Law and the Economy: 1776–1850

Abstract

This chapter focuses on regulation in the early nineteenth century. The nineteenth century is considered the high noon of laissez-faire. Government, by habit and design, kept its hands off the economy and let the market do its magic. The first half of the century, in particular, was strongly pro-enterprise, pro-growth. The aim of public policy was the release of creative energy and that meant economic energy, enterprise energy. Government reflected what its constituents wanted. It did what it could to boost the economy, which could mean subsidy or outright intervention. Government intervention, or government regulation, primarily meant the states, not the federal government.