“Future” is a word that fulfill with unknown and mystery. People are exploring a path of their own future. Everyone on their future is full of expectation and hope. Everyone has their own plans for their future life. Now they are working hard to realize the plans for their future life.
Maybe some people would like to have their own families and children first. However, to me I would like to first have a good and stable job before I start my own family. I always thought a good job is a prerequisite for people to create their own family. When I was still a child, I was started to think about my future. My dream is to have my own business. Food is the most important thing for human. Whether rich or poor people, they all need to eat. Therefore, prepare food and open a business about food is the best make money idea in my head. My dream job is open my own restaurant. My family and I can work together to take care the restaurant. If a restaurant can provide good quality of food, then people will most likely go there and eat there.
College is a step leading to a better future. College is the first place that people need to go if they want to achieve their dream. First thing I need to do is to enhance enough knowledge and experiences. To achieve my dream first thing I need to do is enhance enough knowledge and experiences. College is my first place need to go. In the college I will learn different things and meet different people. The things l learned in college can help me to find a job and build up some of my basic skills. For people I met with, they can give me more and more experiences of their lives. These examples can help me find short cuts to reach my goal. Right now I am working hard to get my college degree, and that can help me reach my goal easily.
In college I will learn a lot of things about business, and that will help me to be a more successful person. This class taught me many things about business and government’s policies about business. Honest is one of the most important things in business. If people want to have a good relationship with their consumer, they must be honest and trust others.
After I retired I will decide to go back to my hometown which is China. I hope I can find a house that would have a good location and is a comfortable house to live in. Then I can fully enjoy my retirement with my family and my parents. I hope my children can still keep running the restaurant. They can keep providing good quality of food and let people have more chooses to eat. It is my dream and also my goal, I hope I can let it become true.
2010年5月11日星期二
Chapter 21: The Future of the Business Firm
The demonstrated ability of the business corporation to gradually adapt to shifting political, social, and economic forces is the key to its continuiing strength and resilience.
The corporation is likely to continue to be the dominant way of organizing economic activity in the developed wourld through the twenty-first century
Responding to a variety of new influences, the business corporation has gone through three stages of development: from the simple, competitve classical model of the nineteenth century to the managerial model of the first half of the twentieth century to the social environment model characteristic of the second halp of the twentieth century.
Three Models of Business Organization
The classical market model, in large measure the original concept of business organization, was based primarily on the British economy of the nineteenth century.
The managerial model was the next major development in terms of the fundamental approach to the organization and functioning of the business firm
The social environment model is the most recent of the three approaches to business behavior.
The Continuing Debate Over Government Authority and Private Power
In the broad sweep of American history, the transcendent ideological debate has been between the jeffersonian and Hamiltonian approaches to democracy: centralizing or decentralizing the location of power in society.
A New Policy Climate
A new policy climate for business may be takinig shape in the early twenty first century. It is an external environment less hospitable than that existing during the administration of Ronald Reagan.
source: Business and Government in the Global Marketplace (7 edition Murray L. Weidenbaum)
The corporation is likely to continue to be the dominant way of organizing economic activity in the developed wourld through the twenty-first century
Responding to a variety of new influences, the business corporation has gone through three stages of development: from the simple, competitve classical model of the nineteenth century to the managerial model of the first half of the twentieth century to the social environment model characteristic of the second halp of the twentieth century.
Three Models of Business Organization
The classical market model, in large measure the original concept of business organization, was based primarily on the British economy of the nineteenth century.
The managerial model was the next major development in terms of the fundamental approach to the organization and functioning of the business firm
The social environment model is the most recent of the three approaches to business behavior.
The Continuing Debate Over Government Authority and Private Power
In the broad sweep of American history, the transcendent ideological debate has been between the jeffersonian and Hamiltonian approaches to democracy: centralizing or decentralizing the location of power in society.
A New Policy Climate
A new policy climate for business may be takinig shape in the early twenty first century. It is an external environment less hospitable than that existing during the administration of Ronald Reagan.
source: Business and Government in the Global Marketplace (7 edition Murray L. Weidenbaum)
Chapter 20: Challenges to Corporate Governance
The governance of corporations in the United States is regulated primarily by the requirements contained in state corporation statutes.
To many traditional critics of business, the managements of large corporations are oligarchies, responsible to no one buy themselves.
California Public Employees' Retirement System(Calpers)
The Role of the outdie directors:
1.Adopt a more stringent definition of independent director.
2.The chairman should be an outside director
3.No director should serve on more than three boards
4.A formal program, in addition to the annual meeting, should be set for sharehoulders to communicate with directors.
There are many changes now occurring in corporate governance, both on a compulsory and on a voluntary basis. The evolutionary pattern, which has been the experience in the United States over the years, also mirrors the satus of the common law that governs much of business activity in the United States and United Kingdom.
source: Business and Government in the Global Marketplace (7 edition Murray L. Weidenbaum)
To many traditional critics of business, the managements of large corporations are oligarchies, responsible to no one buy themselves.
California Public Employees' Retirement System(Calpers)
The Role of the outdie directors:
1.Adopt a more stringent definition of independent director.
2.The chairman should be an outside director
3.No director should serve on more than three boards
4.A formal program, in addition to the annual meeting, should be set for sharehoulders to communicate with directors.
There are many changes now occurring in corporate governance, both on a compulsory and on a voluntary basis. The evolutionary pattern, which has been the experience in the United States over the years, also mirrors the satus of the common law that governs much of business activity in the United States and United Kingdom.
source: Business and Government in the Global Marketplace (7 edition Murray L. Weidenbaum)
Chapter 19: Business Participation in Politics
Corporations can participate legally in a wide cariety of political activities. Federal law governs only political activities involving candidates for president, vice president, and congress.
For example,a corporation may encourage its employees and stockholder to register and vote, but it may not recommend to employees how they shoild vote.
Soft money payments made directly to a political party were exempt from the federal limits on the size of indvidual contributions because ostensibly the money was not going into the campaign of a specific candidate.
The greater the importance of government to a firm's operations, the greater the likely scope and magnitude of its involvement in political acticity
The largest donations to the state Democratic Party come from labor unions and trial lawyers. The major Republican contributions are real estate and securities firms and health professionals.
source: Business and Government in the Global Marketplace (7 edition Murray L. Weidenbaum)
For example,a corporation may encourage its employees and stockholder to register and vote, but it may not recommend to employees how they shoild vote.
Soft money payments made directly to a political party were exempt from the federal limits on the size of indvidual contributions because ostensibly the money was not going into the campaign of a specific candidate.
The greater the importance of government to a firm's operations, the greater the likely scope and magnitude of its involvement in political acticity
The largest donations to the state Democratic Party come from labor unions and trial lawyers. The major Republican contributions are real estate and securities firms and health professionals.
source: Business and Government in the Global Marketplace (7 edition Murray L. Weidenbaum)
Chapter 18: Issues Management
The widely used term issues management is a misnomer.
Refers to a far more modest and relevant undertaking: managing the company's responses to key public-policy issues affecting its markets, sales, profitability, and internal operations.
The Public-Policy Process
Developmental Stage
Politicization Stage
Legislative Stage
Implementation Stage
Fice basic elements provide the framework for the typical corporate issuesmanagement program:
1. Identifying public-policy issues and trends
2. Evaluating their impact and ranking them by priority to the company.
3. Establishing a company position on the high-priority issues.
4. Designing company actions and responses to help achieve the desired outcome.
5. Carrying out the planned actions
Identifying and responding to specific-publicy issues that strongly affect private business is a difficult and challenging assignment. Given the increasing globalization of business and the continuing expansion of the range of govermental interests, the likelihood that those challenges will continue, if not acclerate, is very high. Asone government affairs executive atated. "Our workload has increased through several presidencies. the next presidency will prove no different.
source: Business and Government in the Global Marketplace (7 edition Murray L. Weidenbaum)
Refers to a far more modest and relevant undertaking: managing the company's responses to key public-policy issues affecting its markets, sales, profitability, and internal operations.
The Public-Policy Process
Developmental Stage
Politicization Stage
Legislative Stage
Implementation Stage
Fice basic elements provide the framework for the typical corporate issuesmanagement program:
1. Identifying public-policy issues and trends
2. Evaluating their impact and ranking them by priority to the company.
3. Establishing a company position on the high-priority issues.
4. Designing company actions and responses to help achieve the desired outcome.
5. Carrying out the planned actions
Identifying and responding to specific-publicy issues that strongly affect private business is a difficult and challenging assignment. Given the increasing globalization of business and the continuing expansion of the range of govermental interests, the likelihood that those challenges will continue, if not acclerate, is very high. Asone government affairs executive atated. "Our workload has increased through several presidencies. the next presidency will prove no different.
source: Business and Government in the Global Marketplace (7 edition Murray L. Weidenbaum)
Chapter 17:Bsiness - Government Relations
Senior corporate executives often list four extrnal areas that take substantial share of their time:
1. Meeting with elected officials, say, to discuss specific provisions of a tax bill schedulaed for hearings and likely passage - or to oppose a pending reduction in the loans to business by the export -- import bank.
2. Carrying on a dialogue with regulatory personnel - -in the EPA, FDA, OSHA and so on, depending on the products the company produces and the markets in which it is active.
3. Maintaining relations with the corporation's various constituencies - employees, suppliers, shareholders, unions, local civic organizations, and a bewildering cariety of public-interest groups
4. Overseeing the company's communications with the public, including a substantial amount of time spent in speech making to business, academic, and professional societies.
In gereral, three primary functions are performed by company offices located in Washington,D.C., and other capitals
1.Supplying information to the home office on actions taken or contemplated by government.
2.Assisting in obtaining government contracts.
3.Providing representation before legislative and regulatory bodies.
Government Relations
Trade associations interpret government actions and attitudes toward business, and vice versa.
Interaction with State Governments
Many developments emphasize the role of state governements as regulators of private business.
source: Business and Government in the Global Marketplace (7 edition Murray L. Weidenbaum)
1. Meeting with elected officials, say, to discuss specific provisions of a tax bill schedulaed for hearings and likely passage - or to oppose a pending reduction in the loans to business by the export -- import bank.
2. Carrying on a dialogue with regulatory personnel - -in the EPA, FDA, OSHA and so on, depending on the products the company produces and the markets in which it is active.
3. Maintaining relations with the corporation's various constituencies - employees, suppliers, shareholders, unions, local civic organizations, and a bewildering cariety of public-interest groups
4. Overseeing the company's communications with the public, including a substantial amount of time spent in speech making to business, academic, and professional societies.
In gereral, three primary functions are performed by company offices located in Washington,D.C., and other capitals
1.Supplying information to the home office on actions taken or contemplated by government.
2.Assisting in obtaining government contracts.
3.Providing representation before legislative and regulatory bodies.
Government Relations
Trade associations interpret government actions and attitudes toward business, and vice versa.
Interaction with State Governments
Many developments emphasize the role of state governements as regulators of private business.
source: Business and Government in the Global Marketplace (7 edition Murray L. Weidenbaum)
Chapter 16: Business and Tax Policy
The four approaches to tax reform analyzed in this chapter - the flat tax, the USA tax, the national sales tax, and the value-added tax - are all variations on th same theme. All would shift the base of federal taxation from income to consumption and also simplify the process of complying with tax law.proponents of consumption taxation beliefe that, from a macroeconomic viewpoint, each of the four alternatives, by explanding the pool of saving, would increase the rate of capital investment in the economy and thus enhance the prospects for economic growth. in ture, faster economic growth would raise employment opprtunities and living standards and also increase the flow of revenues into the U.S. Treasury.
Some tax analysts believe that some combination of the four approaches to consumption taxation is likely to emerge.
One of the continuing shortcomings of tax policy is that, like other areas of government, decisions tend to be made in isolation, ignoring the impacts of other governmental policies.
source: Business and Government in the Global Marketplace (7 edition Murray L. Weidenbaum)
Some tax analysts believe that some combination of the four approaches to consumption taxation is likely to emerge.
One of the continuing shortcomings of tax policy is that, like other areas of government, decisions tend to be made in isolation, ignoring the impacts of other governmental policies.
source: Business and Government in the Global Marketplace (7 edition Murray L. Weidenbaum)
Chapter 15: Government as a Market
Federal civilian procurement typically relies on the selection of the offerer of the lowest price based on sealed bids submitted by "responsible bidders". For companies that conduct substantial amounts of business with the federal government, the very act of signing a procurement contract forces them to agree to perform a wide variety of socially responsible actions.
Resource Conservation and Recovery Act (RCRA)
The RCRA requires each federal agency buying more than $10,000 of an item that the EPA has designated as available with recycled content to establish an affirmative procurement program to encourage the purchases of there item.
Privatization can expand or contract the amount of goods and services that government purchases form the pricate sector.There is indeed a range of pricatization actions that governments take, and the effects on the private enterprise vary substantially.
Just as commercial markets are far from uniform, the government market consists of a complex array of changing requirement. Moreover, the manner of production and distribution is not immune from political pressures.On the other hand, the activities of government agencies do not usually generate the economic incentivies for good performance to which private enterprises routinely responce .
source: Business and Government in the Global Marketplace (7 edition Murray L. Weidenbaum)
Resource Conservation and Recovery Act (RCRA)
The RCRA requires each federal agency buying more than $10,000 of an item that the EPA has designated as available with recycled content to establish an affirmative procurement program to encourage the purchases of there item.
Privatization can expand or contract the amount of goods and services that government purchases form the pricate sector.There is indeed a range of pricatization actions that governments take, and the effects on the private enterprise vary substantially.
Just as commercial markets are far from uniform, the government market consists of a complex array of changing requirement. Moreover, the manner of production and distribution is not immune from political pressures.On the other hand, the activities of government agencies do not usually generate the economic incentivies for good performance to which private enterprises routinely responce .
source: Business and Government in the Global Marketplace (7 edition Murray L. Weidenbaum)
Chapter 14: Government Credits and Bailouts
The federal government subsidizes private economic activity in a great many ways and, as we will see, the typical credit program generates a specific benefit or subsidy to the recipients. The common characteristic of all subsidies - credit programs and other aids - is that they constitute a wedge between the cost to the seller of a product or service and the price paid by the buyer. A subsidy may go to producers or to consumers, or it may be shared. The general intent of a subsidy is to encourage some activity, usually to cause more to be produced or consumed than would result from the unaided operations of the competitive marketplace.
Types of Government Credit Programs
1.Direct Loans by Federal Departments and Agencies
2.Loans Guaranteed by Federal Departments and Agencies
3.Loans by Givernment-Sponsored Enterprises (GSES)
A basic function that financial institutions are supposed to perform is assigning appropritate risk premiums to borrowers of dofferent financial strengths.
Summery of Econmic Effects
Contrary to popular opinion, government credit programs are not costless, either to the Treasury or to citizens in general.
1. The economic cost.
2. The initial fiscal cost.
3. The ultimate fiscal cost.
Most fundamentally, an economic climate more conducive to provate saving and investment would reduce the need for private borrowers to seek federal credit assistance in the first place. Such a climate would be fostered by a tax system that tilts in favor of saving tather than consumption and a fiscal policy that avoids the Treasury deficits whose financing competes with pricate boeeowers.
source: Business and Government in the Global Marketplace (7 edition Murray L. Weidenbaum)
Types of Government Credit Programs
1.Direct Loans by Federal Departments and Agencies
2.Loans Guaranteed by Federal Departments and Agencies
3.Loans by Givernment-Sponsored Enterprises (GSES)
A basic function that financial institutions are supposed to perform is assigning appropritate risk premiums to borrowers of dofferent financial strengths.
Summery of Econmic Effects
Contrary to popular opinion, government credit programs are not costless, either to the Treasury or to citizens in general.
1. The economic cost.
2. The initial fiscal cost.
3. The ultimate fiscal cost.
Most fundamentally, an economic climate more conducive to provate saving and investment would reduce the need for private borrowers to seek federal credit assistance in the first place. Such a climate would be fostered by a tax system that tilts in favor of saving tather than consumption and a fiscal policy that avoids the Treasury deficits whose financing competes with pricate boeeowers.
source: Business and Government in the Global Marketplace (7 edition Murray L. Weidenbaum)
Chapter 13: Global Geopolitics of Energy
Developments elsewhere on the globe have the potential to strongly influence U.S. energy conditions.
The seriousness of the potential impacts of changes in energy availability on our society may encourage governmental leaders to develop foreign policies that improve American relationships with the major energy exporting nations and that enhance their long-term stability
1. Rely more heavily on the information approach to conserving energy.
2. Procide temporary tax subsidies for the purchase of new hybrid fuel cell vehicles.
3. Spend more government money on improved highway infrastructure to reduce the amount of gasoline that motorists use.
4. Explore for and extract petroleum from a portion of the Alaska National Wildlife Reserve (ANWR)
5. Eliminate or reform Corporate Average Fuel Efficiency (CAFE) standards that stipulate required minimum motor vehicle mileage in fuel usage.
6. Government regulators should adopt "one stop" shopping when it comes to approving energy installations.
7. Eliminate one of the most serious objections to nuclear power-where to store spent fuel.
8. Promote maket forces in the consumption of energy
9. Promote the construction of natural gas pipelines from the Arctic to the lower 48 states.
10. Recognize the domestic weaknesses and fragility of some of the major energy exporting nations.
source: Business and Government in the Global Marketplace (7 edition Murray L. Weidenbaum)
The seriousness of the potential impacts of changes in energy availability on our society may encourage governmental leaders to develop foreign policies that improve American relationships with the major energy exporting nations and that enhance their long-term stability
1. Rely more heavily on the information approach to conserving energy.
2. Procide temporary tax subsidies for the purchase of new hybrid fuel cell vehicles.
3. Spend more government money on improved highway infrastructure to reduce the amount of gasoline that motorists use.
4. Explore for and extract petroleum from a portion of the Alaska National Wildlife Reserve (ANWR)
5. Eliminate or reform Corporate Average Fuel Efficiency (CAFE) standards that stipulate required minimum motor vehicle mileage in fuel usage.
6. Government regulators should adopt "one stop" shopping when it comes to approving energy installations.
7. Eliminate one of the most serious objections to nuclear power-where to store spent fuel.
8. Promote maket forces in the consumption of energy
9. Promote the construction of natural gas pipelines from the Arctic to the lower 48 states.
10. Recognize the domestic weaknesses and fragility of some of the major energy exporting nations.
source: Business and Government in the Global Marketplace (7 edition Murray L. Weidenbaum)
Chapter 12: Government and International Commerce
The most striking indicators of continuing American influence, if not power, in the world economy are quite unconventional.
Elites everywhere want to send their children to American universities; few want to go for an MBA to TOKYO University or Moscow University.
People risk death on the high seas to get into this country; farm laborers and Nobel Prize winners alike want to move to the United States.
Five major types of trade obstacles inhibit imports into the United States
1. Buy-American statutes, which give preference in government procurement to domestic producers
2. The Jones Act, which prohibits foreign ships from engaging in waterborne commerce between U.S. ports
3. Statutes that limit the timport of specific agricultural and manufactured products
4. Selective high triffs on specific items
5. Regulatory barriers aimed at protecting domestic producers
source: Business and Government in the Global Marketplace (7 edition, Murray L. Weidenbaum)
Elites everywhere want to send their children to American universities; few want to go for an MBA to TOKYO University or Moscow University.
People risk death on the high seas to get into this country; farm laborers and Nobel Prize winners alike want to move to the United States.
Five major types of trade obstacles inhibit imports into the United States
1. Buy-American statutes, which give preference in government procurement to domestic producers
2. The Jones Act, which prohibits foreign ships from engaging in waterborne commerce between U.S. ports
3. Statutes that limit the timport of specific agricultural and manufactured products
4. Selective high triffs on specific items
5. Regulatory barriers aimed at protecting domestic producers
source: Business and Government in the Global Marketplace (7 edition, Murray L. Weidenbaum)
Chapter 11: Business, Government, and Globalization
The tension between business and government is exacerbated by the rapid rate of social, economic, and technological changes around the globe.
Consumers vote every day of the week-in dollars, yen, pounds, and euros. The same protectionistoriented voters, as customers, purchase products made everywhere in the world.
In speeding their own money, most consumers give far greater weight to price and quality than contry of origin.
The extent that human capital isincreasingly seen as a key resource in business and economic competition, the nations and companies that perform well will be those that can generate, attract, and keep educated, skilled, and experienced workers, managers, and entrepreneurs.
Source:Business and Government in the Global Marketplace (7 edition Murray L. Weidenbaum)
Consumers vote every day of the week-in dollars, yen, pounds, and euros. The same protectionistoriented voters, as customers, purchase products made everywhere in the world.
In speeding their own money, most consumers give far greater weight to price and quality than contry of origin.
The extent that human capital isincreasingly seen as a key resource in business and economic competition, the nations and companies that perform well will be those that can generate, attract, and keep educated, skilled, and experienced workers, managers, and entrepreneurs.
Source:Business and Government in the Global Marketplace (7 edition Murray L. Weidenbaum)
Chapter 10: Reforming Government Regulation
Abrute fact should be engraved on our consciousness: given finite resources, when we choose to reduce one toxin, we also choose to tolerate another. The American people want a safe and healthy environment, but they also want a strong national defense, first-rate transportation, better and cheaper medical care, good homes, laborsaving appliances, a varied diet, and entertainment. Those who uphold the encironment as a primary value compete daily with the advocates of these other worthy objective.Given the variety of regulatory statutes and rulings, it is likely than an array of regulatory reforms may be needed. At the heart of benefit-cost, cost-effectiveness, and benefit-risk analyses is the proposition that the existence of finite resources requires society to set prioriries and to make choices.
Chapter 9: Terrorism and Business
In October 1999, the Academy's Midwest Consortium for International Security Studies co-sponsored a conference that drew together government officials, business leaders, and scholars to examine emerging terrorist threats that raise important concerns for key business sectors. Co-sponsored by DePaul University, the Chicago Council on Foreign Relations and other Chicago groups, the participants explored how the business community should respond to new challenges posed by cyberterrorism and international terrorism. The group also addressed the difficulty of achieving a balance between stronger regulations designed to restrict access to dangerous items, on the one hand, and the need to protect economic vitality and civil liberties on the other.
Conferees discussed approaches to tackling these issues through a mix of government policy and international institutions and agreements, such as the Biological Weapons Convention. Michael Sheehan of the US State Department, for example, emphasized that prevention of terrorism is part of a broader strategy of international commitments, all of which must be strengthened.
What is Terrorism?
Terrorism is the deliberate and systematic murder, maiming, and menacing of the innocent to inspire fear for political ends
Involves a violent act or anact dangerour to human life, property, or infrastructure;
Appears to be intended
1. to intimidate or coerce a civilian population
2. to influence the policy of a government by intimidation or coercion;
3. to affect the conduct of a government by mass destruction, assassination, kidnapping, or hostage-taking
Source:Business and Government in the Global Marketplace (7 edition Murray L. Weidenbaum)
Conferees discussed approaches to tackling these issues through a mix of government policy and international institutions and agreements, such as the Biological Weapons Convention. Michael Sheehan of the US State Department, for example, emphasized that prevention of terrorism is part of a broader strategy of international commitments, all of which must be strengthened.
What is Terrorism?
Terrorism is the deliberate and systematic murder, maiming, and menacing of the innocent to inspire fear for political ends
Involves a violent act or anact dangerour to human life, property, or infrastructure;
Appears to be intended
1. to intimidate or coerce a civilian population
2. to influence the policy of a government by intimidation or coercion;
3. to affect the conduct of a government by mass destruction, assassination, kidnapping, or hostage-taking
Source:Business and Government in the Global Marketplace (7 edition Murray L. Weidenbaum)
Chaper 8: Economic Deregulation
The substantial deregulation of American transportation, telecommunications, energy, and financial markets, underway since the late 1970s, represents a fundamental break form the developments of the previous 90 years.
Several types of effects on the competitive structures of the deregulated industries have emerged to date
1. The range of variability of performance among the companies in the deregulated industry increases.
2. The most profitable products come under substantial price pressure.
3. The resulting industrywide profit squeeze forces personnel reductions and other cost-cutting efforts.
Two types of winners emerge from deregulation
1. category consists of companies that tend to serve national markets with a full line of products and services.
2. category of winners under deregulation is low-cost producers that focus on a highly price-sensitive segment of the market.
The major winners under deregulation are the customers of the previously regulated industries. In the case of freight hauling, company traffic and distribution managers noew have a far greater array of carriers to choose form.
Much of the motivation for continuing government involvement in the regulation of financial institutions derives from the goverment's exposure to the risk of loss resulting from its role in deposit insurance and the Federal Reserve's provision of credit to banks by discounting their loans..
Source:Business and Government in the Global Marketplace (7 Edition Murray L. Weidenbaum)
Several types of effects on the competitive structures of the deregulated industries have emerged to date
1. The range of variability of performance among the companies in the deregulated industry increases.
2. The most profitable products come under substantial price pressure.
3. The resulting industrywide profit squeeze forces personnel reductions and other cost-cutting efforts.
Two types of winners emerge from deregulation
1. category consists of companies that tend to serve national markets with a full line of products and services.
2. category of winners under deregulation is low-cost producers that focus on a highly price-sensitive segment of the market.
The major winners under deregulation are the customers of the previously regulated industries. In the case of freight hauling, company traffic and distribution managers noew have a far greater array of carriers to choose form.
Much of the motivation for continuing government involvement in the regulation of financial institutions derives from the goverment's exposure to the risk of loss resulting from its role in deposit insurance and the Federal Reserve's provision of credit to banks by discounting their loans..
Source:Business and Government in the Global Marketplace (7 Edition Murray L. Weidenbaum)
Chapter 7: Traditional Economic Regulation
Economic regulation-traditionally exemplified by that noew-defunct industry regulatory body, the Interstate Commerce Commission - was considered virtually the entire field of regulation 30 or 40 years ago.
The electric utility industry in the United States began in the late 1870s as a street lighting and electric railway business, prinicipally provided by private electric companies.
two key objectves:
1. to protect consumers against exorbitant changes that might otherwise result from the monopoly aspect of public utility franchises
2. to set rates for service at levels that will afford the companies an opportunity to earn a fair and reasonable rate of return.
The movement to regulate electric power resulted from two basic factors.
1. consolidation in the early 1900s of competing utilities often rpoduced price fixing
2. Most students of the subject assumed that utilities are natural monopolies and that attempts to introduce competition would increase unit costs by forcing duplicaiton of costly transmission and distribution networks.
Some energy experts have gleaned some lessons for the future from the Californian experience:
1. Replacing regulation with a well-functioning competitive market is not easy.
2. Consumers cannot be insulated from changes in wholesale prices
3. The real benefits of electricity deregulation come from encouraging new investments in more efficient power plants.
Antitrust regulation has also changed significantly during recent decades.
The criteria for judging harmful levels of industry concentration have been altered.
Source: Business and Government in the Global marketplace (7 edition Murray L. Weidenbaum)
The electric utility industry in the United States began in the late 1870s as a street lighting and electric railway business, prinicipally provided by private electric companies.
two key objectves:
1. to protect consumers against exorbitant changes that might otherwise result from the monopoly aspect of public utility franchises
2. to set rates for service at levels that will afford the companies an opportunity to earn a fair and reasonable rate of return.
The movement to regulate electric power resulted from two basic factors.
1. consolidation in the early 1900s of competing utilities often rpoduced price fixing
2. Most students of the subject assumed that utilities are natural monopolies and that attempts to introduce competition would increase unit costs by forcing duplicaiton of costly transmission and distribution networks.
Some energy experts have gleaned some lessons for the future from the Californian experience:
1. Replacing regulation with a well-functioning competitive market is not easy.
2. Consumers cannot be insulated from changes in wholesale prices
3. The real benefits of electricity deregulation come from encouraging new investments in more efficient power plants.
Antitrust regulation has also changed significantly during recent decades.
The criteria for judging harmful levels of industry concentration have been altered.
Source: Business and Government in the Global marketplace (7 edition Murray L. Weidenbaum)
Chapter 6: Government and The Workplace
The rising role of government in the workplace is a key example of the public's unwilliingness to accept all of the impacts on society that result from the unregulated working of the free market.
The Occupational Safety and Health Administration (OSHA) was created in 1970 "to assure so far as possible every working man and woman in the nation safe and healthful working conditions."
1.Encouraging employers and employees to reduce hazards in the workplace and to institute health and safety programs
2. Establishing responsibilities and rights for employers and employees (mainly responsibilities for employers and rights for employees).
3. Authorizing OSHA to set mandatory job safety and health standards
4.Providing an enforcement program
5. Encouraging the states to take responsibility for administering their own job safety and health programs, which must be at least as effective as the federal program.
6. Setting up reporting procedures for job injuries, illnesses, and fatalities.
The following constitute the major benefits that accrue from enhanced workplace safety
1. Greater prodectivity of those who would have sustained a job-related injury or illness in the absence of the effort to improve job safety
2. Greater enjoyment of life by those who avoided work-related disabilities
3. Savings of resources that would have had to be used in the treatment and rehabilitation of victims in work-related injuries or illnesses.
4. Savings of resources that would have had to be used to administer workers' compensation and insurance and to train those who would have been needed to replace the sick or disabled.
5. Decrease in damage to buildings and equipment
6. Savings that result from less disruption of work routines, plus potential improvements in the morale and productivity of the workforce.
The regulation of employee persions is another important area of government influence on workforce practices.
ERISA is a complicated law with enforcement powers assigned to both the dDepartment of Labor and the Internal Revenue Service.
source:Business and Government in the Global Market Place (seventh Edition Murray L. Weidenbaum)
The Occupational Safety and Health Administration (OSHA) was created in 1970 "to assure so far as possible every working man and woman in the nation safe and healthful working conditions."
1.Encouraging employers and employees to reduce hazards in the workplace and to institute health and safety programs
2. Establishing responsibilities and rights for employers and employees (mainly responsibilities for employers and rights for employees).
3. Authorizing OSHA to set mandatory job safety and health standards
4.Providing an enforcement program
5. Encouraging the states to take responsibility for administering their own job safety and health programs, which must be at least as effective as the federal program.
6. Setting up reporting procedures for job injuries, illnesses, and fatalities.
The following constitute the major benefits that accrue from enhanced workplace safety
1. Greater prodectivity of those who would have sustained a job-related injury or illness in the absence of the effort to improve job safety
2. Greater enjoyment of life by those who avoided work-related disabilities
3. Savings of resources that would have had to be used in the treatment and rehabilitation of victims in work-related injuries or illnesses.
4. Savings of resources that would have had to be used to administer workers' compensation and insurance and to train those who would have been needed to replace the sick or disabled.
5. Decrease in damage to buildings and equipment
6. Savings that result from less disruption of work routines, plus potential improvements in the morale and productivity of the workforce.
The regulation of employee persions is another important area of government influence on workforce practices.
ERISA is a complicated law with enforcement powers assigned to both the dDepartment of Labor and the Internal Revenue Service.
source:Business and Government in the Global Market Place (seventh Edition Murray L. Weidenbaum)
Chapter 5: Achieving Equal Employment Opportunity
In a great variety of ways, government influences hiring and firing, pay and work conditions, training and retirement plans, relations with unions, and many other human resource parctices of the pricate sector.
Government responsibility for eliminating job discrimination in the U.S. rests primarily with two federal agencies: the Equal Employment Opportunity Commission (EEOC) and the Office of Federal Contract Compliance (OFCC) in the Department of Labor.
Practitioners of EEOC litigation report that employers usually try to settle these cases out of court.
The EEOC itself presses business firms to agree to sex and minority hiring goals voluntarily, without resorting to court action or the cancellation of federal contracts.
A statistical analysis of corporate affirmative action programs by the National Bureau of Economic Research came up iwht ambivalent conclusions.
On balance, serious studies of the benefits and costs of equal emplyment opportunity programs and especially of affirmative action programs come down onthe positive side.
Source: Business and government in the global marketplace (seventh edition Murray L. Weidenbaum)
Government responsibility for eliminating job discrimination in the U.S. rests primarily with two federal agencies: the Equal Employment Opportunity Commission (EEOC) and the Office of Federal Contract Compliance (OFCC) in the Department of Labor.
Practitioners of EEOC litigation report that employers usually try to settle these cases out of court.
The EEOC itself presses business firms to agree to sex and minority hiring goals voluntarily, without resorting to court action or the cancellation of federal contracts.
A statistical analysis of corporate affirmative action programs by the National Bureau of Economic Research came up iwht ambivalent conclusions.
On balance, serious studies of the benefits and costs of equal emplyment opportunity programs and especially of affirmative action programs come down onthe positive side.
Source: Business and government in the global marketplace (seventh edition Murray L. Weidenbaum)
Chapter 4: Protecting the Encironment
Until relatively recently, air and water were viewed as common property, as "free goods." Individuals and organizations, both public and private, used the environment as a converient dump-which, of course, is the act of polluter polluting.
Protecting the evironment covers a great variety of concerns - air pollution, water pollution, pesticides, toxic substances, hazardous wastes, unsafe drinking water, ocean dumping, noise emissions, and other adverse impacts on human health and ecological systems.
Most air pollution results from economic activity. Transportation services and industrial processes are mainly responsible for emissions of hydrocarbons, nontoxic organic gases not dangerous by themselves.
The Clean Water Act is the basis for the nation's water cleanup program. The act sets two specific national goals.
Four major environmental statutes cover hazardous and toxic substance; they are usually referred to by their acronyms: TSCA, RCRA, FIFRA, and CERCLA or Superfund.
The costs of compliance with environmental laws is quite uneven. A proportionately greater burden is borne by small factories because of the economies of scale incolced in regulatory compliance.
Source:Business and Government in the Global Marketplace (seventh edition Murray L. Weidenbaum)
Protecting the evironment covers a great variety of concerns - air pollution, water pollution, pesticides, toxic substances, hazardous wastes, unsafe drinking water, ocean dumping, noise emissions, and other adverse impacts on human health and ecological systems.
Most air pollution results from economic activity. Transportation services and industrial processes are mainly responsible for emissions of hydrocarbons, nontoxic organic gases not dangerous by themselves.
The Clean Water Act is the basis for the nation's water cleanup program. The act sets two specific national goals.
Four major environmental statutes cover hazardous and toxic substance; they are usually referred to by their acronyms: TSCA, RCRA, FIFRA, and CERCLA or Superfund.
The costs of compliance with environmental laws is quite uneven. A proportionately greater burden is borne by small factories because of the economies of scale incolced in regulatory compliance.
Source:Business and Government in the Global Marketplace (seventh edition Murray L. Weidenbaum)
Chapter 3: Government and The Consumer
Government regulates a great variety of consumer products and in the process influences business decision making in many ways.
Competition is the marketplace provides an opportunity to encourage the production of safer products because companies that earn reputations for making unsafe products face retribution from consumers, just as if they offered unsafe goods.
Congress has excluded from the commission's authority several widely used products that are regulated by other federal agencies.
Regulatory agencies, in carrying out their mandates, issue a large number of rulings, procedural statements, and instructions.
The Surgeon General specifies the warnings that cigarette manufacturers must put on the outside of their packaging.
The CPSC provides consumers with more general information on product safety.
The Federal Trade Commission reviews advertising to ensure that consumers are not misled.
The Consumer Product Safety Commission did negotiate a cirtual ban on three-wheeled ATVs with the industry, but the ban had little effect.
Source: Business and government in the global marketplace (seventh edition, Murrat L. Weidenbaum)
Competition is the marketplace provides an opportunity to encourage the production of safer products because companies that earn reputations for making unsafe products face retribution from consumers, just as if they offered unsafe goods.
Congress has excluded from the commission's authority several widely used products that are regulated by other federal agencies.
Regulatory agencies, in carrying out their mandates, issue a large number of rulings, procedural statements, and instructions.
The Surgeon General specifies the warnings that cigarette manufacturers must put on the outside of their packaging.
The CPSC provides consumers with more general information on product safety.
The Federal Trade Commission reviews advertising to ensure that consumers are not misled.
The Consumer Product Safety Commission did negotiate a cirtual ban on three-wheeled ATVs with the industry, but the ban had little effect.
Source: Business and government in the global marketplace (seventh edition, Murrat L. Weidenbaum)
Chapter 2: The Rationale For Regulaiton
Four analytical perspectives have dominated out understanding of the place of regulation in the relationship between government and economy (business):
1. The Economic-libertarian perspective - (sometimes known also as the private interest perspective). This perspective tends to see the market as the best mechanism for maximizing social and economic welfare, to treat with suspect the motives politicians and bureaucrats and to be skeptical as to their capabilities even in those cases that politicians and bureaucrats really are pursing the public interest. The preferences for markets (even imperfect one) is accompanied by a strong argument that regulation is unnecessary and/or useless in most cases. Read more on this perspective
2. The Normative-positive perspective - tends to see regulation as an outcome of sustained political effort to overcome market failures. Read more on market-failures and the regulation as problem-solving mechanism
3. The Radical/Marxist anti-capitalist perspective - tends to see regulation as one of the systems of control that attest to the defects of markets (as capitalism invention) and capitalist governments (which are highly depends on capitalists). Read more on Marxist conceptions of the state (and regulation)
4. Pragmatic-administrative perspective - tends to see both markets and governments as the best of all possible options. Instead of dealing with the normative and philosophical questions that are involved in regulation, the proponents of this perspective are concentrating on the study of the empirical, day-to-day problems of regulation as a system of governance. Read more on the pragmatic-administrative perspective
The conduct of regulation
government agencies use two methods to carry out laws: rule making and adjudication.
Rule making
Rules, or regulations, are agency statements that implement, interpret, or prescrible a law of policy.
Adjudication
Adjudication is regulatory agency's process for formulation an order. An order is any final dispositiion other than rule making.
Social regulation is characterizaed by the use of agencies organized along funcitional or issue lines rather than industry categories.
Source: Business and government in the global marketplace (seventh edition, Murrat L. Weidenbaum)
1. The Economic-libertarian perspective - (sometimes known also as the private interest perspective). This perspective tends to see the market as the best mechanism for maximizing social and economic welfare, to treat with suspect the motives politicians and bureaucrats and to be skeptical as to their capabilities even in those cases that politicians and bureaucrats really are pursing the public interest. The preferences for markets (even imperfect one) is accompanied by a strong argument that regulation is unnecessary and/or useless in most cases. Read more on this perspective
2. The Normative-positive perspective - tends to see regulation as an outcome of sustained political effort to overcome market failures. Read more on market-failures and the regulation as problem-solving mechanism
3. The Radical/Marxist anti-capitalist perspective - tends to see regulation as one of the systems of control that attest to the defects of markets (as capitalism invention) and capitalist governments (which are highly depends on capitalists). Read more on Marxist conceptions of the state (and regulation)
4. Pragmatic-administrative perspective - tends to see both markets and governments as the best of all possible options. Instead of dealing with the normative and philosophical questions that are involved in regulation, the proponents of this perspective are concentrating on the study of the empirical, day-to-day problems of regulation as a system of governance. Read more on the pragmatic-administrative perspective
The conduct of regulation
government agencies use two methods to carry out laws: rule making and adjudication.
Rule making
Rules, or regulations, are agency statements that implement, interpret, or prescrible a law of policy.
Adjudication
Adjudication is regulatory agency's process for formulation an order. An order is any final dispositiion other than rule making.
Social regulation is characterizaed by the use of agencies organized along funcitional or issue lines rather than industry categories.
Source: Business and government in the global marketplace (seventh edition, Murrat L. Weidenbaum)
Chapter 1: The Powers of Government and business
The relationship between business and government in a modern society.
Government exercises a variety of important powers in dealing with the individual private enterprisse, ranging from taxation to regulation.
Business, iin turn, relies on constitutional protections and its substantial financial resources as well as on public support of tis basic role in creating income, employment, and material standards of living.
The business-government relationship in a dynamic society is constantly changing.
The line between the public and private sectors frequently shifts.
In a global economy, that line is especially difficult to define. As we will see throughout this book, the strategies and issues discussed apply, with perhaps minor variations, to most governments and businesses around the world.
Nevertheless, examples, illustrations, and discussions are taken in large measure from the experiences of firms headquartered in the United States - although increasingly they do business in many nations on several continents.
source: Business and Government in the Global marketplace (seventh edition, Murray L. Weidenbaum)
Government exercises a variety of important powers in dealing with the individual private enterprisse, ranging from taxation to regulation.
Business, iin turn, relies on constitutional protections and its substantial financial resources as well as on public support of tis basic role in creating income, employment, and material standards of living.
The business-government relationship in a dynamic society is constantly changing.
The line between the public and private sectors frequently shifts.
In a global economy, that line is especially difficult to define. As we will see throughout this book, the strategies and issues discussed apply, with perhaps minor variations, to most governments and businesses around the world.
Nevertheless, examples, illustrations, and discussions are taken in large measure from the experiences of firms headquartered in the United States - although increasingly they do business in many nations on several continents.
source: Business and Government in the Global marketplace (seventh edition, Murray L. Weidenbaum)
Contents
I. SETTING THE FRAMEWORK.
1. The Powers of Government and Business.
II. GOVERNMENT REGULATION OF BUSINESS.
2. The Rationale for Regulation.
3. Government and the Consumer.
4. Protecting the Environment.
5. Achieving Equal Employment Opportunity.
6. Government and the Workplace.
7. Traditional Economic Regulation.
8. Economic Deregulation.
9. Terrorism and Business.
10. Reforming Government Regulation.
III. THE GLOBAL MARKETPLACE.
11. Business, Government and Globalization.
12. Government and International Commerce.
13. Global Geopolitics of Energy.
IV. GOVERNMENT PROMOTION OF BUSINESS.
14. Government Credits and Bailouts.
15. Government as a Market.
16. Business and Tax Policy.
V. THE BUSINESS RESPONSE.
17. Business/Government Relations.
18. Issues Management.
19. Business Participation in Politics.
VI. THE FUTURE OF THE CORPORATION.
20. Challenges to Corporate Governance.
21. The Future of the Business Firm.
1. The Powers of Government and Business.
II. GOVERNMENT REGULATION OF BUSINESS.
2. The Rationale for Regulation.
3. Government and the Consumer.
4. Protecting the Environment.
5. Achieving Equal Employment Opportunity.
6. Government and the Workplace.
7. Traditional Economic Regulation.
8. Economic Deregulation.
9. Terrorism and Business.
10. Reforming Government Regulation.
III. THE GLOBAL MARKETPLACE.
11. Business, Government and Globalization.
12. Government and International Commerce.
13. Global Geopolitics of Energy.
IV. GOVERNMENT PROMOTION OF BUSINESS.
14. Government Credits and Bailouts.
15. Government as a Market.
16. Business and Tax Policy.
V. THE BUSINESS RESPONSE.
17. Business/Government Relations.
18. Issues Management.
19. Business Participation in Politics.
VI. THE FUTURE OF THE CORPORATION.
20. Challenges to Corporate Governance.
21. The Future of the Business Firm.
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