The Principles of Economics, with Applications to Practical ProblemsFetter, Frank A. (Frank Albert)
General
The Principles of Economics, with Applications to Practical Problems
Fetter, Frank A. (Frank Albert)
Economics
3. _The right of bequest, or of gift at death, is limited in various
ways in different countries._ The term bequest implies a will, usually a
written will in which the person, foreseeing death, has expressed his
wishes as to the disposition of his property. It is said sometimes that
bequest is a "logical" result of private property, but the law does not
treat it as such. In countries where hereditary aristocracies exist,
primogeniture is in some cases required by law, in others so strongly
favored by public opinion that it is practically always followed. Custom
limits bequests in England to members of the family, and wills giving
outside the family are rare, and are almost always broken in the courts.
John Stuart Mill contrasts this with the frequent practice by rich men
in America of giving for public purposes. In France the right of bequest
outside the family is legally limited; only the share of one child can
be willed away by the father, and the rest must be equally divided among
the children. Settlements and _fidei commissa_ are limited in many
countries, because of the recognized social evils resulting from the
tying up of estates for generations. Throughout the history of England,
Parliament has given attention to the question of mortmain, which
chiefly concerned the drifting of great estates into the hands of the
church or of corporations, as a result of bequests by the pious. Only
recently in England, and to a less extent in this country, has been
seriously discussed the policy of permitting unlimited endowments to
charitable institutions, and new legislation has diverted from their
original purposes some of the old endowments. These varied and often
strict limitations of the right of private property are all determined
by some thought, wise or foolish, of social expediency.
[Sidenote: Limitation of right of inheritance]
4. _The law of inheritance varies greatly with time and place._
Inheritance, in contrast with bequest, usually means succession to the
property of one who has died intestate, that is, has made no will. The
old idea of family unity survives in great measure in modern laws of
inheritance. The nearest living relatives, no matter how distant they
may be, inherit property when there is no will. When a miser dies in
solitude and neglect, the world must be searched over to find a remote
cousin to take the hoarded wealth. Inheritance is limited largely at
present by the power of taxation. The view is growing that the claims of
the society in which wealth has been acquired are stronger than those of
relatives distant alike in space, in blood, and in affectionate
interest. This view is reflected in many recent inheritance-tax laws
which take from the shares of distant relatives a goodly portion for
public purposes.
Public-domain text, read in full here on John Shaqi.
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