The formulation of the "U.S. Constitution" is the most important institutional innovation in the history of the United States. It has had a positive and far-reaching impact on the long-term economic development of the United States.
First, the Constitution ensures the authority of the federal government and enables it to continue for a long time. Create a good social environment for the long-term economic development of the United States.
Second, reasonable institutional arrangements ensure the improvement of the effectiveness and capabilities of the US government. Various powers are reasonably divided through institutional arrangements, that is, decentralization is implemented to improve the effectiveness and capabilities of the government.
First, implement a "decentralization of checks and balances" system in the federal government.
Secondly, there is also a separation of powers between the federal government and state governments.
Finally, in addition to decentralizing power between the two levels of government, the government also decentralizes power with the people. The acquisition of democratic rights enhances the people's recognition and trust in the government, thus improving the effectiveness and capabilities of the U.S. government. Improvements in government effectiveness and capabilities play a very important role in the long-term economic development of the United States.
In addition, the U.S. Constitution itself has given the federal government many economic powers to promote economic development. For example, Article 1, Section 8 of the Constitution authorizes Congress to impose taxes, lend credit, enact trade policy, enact uniform bankruptcy laws, make loans and prescribe standards of weights and measures, punish counterfeiters of national securities and currency, establish post offices and open postal routes, and Grants patents and many other rights to writers and inventors. This will be very beneficial to the subsequent economic development of the United States.