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You will prepare and submit a term paper on Regulation in the United States. Your paper should be a minimum of 500 words in length.
You will prepare and submit a term paper on Regulation in the United States. Your paper should be a minimum of 500 words in length. Introduction A regulation refers to a rule given by the ities with the intentions of moldingan imperfect action or activity. People cannot operate safely without certain regulations since there will be no order. Regulations are tailored to fulfill varied objectives, for instance, trade regulations are intended to regulate trade within a country or outside the country. However, regulations have both positive and negative consequences in the United States.
Pros of regulation
Creates safe business environment
Sellers usually aim at maximizing profits with little concern on environmental conservation and health issues. With regulations, business people can conduct transactions without damaging the environment and people’s health. Regulations ensure that the products produced are of top quality and user-friendly (Vogel and David 146). In essence, were it not for regulations, control of some disease and illicit business behaviors would have been very challenging.
Facilitate Growth of infant industries
Government regulations have enhanced steady growth of infant industries and business enterprises in the United States. For instance, government control on foreign trade aid in preventing excessive importation of products from other countries in order to secure local market for the infant industries. In addition, regulations assist in shielding small business from unhealthy competition and misuse by already established enterprises. For instance, the United States patents and trademarks office shields business innovations and particular products from infringement by opponents. Essentially, regulations form a reliable benchmark for smaller business to expand without unhealthy interruptions.
Earning revenue
Government regulations are sometimes tailored to raise revenue required to run government programs and projects. For instance, revenue raised through taxation and fines paid by people and businesses that fail to comply with the established regulations, is used for development programs. Generally, regulations play a key role in bringing developments close to the poor citizens.
Cons of government regulations
Increase cost of living
Business enterprises incur huge expenses to remain in compliance with the government regulations (Vogel and David 265). In addition, companies are forced to change methods of operation in order to comply with new and the existing regulations. The additional expenses that companies incur in fulfilling the requirements outlined in government regulations is passed to the consumer through increased prices. Consequently, the cost of living rises, making it difficult for poor people to survive.
Discourages foreign investment
Some regulations such as tariff barriers and increased quota system deter foreign investors from investing in the country. Foreign investment is associated with numerous benefits such as increased employment opportunities, transfer of skilled manpower, increased revenue through taxation and many others. However, with regulations, all these benefits are either minimized or lost completely.
Conclusion
Favorable regulations are key factors for the development of any economy. Regulation aid in creating a level ground for business to compete. In addition, regulations provide a safe environment for consumers by averting the dangers of contracting disease due to substandard quality of products or services offered by companies and other business enterprises. However, some government regulations can be harmful to the business enterprise and the consumer. Therefore, it is important to apply government regulations wisely to avoid being unfair to some sectors of the economy.
Work cited:
Vogel, David, and David Vogel. National Styles of Business Regulation: A Case Study of Environmental Protection. Washington, D.C: Beard Books, 2003. Print.
