • J. Parman (College of William & Mary)

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Early State Regulation: Roads and Banks

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Intellectual Property in the Early Days

Samuel Slater, 1768-1835

  • J. Parman (College of William & Mary)

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Intellectual Property in the Early Days

Invention Inventor Result John Kay Flying shuttle Impoverished by litigation to enforce

  • patent. House destroyed by machine
  • breakers. Died in poverty.

James Hargreaves Spinning jenny Patent Denied. Forced to flee by machine breakers. Richard Arkwright Water frame Died wealthy, but money was made after people stopped honoring his patents. Samuel Crompton Mule No attempt to patent invention. Edmund Cartwright Power loom Patent worthless. Factory burned by machine breakers. Eli Whitney Cotton gin Patent worthless. Richard Roberts Self-acting mule Patent revenues just covered development costs. Gains from Industrial Revolution Innovations

  • J. Parman (College of William & Mary)

Regulation of Markets, Spring 2017 January 18, 2017 16 / 35

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Slavery and the Perverse Origins of Consumer Protections

  • J. Parman (College of William & Mary)

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Expanding the Nation with and without Regulation

Union and Central Pacific Railroads joined at Promontory Summit, UT - 1869

  • J. Parman (College of William & Mary)

Regulation of Markets, Spring 2017 January 18, 2017 18 / 35

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Expanding the Nation with and without Regulation

  • J. Parman (College of William & Mary)

Regulation of Markets, Spring 2017 January 18, 2017 19 / 35

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Expanding the Nation with and without Regulation

Name Wealth (2007 dollars) Industry John D. Rockefeller $192 billion Standard Oil Cornelius Vanderbilt $143 billion steamboats, railroads John Jacob Astor $116 billion furs, real estate Stephen Girard $83 billion shipping, banking Bill Gates $82 billion Microsoft Andrew Carnegie $75 billion steel, railroads A.T. Stewart $70 billion department stores Frederick Weyerhaeuser $68 billion lumber Jay Gould $67 billion railroads Stephen Van Rensselaer $64 billion inherited land Top Ten Wealthiest Americans

  • J. Parman (College of William & Mary)

Regulation of Markets, Spring 2017 January 18, 2017 20 / 35

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The Sherman Antitrust Act - 1890

Senator John Sherman

  • J. Parman (College of William & Mary)

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Roosevelt Brings Us Into the 20th Century

  • J. Parman (College of William & Mary)

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Roosevelt Brings Us Into the 20th Century

  • J. Parman (College of William & Mary)

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Roosevelt Brings Us Into the 20th Century

William E. Clarke Trade Card, http://dalessandris.net/clarke.aspx

  • J. Parman (College of William & Mary)

Regulation of Markets, Spring 2017 January 18, 2017 24 / 35

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Roosevelt Brings Us Into the 20th Century

We have become great because of the lavish use of

  • ur resources. But the time has come to inquire

seriously what will happen when our forests are gone, when the coal, the iron, the oil, and the gas are exhausted, when the soils have still further impoverished and washed into the streams, polluting the rivers, denuding the fields and

  • bstructing navigation. – Theodore Roosevelt
  • J. Parman (College of William & Mary)

Regulation of Markets, Spring 2017 January 18, 2017 25 / 35

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The Great Depression and the Role of Federal Government

  • J. Parman (College of William & Mary)

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The Great Depression and the Role of Federal Government

  • J. Parman (College of William & Mary)

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The Great Depression and the Role of Federal Government

  • J. Parman (College of William & Mary)

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The Great Depression and the Role of Federal Government

  • J. Parman (College of William & Mary)

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The Great Depression and the Role of Federal Government

Senator Carter Glass and Representative Henry Steagall

  • J. Parman (College of William & Mary)

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Expanding Regulatory Oversight

LA Civic Center, 1948

  • J. Parman (College of William & Mary)

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Expanding Regulatory Oversight

Man selling fresh clean desert air for 50 cents a balloon full in front of Loew’s State Theatre in Los Angeles, Oct. 22, 1954.

  • J. Parman (College of William & Mary)

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Expanding Regulatory Oversight

Ralph Nader demonstrating airbag, 1977 (Corbis Images)

  • J. Parman (College of William & Mary)

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Expanding Regulatory Oversight

2000 4000 6000 8000 10000 12000 14000 16000 18000 1960 1970 1980 1990 2000 2005 Millions of 2000 dollars Consumer safety and health Homeland security Transportation Workplace Environment Energy Finance and banking Industry‐specific regulation General business

  • J. Parman (College of William & Mary)

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Expanding Regulatory Oversight

1000 2000 3000 4000 5000 6000 7000 1960 1970 1980 1990 2000 2005 Millions of 2000 dollars Consumer safety and health Transportation Workplace Environment Energy Finance and banking Industry‐specific regulation General business

  • J. Parman (College of William & Mary)

Regulation of Markets, Spring 2017 January 18, 2017 35 / 35