Ratification of the United States Constitution by Rhode Island the convention instead set about drafting a new Constitution. Rhode Island was the only state to not participate in its proceedings. By April 1, 1789, the new constitution had entered into force after the required nine states had completed their ratification processes. The First United States Congress had already convened, and the Congress had already passed twelve proposed amendments, but Rhode Island still had not ratified the new Constitution and continued to effectively operate outside the new governmental structure. Opposition was chiefly due to the paper money issued in Rhode Island pounds since 1786 by the governing Country Party, intended
Perspectives on capitalism by school of thought from taxation policy are achieved by optimizing the marginal tax rates to spur growth, although it is a common misunderstanding that supply side economics is concerned only with taxation policy when it is about removing barriers to production more generally. Today, the majority academic research on capitalism in the English-speaking world draws on neoclassical economic thought. It favors extensive market coordination and relatively neutral patterns of governmental market regulation aimed at maintaining property rights; deregulated labor markets; corporate governance dominated by financial owners of firms; and financial systems depending chiefly on capital market-based financing rather than state financing. Milton Friedman