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Banking And The Social Contract, Mehrsa Baradaran
Banking And The Social Contract, Mehrsa Baradaran
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This article asserts that there exists today and has always existed an interdependent relationship between banks and the state. I refer to this connection and its mutual benefits and responsibilities as a social contract. When Alexander Hamilton responded to President Washington’s inquiry about the advisability of a national bank, he wrote that “such a Bank is not a mere matter of private property, but a political machine of the greatest importance to the State.” This social contract has existed since the inception of banking in the United States and has been reinforced over time, but it has recently become weakened …
Paul D. Moreno's The American State From The Civil War To The New Deal: The Twilight Of Constitutionalism And The Triumph Of Progressivism, Laura Phillips Sawyer
Paul D. Moreno's The American State From The Civil War To The New Deal: The Twilight Of Constitutionalism And The Triumph Of Progressivism, Laura Phillips Sawyer
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Paul Moreno, the Grewcock Chair in Constitutional History at Hillsdale College, sets out to explain how the natural rights constitutionalism of the Founders was replaced by an ‘entitlement-based welfare state of modern liberalism’ by the late 1930s. The book is an ‘analytic narrative’, drawing on both constitutional theory and current ‘public choice’ law and economics, and contributes to recent scholarship by libertarian-minded legal scholars, such as David Bernstein and David Mayer, among others.