...laws in a professional setting. Common sense is what drives laws to be enacted. Many say that laws are common sense in official form with consequences for violating the laws. Laws serve a number of purposes in business and society. Laws regulate the actions of individuals and groups. Contradictions can exist between different levels of law. In the case of Cipollone v. Liggett Group, Inc. Liggett stated that the marketing and advertising was lawful under state law but the federal government has regulated the advertising of certain products such as tobacco and the federal law supersedes the state law regulating the same category (Melvin, 2011). The state and federal government makes laws to protect the public from potential harm which is why the federal law states that tobacco companies must disclose the harm of using their product on the package. This gives the consumer the choice to use that product or not. The disclosure of this information is vital because not everyone knows the dangers of using tobacco products. Before the regulations on advertising were put in place the individual or company selling a product could say almost anything to entice the buyer. This was common practice in the days of the traveling salesmen who sold...
Words: 713 - Pages: 3
...to help them with their business needs. By obtaining an attorney, or counsel, businesses often reduce the cost of risk and liability and result in business opportunities (Melvin, 2011, Pg. 7). There are many regulations that businesses have to follow, such as environmental regulations (The Clean Air Act, The Clean Water Act, The Safe Drinking Water Act, The Pollution Prevention Act, ect.) (“All Businesses”, 2009). It is evident that some regulations are put in place to protect the environment, while others are put in place to protect citizens or businesses them self. There is also much compliance that businesses must follow, such as minimum wage laws. Each state provides business owners with a different minimum wage amount to help protect employees. An example of the minimum wage being enforced would be businesses in New York paying their employees no less than $7.25 an hour and businesses in Washington paying their employees no less that $9.04 an hour (“United States Department of Labor”, 2012). In many court cases, consumers are holding businesses responsible for their actions. The court does not always side with the consumer. An example of this occurred in the Cipollone v. Liggett Group, Inc. case. Cipollone brought up a suit against Liggett for false advertising and misrepresenting the hazards of...
Words: 747 - Pages: 3
...Better Regulation for Growth Regulatory Quality and Competition Policy Investment Climate Advisory Services of the World Bank Group With funding from FIAS, the multi-donor investment climate advisory service in partnership with BETTER REGULATION FOR GROWTH GOVERNANCE FRAMEWORKS AND TOOLS FOR EFFECTIVE REGULATORY REFORM REGULATORY QUALITY AND COMPETITION POLICY INVESTMENT CLIMATE ADVISORY SERVICES WORLD BANK GROUP ©2010 The World Bank Group 1818 H Street NW Washington DC 20433 Telephone: 202-473-1000 Internet: www.worldbank.org All rights reserved Rights and Permissions The material in this publication is copyrighted. Copying and/or transmitting portions or all of this work without permission may be a violation of applicable law. The World Bank encourages dissemination of its work and will normally grant permission to reproduce portions of the work promptly. For permission to photocopy or reprint any part of this work, please send a request with complete information to the Copyright Clearance Center Inc., 222 Rosewood Drive, Danvers, MA 01923, USA; telephone: 978-750-8400; fax: 978-750-4470; Internet: www.copyright.com. All other queries on rights and licenses, including subsidiary rights, should be addressed to the Office of the Publisher, The World Bank Group, 1818 H Street NW, Washington, DC 20433, USA; fax: 202-522-2422; e-mail: pubrights@worldbank.org. About the Investment Climate Advisory Services of the World Bank Group The Investment Climate...
Words: 13479 - Pages: 54
...Ece Kıray SOC 578- Week 9 In the article of ‘From discipline to flexibilisation’, the transformation from fordist mode of regulation to postfordist disciplinary is explained. During this transformation the mode of social regulation in social, economic and political evolved until today by influence of globalisation. Fordism is a modern economic and social systems based on industrialized, standardized mass production and mass consumption. The concept is used in social, economic, and management theory about production, working conditions, consumption, and related phenomena, especially regarding the 20th century. Fordist accumulation mechanism did not influence only economic issues. It also regulated social, cultural, political issues in society through advertising, mass media and mass entertainment. Fordist mode of regulation comprised some disciplines to hold society together and proceed properly. It aimed to control individual from their family and community life to work place. Rational control expanded in almost all social areas such as household management, social work, psychotherapy, industrial psychology, etc. Furthermore, the social regulations were concentrated within a national frame. All social areas are controlled and bounded nationally. Thirdly, it was encouraged individuals to be more rational and autonomous for their own decisions through instutions such as family, school, psychology, workplace. In the post-89 era of postfordist globalisation, firstly, there...
Words: 656 - Pages: 3
.....................................................................................................4 Introduction In this assessment, I looked at three basic potential risks that may exist in the company and also the control measures that could be taken to reduce the range of the risk and its consequences, as in each company there are certain risks which can threat the position of the company in the market, therefore, I looked at their frequency and to propose measures that can help to eliminate or reduce the risk. Risk audit Report | Controls Implemented | Objectives/targets | Measures | Risk 1:Government regulations changing | Control 1:Establish good relationships with government officers. | Meet a government officer responsible for government regulations changing and incrase relationships with government by 20% | Informations about regulations and changes. | | Control 2:Deal with a government about taxes basic on make work opportunities for domestic people. | Deal about tax discount for company 25% | Productivity after discount | | | Increase productivity by 15% | | Risk 2:Climate conditions | Control 1:Have alternative supply network | Research 3 extra emergency suppliers | Continuous supply | | | Establish relationship with these suppliers | | | Control 2:Prepare farm for extreme weather | Dig trenches for monsoon rains | Farm prepared | | | Build the sheds | | | | Train staff how to respond on the climate conditions | | Risk 3:Market...
Words: 624 - Pages: 3
...Question One Self-regulation is increasingly becoming the norm in numerous industries globally. Various industries, such as health care, advertising, professional sports, and energy, have used self-regulatory processes to administer industry practices. The main motivation behind self-regulation in industries is to limit the level of government interference in the industry and also maintain consumer trust and confidence in the industry itself. One of the main goals that drive an industry to regulate itself is the sole purpose of generating profit. The players within the industry have an objective to minimize their financial costs and at the same time increase their financial benefits by attaining profits. Self-regulation may also help firms adopt ethical behavior and values since the guidelines are based on social standards and behavior of the other firms as well rather than laid down rules which are forced down upon them. This may help introduce a better level of respect and recognition of the rules and will end up in better company behavior, and escape argumentative circumstances in which companies try to look for exceptions to rules which are not implemented by the industry itself. In addition, self-regulation benefits the companies by creating a more flexible regulatory situation than is normally found with government regulation. This more flexible regulatory situation may let companies to function more efficiently and reduces any costs that would have been incurred...
Words: 1155 - Pages: 5
...| Banning Electronic Cigarettes on Aircrafts | | | | | | 1. This proposed regulation interests me since I have started flying more often and I wouldn’t want to sit next to someone smoking an electronic cigarette on an airplane. The seating on airplanes are so close together that you wouldn’t want to be able to smell the vapor from someone smoking an electronic cigarette even though it is barely noticeable. This proposed regulation is banning electronic cigarettes from commercial and international aircraft flights. I guess it would affect me and the company I work for since there are hundreds of people in our company that have to fly for business. The discomfort of having to smell an unusual odor even if it was a flavor odor from someone sitting so close to during a 2 -6 hour flight would not be enjoyable. 2. The proposal is intended to change any existing smoking regulations for airlines to ban the use of electronic cigarettes on any passenger flights both domestic and international. The DOT is implementing this change due to the marketing and promotional advertising to increase the popularity of the electronic cigarettes and they are concerned about any safety, health and discomfort concerns that may be imposed on the other passengers on the aircraft. 3. November 13, 2011 Subject: Docket # DOT-OST-2011-0044 – Office of the Secretary (OST) and Department of Transportation (DOT) - Proposed Rule: Ban Smoking of Electronic Cigarettes on Aircrafts ...
Words: 1350 - Pages: 6
...CHAPTER 8: Business government relations Key learning objectives * Understanding why sometimes governments and business collaborate and other times work at arm’s length from each other * Defining public policy and the elements of the public policy process * Explaining the reasons for regulation * Knowing the major types of government regulation of business * Identifying the purpose of antitrust laws and the remedies that may be imposed * Comparing the costs and benefits of regulation for business and society * Examining the conditions that affect business in a global context Business-government relations * Government cooperates with businesses for mutually beneficial goals. * -Influenced by a nation’s values and customs differs in countries. * Their goals can range from one of cooperation to one of conflict, with various stages in between. It is constantly changing. * Companies operating globally may find governments whose legitimacy or right to be in power is questioned. * The ability of a government leader or a group of leaders to maintain political power can be influenced by businesses’ actions. (i.e boycotting economic relations with a country, or decide to withdraw operations from a country) Government’s public policy (PP) role * A plan of action undertaken by government officials to achieve some broad purpose affecting a substantial segment of a nation’s citizens. * PP inputs: External...
Words: 1511 - Pages: 7
...Industrial regulation is governmental oversight, guidelines, and enforcement designed to ensure protection of consumer pricing, approve mergers and acquisitions, and regulate market share activities related to a specific industry in order to promote competition and achieve allocative efficiency (McConnell, Brue & Flynn, 2011). Industrial regulation provides protection to the consumer by preventing the development of monopolized industries that allow for no consumer choice. The three main regulatory commissions of industrial regulation in the United States are: 1) Federal Trade Commission; 2) Federal Communication Commission; and the 3) Federal Energy Regulatory Commission. Federal Trade Commission. The Federal Trade Commission (FTC) investigates consumer complaints and concerns regarding unfair competition, fraud, and misleading practices in the marketplace. Federal Communication Commission. The Federal Communication Commission (FCC) is an independent agency of the United States governed by five presidentially-appointed commissioners. The commissioners serve a maximum term length of five years and no more than three commissioners can be affiliated with the same political party. The FCC is responsible for regulating communications in or initiating from the US. Communication channels that the FCC has jurisdiction over include television and radio airwaves, satellite and cable transmissions, and telegraph communications. The FCC was formed by Congress with the Communications...
Words: 1434 - Pages: 6
...[Industrial regulation pertains to the government regulation of firms’ prices or rates within industries. These regulations are in existence to prevent companies from forming a monopoly, to promote competition and achieve allocative efficiency.] (Brue, 2011) In the mid-1800’s industry began to grow and many companies were becoming monopolies by being dominant firms in their industry. They would drive up prices by using questionable tactics. Different businesses and consumers began to complain to the government about the unfairness of prices The government responded with the Sherman Act of 1890 making both monopoly and conspiracies to restrain trade criminal offenses. While the Sherman Act was for breaking up Monopolies, there was nothing in place to stop companies from using practices that would form a monopoly. Therefore, the government came up with the Clayton Act of 1914 this strengthened the Sherman Act by making it illegal for firms to engage in such practices. The communication, energy and water where industries were taking advantage of consumers. These three entities each have either have a high barrier to entry or is so unique that competitors stay out, they are therefor considered Natural Monopolies. They are business where the cost of service and or product can create a cost to the consumer that is lowest when created on a large scale typically with a single source supplier. A natural monopoly usually occurs when the first company to bring the service and or product...
Words: 1758 - Pages: 8
...Legal Environment of Business II Chapter 19 Review Questions 19-1 Why did Congress create administrative agencies? The administrative agencies were created by Congress because they felt that the anticompetitive conduct of railroads and other corporations could best be controlled by separate administrative agencies with defined statutory mandates. Also during 1929 because of the stock market crash and the beginning of the Great Depression Congress felt the need of additional agencies to assist free-market economy and to act in the public interest, convenience, and necessity. 19-2 What are the two major functions of administrative agencies? The first function is rulemaking, where agencies are authorized to create new regulations by virtue of their enabling statutes; if they are not agencies, they need to follow the three ruled making models which are formal, informal, and hybrid outlined in the APA (Administrative Procedure Act). The Second Major Function is the Adjudication of individual cases brought before administrative law judges by agency staff, this function is done in individual cases as oppose to rulemaking for whole industries, and administrative agency usually pursues a four step process. 19-3 Explain the distinction between executive administrative agencies and Independent administrative agency is an agency which appointed heads and members serve for fix terms and cannot be removed by the president except for reasons defined by Congress. Executive...
Words: 2429 - Pages: 10
...Functions of Law LAW-421 Contemporary Business Law Tad Davis Louis Malinchak February 27, 2014 The functions and role of law in business and society is to keep corporations from exerting power over the citizens as well as implementing a balance between the use of infrastructure such as highways, railroads etc. Examples of this are laws imposed by entities such as the FDA, FCC, DOT, NTSB, and USDA keep businesses from directly or indirectly causing harm to consumers as a collective or individually. By imposing regulations on product testing before it is made available for the general public, the FDA and USDA serve to ensure that society is only furnished with quality products that by law must be safe for use and does what it expressly claims to do. The FCC maintains the integrity of media and ensures proper censorship by enforcing utilization of the rating systems in place for all media aspects such as motion pictures, television shows, web series, XM radio, AM and FM radio, and video games. The DOT, FAA, and NTSB provide the important service of regulating the use of roads, waterways, and airways, by setting up laws holding corporations accountable for safely operating machinery, securing loads, and navigating rivers and bays without posing a threat to the wellbeing of the general populace in their daily lives. There are also laws that regulate interactions between businesses such as laws against monopolies, patent laws, trademarks, and copyright laws...
Words: 779 - Pages: 4
...analyses/opinions? Why? * What argument would you, as an economist, make? The following is a suggested list of topics. This list is not exhaustive. INDUSTRY STUDY. For a specific industry, choose a current issue such as deregulation, foreign competition, and the impact of new technologies, mergers/takeovers, changing methods of competition, labor problems, or financial changes. COMPANY STUDY. Study the recent growth or decline of a particular company or its current position. This topic might include such points as the market structure within which the company grew and now operates, the elasticity of demand for its products, the degree of unionization, the cost structure (degree of fixed cost, economies of scale), the role of advertising, the degree of international competition, etc. INTERNATIONAL ISSUES. Possible topics are: current economic problems...
Words: 364 - Pages: 2
...Business and society Overview Companies play an important role in society, impacting on communities and regions as well as individual employees. The concept of corporate social responsibility recognizes that businesses often voluntarily integrate social and environmental concerns into their business models. Issues of corporate governance come into play particularly in cases of company restructuring. The Foundation monitors developments through its European Restructuring Monitor. A quarterly analysis of trends and in-depth case studies are available in the ERM quarterly. Through their business operations, companies have an important impact on the natural environment. The corporate sector has found itself in the media spotlight for environmentally problematic activities. Small and medium-sized enterprises are also under increasing pressure to adopt environmentally responsible practices. Introduction Businesses interact with the wider society they are part of. Businesses are affected by society, for example in the kinds of goods and services they are expected to produce, and businesses affect society by their activities. It is a two-way process. See, for example this article on discrimination in the workplace: http://news.bbc.co.uk/1/hi/business/1605029.stm Some of the ways in which businesses affect society are negative, and usually governments limit these activities by law. For example, some business activities damage the environment. In addition, there are ethical constraints...
Words: 5333 - Pages: 22
...3 The Regulatory System in the United Kingdom This chapter examines the regulatory system currently in place in the United Kingdom. It provides an overview of the structure and objectives of regulation, the role of the regulator and the techniques that are employed in regulating firms and individuals who engage in investment business. 3.1 Background: the financial crisis and regulatory reform 3.1.1 Responding to the financial crisis In the UK, as elsewhere, the onset of the financial crisis exposed deficiencies in financial regulation and led to calls for regulatory reform. The Treasury Select Committee1 led the way, with its hearings into the collapse of Northern Rock exposing serious deficiencies in supervision and risk management.2 In October 2008, the Chancellor of the Exchequer asked Lord Turner, the newly appointed chairman of the FSA, to review the causes of the crisis and to make recommendations on the changes in regulation and supervisory approach needed to create a more robust banking system for the future. The Turner Review3, published in March 2009, made a 1 The Treasury Select Committee is a Parliamentary (House of Commons) committee that scrutinises the activity of the regulatory authorities in the UK. 2 See House of Commons Treasury Committee, The Run on the Rock HC 56-1 (Fifth Report of Session 2007-08). 3 FSA, ‘The Turner Review, A regulatory response to the global banking crisis’ (March 2009) at http://www.fsa.gov.uk/Pages/Library/Corporate/turner/index...
Words: 25821 - Pages: 104
