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1Student NameProfessor NameUniversityDate
2Judicial DecisionAnswer:-Sociopolitical system is supported by the arms of the government that are in the country.This may include the judiciary, parliament and the executive. These are the key institutions thatensure the sociopolitical system is in place. According to Schumpeter (1947), these arms of thegovernment have formed further institutions under them that advocate for personal economic andsocial interest. The courts of law, various authorities and institutions that deal with various socialinterests are formed with an aim of ensuring that these mandates are fulfilled. For instance, theparliament act can create regulatory bodies like federal bank or central bank to ensure that thereexist good economic environments (Friedman, 1971). Interests of the general public such asthose relating to gender, sexuality and race and those that are economic related are therefore

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Term
Winter
Professor
N/A
Tags
Accounting, Economics, Government, Milton Friedman, good economic environments

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