LAW531 - University of Phoenix
August 17, 2009
At the beginning of my post, I would like to identify the meaning of Regulation as per Wikipedia.com. Regulation means, “controlling human or society behavior by rules or restrictions”. The regulation has many forms of appearance such as legal restrictions promulgated by a government authority, self-regulation, social regulation, co-regulation and market regulation. Regulation which are managed by the governments to produce results which might not occur, produce or prevent results in different places to what might otherwise occur, or produce or prevent outcomes in different times scales than would otherwise occur. As an example, we can mention prices, pollution effects, employment people in certain industries and military forces and services.
Compared to other countries, the United States in my opinion has fewer regulations on businesses but the markets in which businesses operate are not completely unrestricted, contrary to popular belief. All governments that preside over modern economies regulate markets and the businesses that operate within them. Health care, safety, labor, and environmental requirements are ways in which the government imposes regulations on business to protect the public when it may not serve the immediate goals of business. Regulation is also used to generate specific economic outcomes, namely growth and innovation. Governments enact laws to invoke or impede competition based on how the outcome is perceived to affect the health of the economy.
Common discourse, especially within Anglo-American countries like the United States, presupposes the negative relationship between government regulation and market competition. This rationale, which sprung out of classical economic theory, led to a philosophy that claims markets function best when left alone; free from governments that are invariably tainted by special interests and the... [continues]
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