Exemple doption trade

Academic publishers need backlist titles to exist. Real property taxes may also be used if they can be administered appropriately, though this may be difficult in developing countries. Given that at any point in time there is a finite amount of credit available in an economy, policymakers must therefore assess the relative productivity of public investment versus private investment and determine the amount of domestic budgetary financing that would be consistent with the need to maintain low inflation and support sustainable economic growth.

Types of Adoption

Prosecution of trafficking offenders. Having worked on these issues since the late s, UNODC has issued a comprehensive strategy setting out the complementary nature of UNODC's work in preventing and combating both human trafficking and migrant smuggling, and defining the immediate priorities for UNODC's future action and engagement on these crimes.

As the guardian of the Organized Crime Convention and its Protocols on Trafficking in Persons and Smuggling of Migrants, UNODC plays a leading role in strengthening and coordinating the criminal justice response to both human trafficking and smuggling of migrants.

UNODC's strategic approach to combating trafficking in persons and the smuggling of migrants is founded in the full and effective implementation of the Protocols, and can be best understood as having three interdependent and complementary components:. UNODC also produces research and issue papers on trafficking in persons and migrant smuggling and engages in both broad and targeted awareness-raising on these issues, notably through the Blue Heart Campaign against Human Trafficking.

UNODC's normative work on promoting the Protocols and capacity-building engages with Member States and working-level practitioners in providing legislative assistance, strategic planning and policy development, technical assistance for strengthened criminal justice responses, and protection and support to victims of trafficking in persons and smuggled migrants.

To learn about Migrant Smuggling, click here. To access UNODC video and audio public service announcements about human trafficking, visit our human trafficking public service announcement page.

Human Trafficking Trafficking in persons is a serious crime and a grave violation of human rights. Exploitation shall include, at a minimum, the exploitation of the prostitution of others or other forms of sexual exploitation, forced labour or services, slavery or practices similar to slavery, servitude or the removal of organs Elements of human trafficking On the basis of the definition given in the Trafficking in Persons Protocol, it is evident that trafficking in persons has three constituent elements; The Act What is done Recruitment, transportation, transfer, harbouring or receipt of persons The Means How it is done Threat or use of force, coercion, abduction, fraud, deception, abuse of power or vulnerability, or giving payments or benefits to a person in control of the victim The Purpose Why it is done For the purpose of exploitation, which includes exploiting the prostitution of others, sexual exploitation, forced labour, slavery or similar practices and the removal of organs.

Criminalization of human trafficking The definition contained in article 3 of the Trafficking in Persons Protocol is meant to provide consistency and consensus around the world on the phenomenon of trafficking in persons. In addition to the criminalization of trafficking, the Trafficking in Persons Protocol requires criminalization also of: The legislative definition should be dynamic and flexible so as to empower the legislative framework to respond effectively to trafficking which: For an overview of UNODC's work in the human trafficking field and the real-life complexities faced by people globally every day, please click on the following links: UNODC's strategic approach to combating trafficking in persons and the smuggling of migrants is founded in the full and effective implementation of the Protocols, and can be best understood as having three interdependent and complementary components: If the demand is low, irrespective of free trade, the sale will not be high.

This leads to the second point, where the opposition placed tariff into a wrong logic. It is important to see, that it is not the cost that counts in trade, but the profit, in exchange to the value.

Tariff is not the burden of supplier, instead the customers bears it. It is true that customer can get a cheaper price from free trade, but it is not true that the supplier could get a higher profit margin. It is also not true, that because there is tariff the exporter will get lower margin. The profit margin is relatively the same, irrespective of tariffs. The tariff barrier from the importer country will only take the import product at a same or slightly more expensive price from the local product.

A slightly more expensive price will not cease sales, because of one reason, the demand is there. The importer country will not put unreasonable tariff, also for another reason, demand. The country should make sure that it is affordable enough for the customer, so the national demand can be fulfilled. At last, regarding the point of the oil crisis, we do not found the idea on how free trade will make Arab still sold oil to Israel's ally during the war.

If the opposition could prove this, we, willingly, will promote free trade as a path to world peace poorer countries excluded. First of all, the proposition states that free trade doesn't move international trading, but that is abruptly overshadowed by the action of demand and supply. Sadly, and a little bit coincidentally also , they failed to mention that the model of supply and demand is part of microeconomics and that it hardly interferes drastically in macroeconomics matters having said we may infer that it is even harder that it becomes of vital importance.

The result of this first proposition statement may be resumed into a confusing critic which not only lacks relevance for the topic, but also shows us the unsupportable and flawed posture that the proposition has taken. The same criteria may be applied for the tariff barrier comment made by the other team. We would like to stop and quote the proposition: We would like to mention that the state is not the responsible for assuring the prices are appropriate for the consumers, and we also do not understand why the proposition is so committed into getting a weird mix of economic laws, if since the beginning the proposition has been defending the inexistence of FTA advantages, then there shouldn't be contradictions in its speech; we invite the other time into making a complete research of the events, and thus providing a much more coherent discussion.

Finally we thank the proposition for offering their help in the promotion of our cause, but reject the proposal. Our team begs you to oppose this motion. The opposition tried to rebut our argument by labeling us both absurd and false. Indeed we failed to mention that for several reasons as listed below: Of course there is relationship between microeconomic matter and macroeconomic matter. The most common macroeconomic indicator is GDP, and it is a sum of all products and services from all sectors, microeconomic, over a period of time.

The relationship can go both ways. Both fiscal and monetary policy, governments tools in dealing with macroeconomic matters, are measures to control inflation, minimum wages, investment rate in regards to sustain growing GDP and hence employment. As we can see the existences of both policies, fiscal and monetary, is due to the acknowledgement that microeconomic policy can lead to unwanted macroeconomic situations, hence government initiatives are often required.

Instead we do believe it does interferes closely with each other. That is why we believe what the opposition labeled us as absurd with their arguments only shows the ambiguity of their arguments for defending the case of FTA. We on the other hand believe because there is obviously clear correlation, hence there are justified risks and harms of doing FTA. Agreements are to be respected Even with any amount of debating time that we can have, the opposition time wants to stress how ridiculous, illegitimate and unthical would be to leave free trade agreements, not only by a "poorer country", but any given country.

Imaginea day whee suddenly anyone can break laws, treaties and conventions. It would be a total disaster. Treaties exist to be fulfilled. They are a subject of international law and they are expressed on the maxim "pacta sunt servanda", which means "pacts must be respected". To suddenly one say say that all agreements in this case, free trade agreements are terminated is a ridiculous dream that deserve repudiation from any country that doesn't want to fulfill its obligations According to the Article 65 2 of the the Vienna Convention on the Law of Treaties states the following: A party which, under the provisions of the present Convention, invokes either a defect in its consent to be bound by a treaty or a ground for impeaching the validity of a treaty, terminating it, withdrawing from it or suspending its operation, must notify the other parties of its claim If, after the expiry of a period which, except in cases of special urgency, shall not be less than three months after the receipt of the notification, no party has raised any objection, the party making the notification may carry out in the manner provided in article 67 the measure which it has proposed.

To abandon an agreement like that is simply an action degradant to the levels of Marco Junio Bruto. Responding to this point is completely a waste of time, because this is far from the motion in hand. However, it is a moral calling for us to advocate that one person that agrees with our motions that poorer countries should abandon free trade agreements. We should not make them feel as bad as Brutus or Bruto, in Spanish.

We agree that agreement should be respected. And withdrawal from any agreement with any parties except with the devil act as a part of respecting the agreement, because any good agreement has a way to withdraw from it.

We are afraid that dear opposition team have mixed the meaning of "withdrawal from an agreement" and "outlawing the agreement". Outlaw means to violate the agreement while the party still bounded to the agreement, for example, the US steel tariff in [[http: We would like to thank the opposition to cite a readable link meaning: Let us see again their citation on article 65 yes we did read it to cite sentences that wasn't attached in their argument [[http: A party which, under the provisions of the present Convention, invokes either a defect in its consent to be bound by a treaty or a ground for impeaching the validity of a treaty, terminating it, withdrawing from it or suspending its operation, must notify the other parties of its claim.

Lets continue to the second point: The mysterious part of the second point is on "manner provided in article 67". Then, they jump into the conclusion that "it is impossible to say all free trade agreements are withdrawn worldwide, since it would affect 2nd and 3rd parties and it is completelly illegal.

Surprisingly, if we continue to article 67, the only manner expected on it is: The notification provided for under article 65, paragraph 1, must be made in writing. Assuming all of the governments of poorer countries are at least literate, and can submit the notification in writing, the withdrawn process should be completely legal.

Let us take Mexico as an example. If a Party withdraws, the Agreement shall remain in force for the remaining Parties. And they should not be worry that withdrawing will affect 2nd and 3rd parties, since if a Party withdraws, the Agreement shall remain in force for the remaining Parties.

So if Uncle Sam said, " Et tu, Brute? Having a FTA with a "richer" country is, in fact, a reason to be secure Even if there was a legal tool to make all free trade agreements invalid, it would simply bring more harm than good. In every single state that there is a free trade agreement In every single treaty, there will always be a "poorer" state, sincethere is no pair of states that have the exact same GDP, so implementing a certain policy would also be a very dificult task that was never addressed by the proposition side.

Anyway, most of the free trade agreements are made among countries with common interests or similar economies. A vast majority of the free trade agreements are bewteen countries within a given region. Even in cases where we can see a certain economical disparity, this states I recall, most of the states in the World are already used to that and there is no way we can retrocede decades to the times where we found no FTAs. As we have defended since our first point, theer will always be comparative advantage for every state in a certain market involved with a Free Trade Agreement and so, they have specialized markets on the products they can offer.

The markets are used to that and so, having no free trade would totally decrease major possibilities of trade and that will demoolish industries. As an example I can take México. I will not negate the possibility that the "rich" countries of United States of America and Canada may have had more benefits than México out of this FTA, but there will always be a nation with a bit more of advantage even if it is a quarter of a centh and that is normal.

December, Nineteen ninety four started hard times México with a major economical crisis. We would've really had very tough childhoods. Fortunately, it was a free trade agreement that let México not reverse to in matter of social and economical instability and that let foreign investment develop more industries, like the now 6th largest in the world airplane-exporter industry, the Mexican one. All free trade agreements depend on every single partner and the fact that a poorer country has a country with a larger economy taking them by the hand should not be a concern, but a great soure of security.

An older brother will never let his small brother fall because then he would also be failing as a smaller brother. Ah, the use of Mexico as an example again. We believe that it is invalid to use Mexico. It is just a random coincidence moved by miracles, and if you imply that it is not miracles because miracles does not happen so frequently, we are here to say that with so many "Jesus" in the population, it is possible. Lol, just kidding, our rebuttals are on the next paragraph.

As proven before that there is of course legal tool to withdraw from a FTA, there will be no serious harm of withdrawing from FTA, since the FTA countries only contribute 7. About the comparative advantage, we believe it is also clear from the beginning that we never denied that FTA gives some benefit, but we argued that the cost of FTA outweighed the benefit; security is just one benefit that are outweighed by the cost.

We will not come with new examples, since previous examples on our arguments is enough for that. Our main reason can concluded in two points: The overall numbers from various indicators will show deficit.

Even though the indicators is increased, the welfare of the poor in the countries is jeopardized. For our second point, comes Chile, which is praised by the opposition as the highest-of-everything-good and the lowest-in-anything-bad [[http: It is a tragedy of modern civilization, where the wealth of a country was built above the agony of poor people. The irony proved that FTA failure for poorer countries is a systemic failure; even one of the most success countries cannot overcome it.

Back to Mexico, our stance is still the same. We admit that FTA secured Mexico on But the security there is still outweighed by the cost. If it is regarded as an "OK" situation by the opposition because according to them, "there will always be a nation with a bit more of advantage even if it is a quarter of a cent and that is normal. By this point we want to emphasize that free trade is not free at all. It cost the poorer countries its economic control.

They may argue that losing small part of economic control is just a loss of little liberty, but this little liberty caused inability to provide welfare, and a less control because the industry specialization narrowed the industry fields, which may caused problem for skilled workforce to adapt.

In other case, competitive sectors also unable to absorb workforce from uncompetitive sectors. This will increase unemployment, which may cause social problems. At the end, if we sum the benefit from the loss, we will still see a total loss, without any benefit.

Summed up wisely in a quote: All the countries in the world cannot be equally powerful, but they may be equally free. The proposition team has been defending the idea of a totally unfair trade during this debate. In this point we would like to make special emphasis into identifying the real issue which is not fair trade vs.

On a directly macroeconomical benefit, we can state that every country is to be free to activate one of the 4 values that increase GDP, this one being the trade balance, which in the faborable case exports can be majorly fostered by the activation of free trade itself. So, lets consider equality as the condition accomplished when the values of two or more independent elements consolidate an equalitarian relationship, and lets apply it into our topic by analyzing first the definition of equality that the proposition so kindly has implied in its respective speeches.

Our own definition of equality deals instead with ensuring leveled conditions in the international field so that the consumers may judge the product by its intrinsic characteristics and thus make a selection based on what really best suits to the situation.

The opposition us team has also been defending justice which is based upon the principle of getting what is deserved [1]. Now we will speak of the importance of equality. No matter what definition of equality we choose we must agree that it guarantees the protection of national interests and companies, but in order for equality to carry out that vital function FTA must take into account what the parameters of equality are, of course no one can determine that and this is for one simple reason: By establishing a judgement in which one country is forced to trade within a default trading limit, not just we are violating its sovereignty, but also denying its right to be equal.

This is why applying the first definition of equality included in this entry may lead us into a dangerous way of thinking, and this also proves that the essence of being equal is found in giving the right to each country of seeking equality by themselves.

International laws must then offer leveled conditions in the international field. And because of this justice is the real issue to debate here, because the sense of equality in each country varies depending on what they consider is fair for them, what they think they deserve, and no nation no mattering how poor it is should have forbidden that right.

Equality is quite much important, but in order for equality to be that much important a complete sense of justice is needed. We wouldn't even considering giving a rebuttal, but then again we do have some tile left.

Even though it's not perfect, but hey so does bilateral agreement between states. We should clarify the opposition's misunderstanding on sovereignty concept. From their argument, they stated, "By establishing a judgement in which one country is forced to trade within a default trading limit, not just we are violating its sovereignty, but also denying its right to be equal.

For example if country A put limitation on commodity X trading in Country B, it violates sovereignty, but if country A put limitation on commodity X imports in its country that comes from country B, it solely the sovereignty of country A, because the government has a right to regulate things under its territory.

Now, back to the case, we should see first the aim that a country should serve. A country is formed by a social contract by its citizen, where individual person give up some rights to a government or other authority in order to receive or maintain social order. When we talk about country and its policy, this social order should be put as first among others. We believe that any country should maintain social order to achieve the highest objective of the country, the welfare of its citizen.

Justice and equality is just an attribute to maintain social order, so the welfare can be achieved. From this bigger picture, we can see that equality is not the purpose on itself, but it serve higher objective, that is the welfare. The model of equality that is given by the opposition is was proven by our arguments as harming the social welfare. That is why, being equally free is not as cool as it rhymes.

We believe that by not joining a free trade agreement does not cause inequality between the countries. In fact, by not joining FTA, countries has more freedom in deciding what is best to its country.

FTA makes the country loss its flexibility to adjust their trading policy to current domestic situation. The oppositions urges us to be equally free, but what is the purpose of being equally free? Just to have a noble ideals? First, the primary source of revenues to fund the federal government was requisitions to the state governments asking them to send to the federal government state-collected tax revenues. Yet the Articles did not include any enforcement mechanism to ensure that the state governments would send in the full amount of the funds requested of them, which they never did.

Second, each state had a single vote in the federal Congress and the unanimous consent of the thirteen states was required for the Congress to enact any federal taxes. A single state could thus block federal tax legislation. This de facto veto power on the part of each state created substantial decision-making costs for Congress and prevented proposed federal imposts import duties from being enacted under the Articles.

The central government also lacked the legal power to enforce uniform commercial or trade regulations — either at home or abroad — that might have been conducive to the development of a common economic trading area. Likewise, the Confederation government possessed uncertain authority to deal with foreign powers. Its problems raising revenues and repaying existing debts created uncertainty about the financial viability of the federal government. Although state and local interference in trade was not a major problem at the time, many commercial interests apparently feared that local and state barriers to trade could develop in the future under the Articles of Confederation.

Western landowners also were often impatient with the federal government because of its inability to establish order on the frontiers. The Constitution, unlike the Articles, required only a simple majority vote of the representatives in both chambers of the national Congress to enact tax legislation.

There were, and are, checks on simple majority voting though. The president can veto congressional legislation and a two-thirds vote in Congress can override the presidential veto.

But neither of these constraints on majority voting creates the magnitude of decision-making costs that unanimous voting under the Articles created. A national judiciary was created under the Constitution and the power to make treaties with foreign nations was firmly delegated to the central government. With respect to interstate trade, Gary M. Walton and James F. These changes were most important because they increased the benefits of exchange the cornerstone of a market economy and created incentives for individuals to specialize in economic activities in which they had a particular advantage and then engage in mutually advantageous exchange trade with individuals specializing in other economic activities.

Because the economies of the thirteen states were not highly interconnected in the s, the immediate consequences for the nation of adopting the Constitution were not at all large.

How did this fundamental change come about? Since the middle of the nineteenth century, hundreds of scholars have studied and debated the possible explanations for such an important change in the fundamental political institution of our nation. Many historians have concluded that the Constitution was drafted and adopted as a result of a consensus that the Articles of Confederation were fatally flawed.

Other scholars have argued that the limitations of the Articles could have been eliminated without fundamentally altering the balance of power between the states and the central government. Others have suggested that the adoption of the Constitution was the product of conflict between various economic and financial interests within the nation, a conflict between those who, because of their interests, wanted a strengthened, more powerful national government and those who, because of their interests, did not.

In , Charles A. In his view, the Federalists, the founders who supported a strong, centralized government and favored the Constitution during its drafting and ratification, were individuals whose primary economic interests were tied to personal property.

They were mainly merchants, shippers, bankers, speculators, and private and public securities holders, according to Beard pp.

The Anti-federalists, the opponents of the Constitution and supporters of a more decentralized government, were individuals whose primary economic interests were tied to real property. As a result, he suggested that the primary beneficiaries under the Constitution would have been individuals with commercial and financial interests — particularly, those with public securities holdings who, according to Beard, had a clause included in the Constitution requiring the assumption of existing federal debt by the new national government.

Commercial and financial interests also would benefit because of more certainty in the rules of commerce, trade, and credit markets under the Constitution. More isolated less-commercial farmers, debtors, paper money advocates, and the northern planters along the Hudson would be the primary beneficiaries under the status quo. They would have had greater ability at the state level with decentralized government to avoid heavy land taxation — levied to pay off the public debt — and to promote paper money and debt moratorium issues that advanced their interests.

Consequently, they opposed the Constitution. The most influential and lasting of the challenges were those by Robert E.

Brown and Forrest McDonald Brown examines the support for the Constitution among various economic and social classes, the democratic nature of the nation, and the franchise within the states in eighteenth-century America. He maintains that Beard was plain wrong, eighteenth-century America was democratic, the franchise was common, and there was widespread support for the Constitution.

Based on his evidence collected from the Philadelphia convention, McDonald , p. Neither Brown nor McDonald, however, offered any modern rigor no formal or statistical analysis of any type in testing the behavior of the Founding Fathers during the drafting or ratification of the Constitution.

Examples of economists, historians, political scientists, and legal scholars who credit Brown and McDonald, or both, with proving Beard incorrect include Buchanan and Tullock , Wood , Riker , and Ackerman Recently economic historians have begun to reexamine the behavior of our Founding Fathers concerning the Constitution.

This reexamination, which employs formal economics and modern statistical techniques, involves the application of an economic model of voting behavior during the drafting and ratification processes and the collection and processing of large amounts of data on the economic and financial interests and other characteristics of the men who drafted and ratified the Constitution. The findings of this reexamination, which have become the accepted view among quantitative economic historians today Robert Whaples, , provide answers to many heretofore-unresolved issues involving the adoption of the Constitution.

Why did they include a prohibition on state paper-money issues in the Constitution? Why did they decide to allow for duties taxes on imports but not on exports? Why did they fail to adopt a clause giving the national government an absolute veto over state laws?

Were the economic, financial, and other interests of the founders significant factors in their support for the Constitution, or their support for specific clauses in it, or their support for ratification? Were, for example, the slaveholdings of the founders a significant factor in their behavior? Were the private or public securities holdings significant factors? The critical reexamination of the adoption of the Constitution, which began in the mids Robert A.

McGuire and Robert L. Ohsfeldt, , offers an economic model of the founders that is based on rational choice and methodological individualism, and employs formal statistical techniques. Methodologically, such an approach analyzes the choices of the individuals involved in the drafting and ratification of the Constitution. The object of analysis is the behavior of the individual Founding Fathers not the behavior of some social class or group.

The economic model presumes that a founder was motivated by self-interest to maximize the satisfaction he received from the choices he made at the constitutional convention attended. But neither self-interest nor economic rationality implies that a founder was concerned only with his financial or material well-being.

The economic model indicates that a founder weighed the benefits the satisfaction and the costs the sacrifice to himself of his actions, making those choices that were in his self-interest, broadly defined to include any pecuniary and non-pecuniary benefits and costs of his choices. This is the presumption of rational choice.

More precisely, the economic model is that a founder acted individually to maximize the net benefit he received from his votes. A founder would have voted in favor of a particular issue at Philadelphia, or in favor of ratification, if he expected the net benefit he would receive would have been greater if the issue, or the Constitution, was adopted. Because a founder was from a particular state or locality, the founder represented the citizens the constituents of the state or locality in which he resided as well as represented his own personal interests at Philadelphia or a ratifying convention.

The interests may have been purely economic pecuniary interests, such as the ownership or value of specific economic assets or ideological non-pecuniary interests, such as beliefs about the moral correctness of a particular form of government. The statistical technique employed is called multivariate logistic regression. The estimated logistic regression produces for each explanatory variable an estimated coefficient that captures the influence its direction and magnitude of the explanatory variable on the probability of a founder voting in favor of the issue being estimated, holding the influence of all other explanatory variables constant.

The benefit of this approach is that each potential factor, each explanatory variable, affecting a vote is examined separately from the influence of the other factors, while at the same time, controlling for the influence of the other factors.

This reduces to a minimum the incidence of spurious relationships between any particular factor and a vote. The issues, in fact, have not been heretofore tested. Earlier historical studies did not have the benefit of modern economic methodology and systematic statistical analysis.

As such, their conclusions cannot pass scientific scrutiny. Major advances in both economic thinking about political behavior and statistical techniques have taken place in the last thirty or so years.

These modern methods allow for a systematic quantitative analysis of the voting behavior of the founders employing, among other data and evidence, the types of non-quantitative data about the founders that historians collected decades ago but never systematically analyzed. They failed to systematically analyze such data and evidence because the necessary techniques did not exist and because they generally were not trained in quantitative analysis. One unambiguous conclusion can be drawn from the recent quantitative studies: There is a valid economic interpretation of the Constitution.

The idea of self-interest can explain the design and adoption of the Constitution. Nor does it mean that the founders were completely selfish in a purely financial or material sense. The fifty-five delegates to the Philadelphia convention that drafted the Constitution during the summer of were motivated by self-interest, in a broad sense, in choosing its design. Quantitative research suggests that these framers of the Constitution can be seen as rational individuals who were making choices in designing the fundamental rules of governance for the nation.

In doing so, they rationally weighed the expected costs and benefits of each clause they considered. They included a particular clause in the Constitution only if they expected the benefits from its inclusion to exceed the costs they expected to result from inclusion. Likewise, the more than 1, delegates who participated in the thirteen state ratifying conventions, which took place between and to consider adopting the Constitution, can be viewed as rational individuals who were making the choice to adopt the set of rules embodied in the Constitution as drafted at the Philadelphia Constitutional Convention.

In doing so, they rationally weighed the expected costs and benefits of their decision to ratify. They voted to ratify only if the benefits they expected from adoption of the set of rules embodied in the Constitution exceeded the costs they expected to result from that set of rules.

If not, they voted against ratification. When specific issues arose at the Philadelphia convention that had a direct impact on important economic interests of the founders, their economic interests, even narrowly defined, significantly influenced the specific design of the Constitution, and the magnitudes of the influences were often quite large. The types of economic interests that mattered for the choice of specific issues were those that were likely to have accounted for a substantial portion of the overall wealth or represent the primary livelihood of the founders.

Even when the founders were deciding on the general issue of the basic design of the Constitution to strengthen the national government, economic and other interests significantly influenced them. The financial securities holdings of the founders often had a significantly large influence on their behavior and founders with such financial assets were often aligned with each other on the same issue.

Moreover, during the ratification process, the financial securities holdings had a major influence. Specifically, delegates with private securities holdings private creditors or public securities holdings public creditors , and especially delegates with large amounts of public securities holdings generally, Revolutionary War debt , were significantly more likely to vote in favor of ratification.

This does not mean that all securities-holding delegates voted together at the constitutional conventions. What it does mean is that the holdings of financial securities, controlling for other influences, significantly increased the probability of supporting some of the issues at the Philadelphia convention, particularly those issues that strengthened the central government or weakened the state governments.

For example, one issue that the securities holders were more likely to have supported was a proposal to absolutely prohibit state governments from issuing paper money.

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