“ The Commerce Clause was intended to facilitate free trade by giving the federal government limited power to ensure state governments did not impose taxes and regulations on out-of-state business. Contrary to modern belief, the Commerce Clause was not intended to give Congress power to regulate every sector of the economy. And the Commerce Clause was certainly not intended to allow Congress to help state governments collect taxes on purchases from out-of-state merchants. The National Internet Tax Mandate overturns the Supreme Court’s 1992 Quill v. North Dakota decision that states can only force businesses to collect sales tax if the business has a “physical presence” in the state. Quill represented a rare instance where the Supreme Court properly interpreted the Commerce Clause. Thanks to the Quill decision, the Internet has remained a tax-free zone, though some states require consumers to later pay taxes on products they purchased online. This freedom has helped turn the Internet into a thriving and dynamic sector of the economy, to the benefit of entrepreneurs and consumers. Now that status is threatened by an alliance of big business and tax-hungry state governments seeking new powers to force out-of-state business to collect state sales taxes. Far from updating the Constitution to fit the needs of the 21st century, the National Internet Tax Mandate is a throwback to 18th century mercantilism.”—Ron Paul, hitting the nail on the head as usual.
“In sum, the most important fact about the Great Society under which we live is the enormous disparity between rhetoric and content. In rhetoric, America is the land of the free and the generous, enjoying the fused blessings of a free market tempered by and joined to accelerating social welfare, bountifully distributing its unstinting largesse to the less fortunate in the world. In actual practice, the free economy is virtually gone, replaced by an imperial corporate state Leviathan that organizes, commands, exploits the rest of society and, indeed, the rest of the world, for its own power and pelf. We have experienced, as Garet Garrett keenly pointed out over a decade ago, a “revolution within the form.” The old limited republic has been replaced by Empire, within and without our borders.”—Murray Rothbard
“ No matter how much the modern economists imagine themselves beyond Mercantilism, in periods of general crisis gold and silver still appear in precisely this role, in 1857 as much as in 1600. In this character, gold and silver play an important role in the creation of the world market. Thus the circulation of American silver from the West to the East; the metallic band between America and Europe on one side, with Asia on the other side, since the beginning of the modern epoch. With the original communities this trade in gold and silver was only a peripheral concern, connected with excess production, like exchange as a whole. But in developed trade it is posited as a moment essentially interconnected with production etc. as a whole. It no longer appears for the purpose of exchanging the excess production but to balance it out as part of the total process of international commodity exchange. It is coin, now, only as world coin. But, as such, its formal character as medium of circulation is essentially irrelevant, while its material is everything. As a form, in this function, gold and silver remain the universally acceptable commodity, the commodity as such.”—Marx, Grundrisse
Random Word: Mercantilism
An economic doctrine based on a belief that military power and economic influence were complements; applied especially to colonial empires in the sixteenth through the eighteenth centuries. Mercantilism policies favored the mother country over its colonies and over its competitors.
Mercantilism was a system by which imperial governments used military power to enrich themselves and their supporters, then used those rices to enhance their military power. Mercantilism’s principal mechanism was the establishment of monopolies that controlled trade and other economic activities, manipulating them so as to direct money into the coffers of the government and its business supporters.
Some merchantilist monopolies were held by a government itself, such as the Spanish crown’s control over many of its colonies’ gold and silver mines. Other merchantilist monopolies were granted by a government to private business, such as the Dutch East Indies Company and the Hudson’s Bay Company. These private enterprises held exclusive rights to economic activities in vast areas of the colonial world
His mother was a votaress of my order:
And, in the spiced Indian air, by night,
Full often hath she gossip’d by my side,
And sat with me on Neptune’s yellow sands,
Marking the embarked traders on the flood,
When we have laugh’d to see the sails conceive
And grow big-bellied with the wanton wind;
Which she, with pretty and with swimming gait
Following,—her womb then rich with my young squire,—
Would imitate, and sail upon the land,
To fetch me trifles, and return again,
As from a voyage, rich with merchandise.
But she, being mortal, of that boy did die;
And for her sake do I rear up her boy,
And for her sake I will not part with him.
- Shakespeare, A Midsummer Night’s Dream, Act II, Scene I