The Impact of Constitutional Philosophy on Economic Regulation

Abstract

This article addresses the intentions of the framers with regard to governmental participation in and control of business activity. This topic is particularly timely today as the U.S. defends its international position and considers the relevance of economic regulation enacted as long ago as the late 19th century. We review what worked in the past and consider whether the same solutions can work in the future. As America is governed by the Constitution, we argue that the framers would have chosen the preservation of our economic security and therefore would have disapproved of the current overregulated business environment on pragmatic grounds.