Word: mercantilists
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Dates: during 1940-1949
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...Leaguer in 1936, Beard insists that the New Deal has stayed pretty well within the bounds of constitutionalism. The Founding Fathers, says Beard, did not believe in the doctrines of economic laissez faire that are usually attributed to Adam Smith. They were, as a matter of fact, 18th-Century "mercantilists" in their primary economic assumptions. Their "mercantilism" implied a belief in Federal interference with economic matters and they expressly gave Congress the power to "regulate" commerce between the States. Subsidies, tariffs, economic prohibitions, government investment in roads and canals-all of these things have been part of "the American...