m4l2 - GovernmentRegulationofBusiness I.

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Government Regulation of Business
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I. The Legal Underpinnings of a Market Economy :  all market economies have rules and regulations  -  Protect property rights -  Enforce contracts        -   The need for the rule of law
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II. The Rationales for Government       Regulation: Types of Market Failure 1.  Natural monopolies and restraints of             tride      2.  Externalities  3.  Tragedy of the commons 4.  Information asymmetries   5.  Fairness and & Equity
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III. Kinds of Government Regulation  1.  Social or Protective Regulation; health,  safety,  environment, equity,  2.  Economic Regulation:  the structure or        terms of market competition 
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IV. Trends in Government Regulation 1. 1960-1990: the Steady Growth of Protective or  Social Regulation: triggered by “alarm bells” and led  by social movements 2. 1975-2000: The Steady Decline of Economic 
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m4l2 - GovernmentRegulationofBusiness I.

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