In legal systems based on common law, a precedent, or authority, is a principle or rule established in a previous legal case that is either binding on or persuasive for a court <span>or other tribunal when deciding subsequent cases with similar issues or facts.</span>
Adam Smith is generally regarded as the founder of modern economics. Adam Smith advocated the capitalist free enterprise system, based on the belief that men are motivated by rational self-interest. His book "Wealth of Nations" became a standard text book for economists throughout the Western world
The Romans' first code of law was established around 200 B.C
It was the "Open Door Policy" that was the name of the trading policy that Secretary of State John Hay initiated with China and the European nations that already had a presence there, since the US wanted to benefit from trade with China as well.
