The Truth About American History: An Austro-Jeffersonian Perspective Mises Institute

The Alien and Sedition Acts of 1798 had criminalized excessive criticism of government.  Jefferson feared it would be used in a partisan way. The Acts violated the Tenth Amendment by encroaching on a state prerogative.
 

The Mexican War 1846-48 involved unpaid debts to Americans, a desire for West coast territory, and the issue of Texas whose independence was not recognized by Mexico. The Southern boundary was in dispute also.

The compact theory holds that self-governing sovereign states have rights to protect themselves, whereas the nationalist theory holds that nullification or secession would be insubordination. Nationalists view states as a single whole with no boundaries and a single aggregated people.
 

New England was not in favor of the War of 1812 and it considered seceding, but the death of Hamilton in his duel with Burr destroyed that plan. The idea of secession was more embraced by the Northern than by the Southern states.

This is a difficult issue. Most of the controversy is from Section One. What exactly does the first sentence mean? If the Fourteenth Amendment was in fact intended to bind the states to the Bill of Rights that the federal government could enforce, then it dramatically increases the police power of the federal government.

The 1920s had difficulties, but the depth of the Great Depression was in 1931. Any theory of boom-bust events must ask why so many entrepreneurs made terrible errors in a cluster. Why do busts hit capital goods industries harder than they do consumer goods industries?