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Business , Government and Society - Essay Example

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Macroeconomic Policy Topic and Article Discussion The issue I would like to brief on is the use of macroeconomic policies by governments to regulate the business environment. This issue is covered in chapter 13 of Goldsmith’s book, (Business, Government and Society: The Global Political Economy)…
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Download file to see previous pages The article mainly discussed how US regulatory bodies have put in place the most business friendly policies. The business environment views government policies in terms of the regulatory burden and property rights protection that affects them on their day-to-day activities. The article discusses how the US government still currently ranks among the top countries with regards business-friendly policies, despite the issuance of new regulations as counteractive measures to financial crisis. There had also been numerous deregulatory policies of previous governments, and thus the current government has undertaken to put in place business friendly measures. However, there have been complaints among congressmen, business people, and trade representatives that a significant percentage of unemployment has resulted from overregulation of the business environment by the government. The article shows that the World Bank ranking has also not included a number of critical factors such as skills of the workforce, the size of the market and macroeconomic conditions. Nevertheless, African countries have been reported to have the most unfriendly business environment characterized by numerous regulations.  Major Stake Holders and Their Interests Major stakeholders of macroeconomic policies include the governments’ political class, the society, and investors in the business environment. ...
Concerning changes in governance, the political class alters these guidelines and rules thus affecting the day-to-day operations of businesses. The government plays key role in to the economy of a country as a whole and thus needs to put in place economic policies that would bring economic developments. The governments’ political class being a major stakeholder to macroeconomics, it has continuously interfered with operations of the economy through the construction of public corporations. However, public corporations have been privatized by many governments in a bid to stimulate economic developments through the sale of underpriced shares to private members of the society. Privatization program has been used by nations as an economic reform programs. Stimulation of economic developments has been possible in many economies by coming up with business environments that are more competitive through privatization of public corporations (Rajan & Asher 95). Macroeconomics Theory and Concepts Macroeconomic theory is not the only aspect used by the government to ensure the business environment is favorable for entrepreneurs and for economic growth. Sustained economic growth in most cases depend on structural performance such as government regulations, public sector privatization, favorable policies, liberalization of trade and efficiency of the banking sector. Economic growth that focuses on distributional and progressive improvement has a positive impact of both the interest of the society and the businesspersons. Macroeconomic theories can be complemented by government policies that seek to improve income distribution in the society. Such policies may include reforms with regards to land tenure, access to financial services at affordable rates ...Download file to see next pagesRead More
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