Entrepreneurs+and+Inventors

Entrepreneurs+and+Inventors - Entrepreneurs and Inventors:...

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Entrepreneurs and Inventors: The Culture of Enterprise
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“Under My Wing Every Thing Prospers” This “View of New Orleans Taken from the Plantation of Marigny” was painted in 1803. It illustrates two points for us about the role of the state in the development of the United States during the 19 th century. First, when Jefferson had the chance to buy Louisiana in 1803, he forgot his constitutional dogma that the Federal Government had only the limited powers specifically outlined in the Constitution. Happily, he seized the opportunity to buy the West Bank of the Mississippi Valley, which also included New Orleans. Mr. Jefferson’ state would promote the Empire of Liberty by acquiring new territory and distributing it to its citizens on good terms. Second, governments at all levels, which I often refer to as “the state,” but especially the federal government, would play a crucial and constant role in the development of the capitalist economy that boomed in the New Republic. Without an active and effective government, capitalist enterprise would have been greatly inhibited, if not impossible.
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Growth without Development might have led to Malthusian crisis, growing poverty, and political instability.
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The Role of Government in Economic Development Acquire new territory or public domain Tariff for revenue and to protect domestic production Legal system to support market transactions
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Entrepreneurs+and+Inventors - Entrepreneurs and Inventors:...

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