In the subsequently infamous case of Swift v. Tyson (1842), the #SupremeCourt held that a federal court exercising diversity jurisdiction should apply a general federal commercial law instead of the common #law of the state in which it sat. Although the case is considered wrongly decided today, a uniform system of laws governing commercial transactions crossing state lines was thought crucial in the early Republic for economic development. #history #scotus #economics

https://senatormoobs.substack.com/p/greenbacks?r=2j3pr7