The Meb Faber Show · Friday, July 3, 2026
Rebecca Anderson explained that the US economy's historical success is built on natural endowments like arable land and navigable waterways, as well as its infrastructure and institutions. The US Constitution, with its protection of property rights and internal free trade, fostered a large common market that allowed businesses to scale.
“So there are all of these natural and geographic features that have time and again come to benefit the country.”
“On the institutional side, of course, we have the Constitution. The US Constitution has stood the test of time. It's the longest standing constitution in effect today by any major country. And it includes things like property rights, especially intellectual property rights that were able to nurture this sense of entrepreneurship.”
“And importantly, also created this free trade within US states. So one state could not tariff another state, for example. And this really helped develop this common market that allowed businesses to reach economies of scale and harness the power of this really, really big internal market.”