Some argue that government needs to increase its regulation of business for the good of society as a whole, while others believe that the marketplace is self-regulating and that government intervention through needless regulation places an unfair, costly burden on businesses in general and on small businesses in par-ticular. What role do you believe government regulation should play to ensure ethical conduct by businesses? How do different political viewpoints potentially shape the answer to this question?
Guided Response:
Respond to at least two of your fellow students’ posts in a substantive manner. Some ways to do this include the following, though you may choose a different approach, providing your response is substantive:
Agree or disagree with your classmate’s position. Defend your position by using information from the week’s readings or examples from current events.
Some argue that government needs to increase its regulation of business for the good of society as a whole, while others believe that the marketplace is self-regulating and that government intervention through needless regulation places an unfair, costly burden on businesses generally and small businesses in particular. Initially, I thought that too much government regulation inhibits and burdens businesses, especially small businesses. However, after watching the video on the credit crisis of 2008, I think government regulation could have mitigated the extent of damages done to the economy.
The role that I believe government regulation should play to ensure ethical conduct by businesses is to serve as a checks and balances to provide additional oversight. There should be a balance to ensure businesses are not being smothered by unnecessary and burdensome regulations. Government regulatory agencies should oversee businesses to protect the rights of consumers. For example, the Securities and Exchange Commission (SEC) serves to protect investors; maintain fair, orderly, and efficient markets; and facilitate capital formation (www.sec.gov).
Different political viewpoints embrace both ends of the political spectrum in regards to the marketplace. On the one hand, some believe that government regulation keeps investors and consumers safe from danger. On the other hand, government regulations can be costly to remain compliant, especially for small businesses. An individual’s political stance would determine how he or she might feel about government regulation.
The government should monitor and supervise businesses closely to ensure that the businesses are functioning in an ethical manner. There should be fines placed of businesses that attempt to monopolize a market or perhaps rules set that will not allow such. Businesses are concerned with their bottom line and they should be concerned with how they are perceived by their customers. If it is reported that a hefty fine was imposed on Blah Blah Inc. for violating anti-trust guide lines, rules, and regulation their public image will be tarnished. For businesses that function in an ethical manner there should be some sort of incentive. Tax breaks would be appealing to any business so using that as an incentive for them to function in an ethical manner. (Breslin, C., The Role of Government in Business Ethics par.3-4).
Because business have political affiliations which would determine how they view government regulating them. For example those that are concerned about the environment would affiliated with political partners that had some interest in taking care of the planet.
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