Government’s influence and Civil Society’s Influence - nov 18

Government’s influence and Civil Society’s Influence - nov 18

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Government’s influence and Civil Society’s Influence Government’s Influence on Business -Regulation – imposition of constraints, backed by the authority of government, intended to modify economic behaviour in the private sector significantly Regulation -Protect and advance public interest -Promote a fair and competitive market economy -Make decisions based on the best available knowledge -Create regulation that is accessible, understandable, and responsive -Advance the efficiency and effectiveness of regulation -Require timelines and minimal duplication Types of Regulation: -Economic (to correct market imperfections) -Social (to correct the adverse affects of business on people) -Political (to garner votes) Economic Regulation The national monopoly -Exists when one firm can supply the entire market demand at a lower cost than two or more firms -Government would regulate such a market to ensure output was not deliberately restricted to bolster prices Externalities
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