Question

Please discuss thoroughly the evidence in the US Constitution which supports the argument that the founding fathers desired a government which allowed for a pure capitalist, non-mercantilist economic system where private property rights are protected.

Answer 1

ANSWER:

Although at the time of the Founding the term capitalism was scarcely in usage, the Founders supported the principle of economic liberty underlying it. They understood that free markets and property rights were constitutive elements of what it means to be free. Thus had a belief that government holds the responsibility to protect the rights of all to participate in the economy by lifting artificial trade barriers, upholding contracts, and protecting the right to possess, acquire, and freely usage of property.

However, the Founders did not, advocate a completely “laissez-faire” economic policy, because they were aware that the government had a role to play, that is a limited role, in the regulation of the economy. It is evident from the fact that at the time of the Founding, the government inspected goods which were imported into the United States and created licensing systems for specific professions such as medicine which were essential for public safety and health. These regulations strengthen a free-market economy with the protection of the consumers from fraud and by expansion of the opportunity for all to participate in the market by improving the reliability of commodities and services.