Law Commons^™

Taxation Of Unrealized Gains At Death – An Evaluation Of The Current Proposals, Michael J. Graetz

Faculty Scholarship

The failure to tax the appreciation of capital assets transferred at death has been described as the major shortcoming of existing federal income tax laws. From time to time since 1942, the Department of the Treasury and others have urged alteration of the rule which underlies this failure. Recently the House Ways and Means Committee held panel discussions and public hearings on the subject of tax reform during which consideration was given to the possibility of changing the laws dealing with taxation of appreciated property at death. In its recommendations to the Committee, the Treasury Department did not push for …

Constitutional Adjucation: The Who And When, Henry Paul Monaghan

Faculty Scholarship

When the newly appointed Justices of the Supreme Court assembled in the Royal Exchange Building in New York for their first session on February 2, 1790, the most farsighted individual could not have foreseen what the future held for this tribunal. Now less than a generation short of its 200th anniversary, the Court is universally acknowledged to be the final and authoritative expositor of the Constitution. Yet after almost two centuries, questions concerning this power of the Court to interpret the Constitution remain. The first set of questions centers on the substantive standards for constitutional adjudication. The second, with which …

Professor Milton Handler, Michael I. Sovern

Faculty Scholarship

Milton Handler taught his first class at Columbia four years before I was born. Because of my parents' tardiness, he was beginning his twenty-sixth year on the Faculty by the time I was old enough to register for his course in Trade Regulation in the fall of 1953. I have been an admirer of Milton Handler ever since.

It has been my good fortune to know him in many ways. As a teacher, he was truly extraordinary – a penetrating analyst, a builder of grand syntheses, a master of the Socratic method. Though his courses were usually electives, most of …

Julius Goebel, Jr.: In Fond Recollection, Michael I. Sovern

Faculty Scholarship

Memorable teachers, like great delicacies, are not to everybody's taste. Most of us endured nineteen years of formal education, encountering perhaps 100 teachers along the way. Many were journeymen, imparting whatever information their particular slice of the curriculum warranted. A few, a very few, truly moved our minds. And, not uncommonly, the genius who made me see left others in the dark, while my friend's cicerone left me hopelessly lost. The teacher who dares to inspire will not inspire many, but if in every class a few are enabled to think in a way they could not think before, that …

Exchange Control, Liberalization, And Economic Development, Jagdish N. Bhagwati, Anne O. Krueger

Faculty Scholarship

This paper highlights results of the National Bureau of Economic Research's (NBER) research project on exchange control, liberalization and economic development from 1970-1973. Initial adoption of exchange controls was generally an ad hoc response to external events. The optimal resource allocation dictum – that the marginal cost of earning foreign exchange should be equated with the marginal cost of saving foreign exchange – was generally abandoned in favor of saving foreign exchange at all costs. An export-oriented development strategy generally entails relatively greater use of indirect, rather than direct, interventions. There is considerable evidence from the individual country studies that …

General Equilibrium Theory And International Trade, Jagdish N. Bhagwati

Faculty Scholarship

This volume of Takashi Negishi's excellent essays in the theory of international trade underlines two major phenomena in this field: i) the displacement of the MarshalJian partialequilibriμm tools of analysis (now to be found only in the old-fashioned textbooks) by the general-equilibrium analysis of Mill, Marshan and Edgeworth which culminated in the major work of Meade and others; and ii) the emergence of a creative and ingenious school of Japanese international trade theorists in the last decade (of which Negishi is one of the more eminent members) which has virtually shifted the center of gravity in trade-theoretic research from England …

The Espionage Statutes And Publication Of Defense Information, Harold Edgar, Benno C. Schmidt Jr.

Faculty Scholarship

We began this lengthy study of the espionage statutes with grand designs. Our original goal, suggested by the Pentagon Papers litigation, was to elaborate the extent to which constitutional principles limit official power to prevent or punish public disclosure of national defense secrets. But this plan was short-lived. The more we considered the problem, the more convinced we became that the central issues are legislative. The first amendment provides restraints against grossly sweeping prohibitions, but it does not, we believe, deprive Congress of considerable latitude in reconciling the conflict between basic values of speech and security.

Militants, Moderates, And Social Change, Michael I. Sovern

Faculty Scholarship

The thesis of this paper is a simple generalization: To the extent that social protest draws attention to its form rather than to the grievance it seeks to redress, it is likely to be unproductive. I add a quick qualification. In offering this generalization, I am assuming that the protester is genuine in seeking to redress one or more grievances and that he is not using the grievance as a subterfuge to pick a fight. If the purpose of the protest is in fact to provoke a repressive response, then, of course, my generalization is inapplicable.

We obviously have a …