Regulation involves government actions that are used to guide the behavior of businesses and citizens so as to reach social and economic goals. The government’s action of regulating businesses has led to the reduction of discrimination, freed competition, banned dangerous products, reduced workplace accidents, enhanced business competition, protected the environment, banned harmful products from companies, reduced corruption and embezzlement of funds, controlled communicable illnesses, regulated the banking sector and has also helped the elderly and retirees.
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Regulation of businesses by the federal government has been a long process that is characterized by many stages since the end of the civil war to the recent war on terror. Regulation has taken a complex path from competition from the state government to limitations by the federal courts.
The task of coming up with laws that are set to regulate businesses is that of the Congress, which passes them to independent agencies or agencies that are part of the federal departments. The law is passed by the Congress in plain words, but the agencies are tasked with coming up with the directives and policies that are meant to better regulate the business environment.
The agencies do this by interacting with the general public and the corporate executives to ensure that they make contributions before the law is published in the federal register and become operational. Businesses that may not be satisfied with agencies can take them for adjudication by the agencies’ tribunals, which are arbitrated over by an administrative judge while the other option includes going to the federal courts. The regulatory agencies have, however, faced various challenges in executing their mandate emanating from both the executive and judicial sources. Finally, the judges can overrule agencies or force them to act based on the evidence provided.
Business regulation is a very important task that is performed by the federal governments and has led to many benefits both to the society and the business communities. Through business regulation, the government has ensured equality and fair trade practices by the business owners. However, business regulation can also form part of the restrictions that can make a certain industry unattractive to entrepreneurs.
Secondly, business regulation has enhanced the relationship between the employer and the employee while in the workplace. However, while regulations have worked almost perfectly in the developed world, it is yet to reap any benefit in the developing countries. Regulation in the developing countries has only promoted corruption and nepotism in government business. Research from the world bank agencies indicates that by shedding off some of the regulations, countries can increase their GDP while compared to others with regulations. A fact that proves regulations are not good for the economy.
The chapter is very informative. The lessons learned include the process followed while making business regulation by the government, laws and rules set to govern various industries in the country, identification of the oversight bodies that are mandated to regulate the businesses, the benefits of business regulation to individuals and businesses and the process and avenues available for businesses to challenge the decisions of the regulatory agencies.
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In the current business environment where global warming and corporate social responsibility have become major business issues, business regulation has brought stability to the economy by correcting challenges related to the global financial crisis. Regulation has also been used by governments as a way of bringing into focus the struggling industries and attracting foreign direct investments (FDIs) into the economy. Business regulation has also been used to protect the public from exploitation by financial institutions through regulation. The government has improved the security of the country, hence promoting businesses and ensuring people are safe when at work and also while in the office. Regulation is also used today to protect local industries from unfair competition from foreign business whose operations are highly subsidized by their governments.
Finally, through regulation, the government has been able to protect its citizens from activities such as terrorism and cyber crime that have ruined individual and business’ lives.