Question
Upon establishing the colonies, many customs and systems were brought over from Europe. This is certainly true about our legal structure, and the way trade
Upon establishing the colonies, many customs and systems were "brought over" from Europe. This is certainly true about our legal structure, and the way trade was organized around markets. Market overt established that certain days and certain places were, respectively, market days and places. Trade should take place in these specific locations and times. This facilitated regulating trade, and also allowed trade to flow as transactions taking place in markets were seen as legally binding transfers of property rights. Nevertheless, farmers in the colonies quickly opposed this structure (market overt). Would you expect manufacturers of durable goods to also oppose market overt? Why or why not? Provide economic reasoning for why farmers may be particularly susceptible to this structure.
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