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1) Comment on the economic theory underlying governmental budgeting and financia

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1) Comment on the economic theory underlying governmental budgeting and financial management. Does it appear that the economic theory is the driving force or is there something else?
2) American government has three features, the combination of which is extremely rare (and perhaps unique). These features are: federalism; separation of powers; and popular sovereignty. What are the characteristics of these features? Comment on how you think these features impact on how American government operates in general and specifically how they impact budgeting.
3) Adam Smith’s economic theory – capitalism – is frequently assumed to be the only economic theory there is. It is also interwoven with democracy so that it often seems there can’t be one without the other. Comment on this phenomenon and describe the impact you see of this combination. Can democracy exist without capitalism and vice versa?
Book reference:  Public Budgeting, David C. Nice, Patrick Fisher, Second Edition, Berkdale Publishers, San Diego, CA, 2016 

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