Congress has been making economic policy since it first convened in 1789. The early congresses grappled with such pressing issues as repayment of the war debt and establishment of a national bank. Taxes and tariffs were recurring concerns, and every Congress had to appropriate funds for government agencies. The federal government was small in relation to the national economy; on the eve of the Great Depression in 1929, federal expenditures amounted to only about 3 percent of the gross national product (GNP). Because the government was small, it did not have a major role in steering the economy.

For most of its first 130 years, the United States was governed by a "fiscal constitution" that required balanced budgets except during emergencies such as war. This fiscal norm was supported by consensus about the government's limited role in economic management. The government had few options, but it also had few responsibilities. Business cycles came and went without causing much of a ripple in the trend line of federal revenues and expenditures. Congress did not rush to legislate whenever the nation experienced economic difficulties.

Although the government's economic role was progressively enlarged during the half-century after the Civil War, it was not until the depression and the New Deal that the national government came to be regarded as responsible for the performance of the economy. The "fiscal revolution" of the 1930s not only enlarged the relative size of the government-the budget has grown during the past 50 years from 3 to 25 percent of GNP-but also legitimized government intervention to sustain economic growth and ameliorate economic difficulty. No longer could the government remain on the sidelines and allow the economy to zigzag according to its own dynamics. Every president since Herbert Hoover has been judged by the performance of the economy. Although Ronald Reagan came to office in 1981 determined to shrink the federal government and reestablish free enterprise principles, he has staked his administration on the performance of the economy.

This book explores the many ways that Congress makes economic decisions. The first two chapters deal with overall policy, the middle chapters consider how Congress functions in a redistributive environment, and the next chapters address particular economic issues. The book concludes with an assessment of the implications of economic difficulties for Congress.

"About this title" may belong to another edition of this title.

Store Description

Visit Seller's Storefront

Seller's business information

Edward Bowditch Ltd
Exstowe, Exton, Exeter, EX3 0PP, United Kingdom

Sale & Shipping Terms

Terms of Sale

Legal entity name: Edward Bowditch Ltd
Legal entity form: Limited company
Business correspondence address: Exstowe, Exton, Exeter, EX3 0PP
Company registration number: 04916632
VAT registration: GB834241546
Authorised representative: Mr. E. Bowditch

Right of withdrawal

If you are a consumer you can withdraw from the contract in accordance with the following. Consumer means any natural person who is acting for purposes which are outside his trade, business, craft or profession.

Information regarding the right of withdrawal

Statutory right to withdraw

You have the right to withdraw from this contract within 14 days without giving any reason.

The withdrawal period will expire after 14 days from the day on which you acquire, or a third party other than the carrier and indicated by you acquires, physical possession of the last good or the last lot or piece.

To exercise the right of withdrawal, electronically fill in and submit a clear statement on our website, under "My Purchases" in "My Account". We will communicate to you an acknowledgement of receipt of such a withdrawal on a durable medium (e.g. by e-mail) without delay.

To meet the withdrawal deadline, it is sufficient for you to send your communication concerning your exercise of the right of withdrawal before the withdrawal period has expired.

Effects of withdrawal

If you withdraw from this contract, we will reimburse to you all payments received from you, including the costs of delivery (except for the supplementary costs arising if you chose a type of delivery other than the least expensive type of standard delivery offered by us).

We may make a deduction from the reimbursement for loss in value of any goods supplied, if the loss is the result of unnecessary handling by you.

We will make the reimbursement without undue delay, and not later than 14 days after the day on which we are informed about your decision to withdraw from this contract.

We will make the reimbursement using the same means of payment as you used for the initial transaction, unless you have expressly agreed otherwise; in any event, you will not incur any fees as a result of such reimbursement.

We may withhold reimbursement until we have received the goods back, or you have supplied evidence of having sent back the goods, whichever is the earliest.

You shall send back the goods or hand them over to Revaluation Books, Hounslow, United Kingdom, without undue delay and in any event not later than 14 days from the day on which you communicate your withdrawal from this contract to us. The deadline is met if you send back the goods before the period of 14 days has expired. You will have to bear the direct cost of returning the goods. You are only liable for any diminished value of the goods resulting from the handling other than what is necessary to establish the nature, characteristics and functioning of the goods.

Exceptions to the right of withdrawal

The right of withdrawal does not apply to:

The delivery of newspapers, journals or magazines with the exception of subscription contracts; and
The supply of digital content which is not supplied on a tangible medium (e.g. on a CD or DVD) if you accepted when you placed your order that we could start to deliver it, and that you could not withdraw once delivery had started.

Shipping Terms

Orders usually dispatched within two working days.

Shipping rates from United Kingdom to U.S.A.

Shipping rates from United Kingdom to U.S.A.
Order quantity	7 to 14 business days	2 to 3 business days
First item	� 10.00	� 25.00

Delivery times are set by sellers and vary by carrier and location. Orders passing through Customs may face delays and buyers are responsible for any associated duties or fees. Sellers may contact you regarding additional charges to cover any increased costs to ship your items.