In the contemporary world, there are two opposite opinions regarding businesses’ ethical conduct ensuring. One part of society believes that the marketplace is self-regulating and any external interventions are not necessary as they do not provide equality between business owners. Simultaneously, others state that government regulations are essential and beneficial for both industry and society. From my perspective, an authority’s existence, which maintains businesses’ ethical conduct, is required as it reduces the risk of monopolization.
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It is necessary to determine the government’s role in business to support my opinion with evidence. The first function external authority fulfills is the company’s registration to define its owners financial liability (Greechie, 2019). It intends to limit investments risks and enable the government to monitor companies state. The second duty is to create and enforce contracts between business owners, ensuring agreed obligations fulfillment (Greechie, 2019). The other function is environmental protection, which is significant for regulation of the damage industry causes to nature and, therefore, the people’s health (Greechie, 2019). In addition, government monitors how companies meet their workers rights standards as the Equal Opportunity Commission protects employees from discrimination (Greechie, 2019). It is difficult to overestimate the importance of the government’s role in businesses’ ethical conduct.
Different political forces also have their visions regarding the importance of government regulations. Republicans tend to be business-friendly and receive their owners support by favoring policies, which give additional privileges to the industry area (Fuhrmann, 2021). This attitude is also beneficial for investment capitalists but does not provide healthcare and retirement benefits and protection for the environment. The democratic approach implies business regulation through interventions, in the view of businesses’ ethical conduct ensuring (Fuhrmann, 2021). This party favors policies, which include limits on carbon emissions and taxation to support different social programs. It is complicated to claim which vision is better for the business and society. However, I believe that the government should continue to utilize firm regulations to support businesses’ ethical conduct by maintaining the mentioned functions.
Fuhrmann, R. (2021). Republican and Democratic approaches to regulating the economy. Investopedia. Web.
Greechie, S. (2019). Role of government in business. Chron. Web.