Capitalism 49, Dow Chemical
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You dissagree about the railroad business, and real wealth. It a bubble, like the housing, or the stocks. The result, depressions. Always after government intervention. Anyways, your blow off comment is just a federalist mindset. If people within the individual states, that caused cost increases and bureaucracy, it is not a systemic if it fails.
motina10 3 years ago
cont...
...During the New Deal, however, substantive due process fell into disrepute because the public demanded government involvement to straighten out the economy...[the rational basis approach] differs significantly from substantive due process because, under it, courts generally defer to governments and presume the validity of their policies." [Constitutional Law for a Changing America: Rights, Liberties, and Justice (Washington, D.C.: CQ Press, 2001), p. 414.]
jwoodswce 3 years ago
cont...
Unfortunately, without substantive due process, statutes--within the domain of legitimate legislative authority--may be arbitrary and capricious without recourse to judicial protection.
"Through the 1930s the Court used the doctrine of substantive due process to nullify many laws, particularly those--as in Lochner--that sought to regulate businesses...
jwoodswce 3 years ago
I'm not so quick to condemn the Interstate Commerce clause, but rather its misinterpretation resulting from the abandonment of the substantive due process doctrine.
The later, combined with the congressional regulatory authority superseding state actions limiting interstate commerce, had been used by the courts to rollback local and state regulations that infringed upon property and contract rights [for example, Lochner v. New York (1905)].
jwoodswce 3 years ago
Yeah, Land is awesome; Locke doesn't spend a lot of time on him though. Still, both are great books.
Nelapidae 3 years ago
The book *Why Businessmen Need Philosophy* contains the excellent Ayn Rand essay "The Money-Making Personality." It was this article that got me excited about reading biographies of scientist-engineer and Polaroid Corp. founder Edwin H. Land. Over his lifetime, I think he won over 500 patents.
legendre007 3 years ago
Locke's book is a must read for those looking for the psychological profile of financial giants. Included are two appendices: the first, "Amounts of Wealth Created by (selected) Prime Movers..." and the second, Leonard Peikoff's excellent article, "Why Businessmen Need Philosophy" (from the book of the same name).
Nelapidae 3 years ago 2
Herbert Dow is one of my all-time favorite business titans. :-)
By the way, have you read Edwin A. Locke's excellent book, *The Prime Movers: The Traits of the Great Wealth Creators*? It provides a great Objectivist perspective on the psychological traits of innovative business executives like Dow, Will Kellogg, TJ Rodgers, Gordon Bethune, F. Kenneth Iverson, etc.
legendre007 3 years ago 2