Restraint of trade was used throughout the 1700s as a means to enforce restrictions on the practice of businesses in order to protect intellectual property. To understand how restraint of trade came about, and some of the implications of this important legislation, one must take a trip through time to 1711. A baker from St. Andrew Holborn, named Reynolds, decided to rent his business out to another man named Mitchel for a length of five years. The two men agreed to a small bond, which would become void if Reynold continued baking in St. Andrew Holborn. Reynold, understanding the terms of the bond to mean that he could not practice…

By Phin Upham A stock exchange is a place where multiple sellers are able to come together and exchange equities. Two components are necessary: a buyer and a seller. In today’s markets, there are two major exchanges, both based out of the United States: the New York Stock Exchange and the NASDAQ. It’s important to understand that location played a large role in the development of both exchanges. NYSE was able to flourish because of its proximity to importing locations like the pier. The constant movement of goods made New York a prime center for commerce, and Wall Street was close enough to the action. The traditional image most people…

By Samuel Phineas Upham Edwin Cannan was an economist from Britain who wrote “The Wealth of Nations.” The book, published in 1904, helped to set the tone for what economists today call “the tragedy of commons.” Cannan was a professor at Oxford who inherited a fortune that allowed him time to be something of a professional philosopher. He dabbled around London, learning how the economy worked and how its individuals invested and profited from those workings. Cannan’s work didn’t draw much scrutiny during his lifetime. He’d attempted criticisms of Marshall and Keynes, but neither had really fallen on enthusiastic ears. He’d also written a host of works, none of which…