Precedent means "a decision that can be legally used due to the current situation"
For example, in the US constitution: 1) "The Ratification of the Conventions of 9 states, shall be sufficient for the Establishment of this Constitution between the states so ratifying the Same" - It is already ratified, and so we don't really need it
2) "All debts contracted and Engagements entered into, before the adoption of this constitution, shall be as valid against the US under this Constitution, as under the Confederation" -Again, it is already ratified, note that it says "before the adoption"
3) "No person held to Service or Labour in One state, under the laws thereof, escaping into another, shall, in consequence of any law or regulation therein, be discharged from such service or labour, but shall be delivered up on claim of the Party to whom such Service or Labour may be due". - We really don't need this anymore, because we don't have slavery
capitalism is an economic system in which private individuals or business on capital goods the production of goods and services is based on supply and demand in the General market known as a market economy rather than through Central planning known as a planned economy or command economy
