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Four Important Business Concepts that are Shaping Today and 20 Years from Now - Essay Example

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1. If one searches the pages of history it will be evident that no society ever became affluent without the support of the government. The Western civilization also developed economically when the government took charge to resolve the situation by establishing private property rights and eliminating anarchy with the help of law…
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Four Important Business Concepts that are Shaping Today and 20 Years from Now
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Download file to see previous pages It also enables to develop the transportation system, to lower the trading costs and a reliable medium for exchange can be created for increasing the gains from trade. So, it can be stated that the early growth of government is associated with increase in the levels of income and increase in positive growths. (Saxton, 1998) It is very important to understand that failure can be observed in a free market at different time periods and it should have the ability to correct itself. The method of correction should be eliminating the less performing investments and businesses which dragged the market down. But the US lost their belief in the natural correction mechanism of free market at the time of financial crisis and started to correct the market by artificial measures. The existence of SEC or Securities and Exchange Commission alone gives an indication that the US economy is not a free market. Following the market crash of 1929 the Federal government took steps for preventing the fraud corporations from performing audits of these companies. The federal government of US also regulated the market at the end of the 19th century. FDA (Food and Drug Administration) was created to control and regulate the companies those who were not maintaining the purity law. A minimum wage for the nation was also established by forming the Fair Labor Standards Act of 1938. All these show that the Federal government of America has a great influence on the market by regulating it, which in turn makes the American market limited in nature and it does not exhibit a pure capitalist system (Clark, n.d.). The above mentioned government regulations are also invariable during the phase of calm and prosperity. But, they tend to crop up during the times of crisis; year 2008 is a good example of a managed economy. In addition, the federal government also intervened during ‘takeover of Mae and Mac’ and the ‘buy in of AIG’. The federal government also formed the CAFE regulation as mandate about the fuel consumption issue (Richman, 1988). These things show corporations cannot exercise or regulate the market but government with its authority can regulate market according to their will. So, if government wants to regulate the market there is no scope of rejection about the issue. These clearly indicate the regulatory power of the federal government and also shows American market is still not a purely capitalist market (Clark, n.d.). 2. Labor movement in America played a significant role in history. People came to America as laborers as servants or slaves. Although during the period of revolution the unions were merely a temporary band of people, this helped to set the stage for the modern day unionization of the workers. For these unions laborers enjoy many benefits today. These unions mainly advocated hikes in labor wages and shorter working hours. But the most concerning issue was after achieving the goals, these unions used to disintegrate. America was growing and so was the demand of labor. At that time many inventions and innovations occurred and a transition was also evident in America i.e. change of American society from an agricultural society to an industrial society. This transition was termed as the Industrial Revolution ...Download file to see next pagesRead More
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