In the infamous words of Jack Anderson, the incestuous relationship between government and business thrives in the dark. Widely touted as the father of modern investigative journalism, Jack Anderson was awarded the Pulitzer Prize for his national reporting on the dangers of a free market economy. He was known for his insightful representation of the tender hooks between government, business and society in a post first world war America.
Today, the discourse surrounding government, businesses, and society, is reduced to the assessment papers and university dissertations with capitalism emerging as the predominant economic system around the world. This is a part of the unit, POL1000 government, business, and society. And you will learn that the amalgamation of the three institutions namely; industry, government and society leads to far-reaching social, demographic and economic consequences for any country.
Business, trade or commerce in any country can only be carried out within the purview of the government policies. The fiscal policy framework, as well as the administrative regulations, describe the length and width of business opportunities in any country. After the post-cold war fall of the USSR, the most common economic structure that emerged around the world was capitalism. The ideological war between the USA and Russia (the erstwhile Soviet Union) led to a bigger win for the United States of America. It came out of the 20th century as the clear winner of thought and ideology.
The free market or the capitalist system charmed the world with its promise of a good living, high life and access to luxuries. A free-market economy is typically characterized by greater control of the stakeholders rather than the government. The economic structure, statutory laws and the fiscal policies together make up an economic structure that is extremely conducive to conducting business.
A free-market economy has extremely limited regulatory compliances for businesses. It is believed to be especially beneficial for the growth of small business and medium scale enterprises. A capitalist system places very little control over the compliance-related aspects of starting a business. It also lays limited emphasis on anti-competitive laws. A free-market economy allows businesses to compete with each other with very limited or no capping by the government. The highlight of a free market economy is that it is very limited or even zero interference from the government. New players can freely enter the market without a barge of formalities. It is now the most preferred form of economic structure around the world which even some of the formerly socialist countries taking to capitalism. The emergence of capitalism has helped the west emerge as a strong power in the contemporary world.
The domination of capitalism as the premier economic system of the world shows that the government and the administrative framework within the country has a tremendous bearing over its economy. A government that formulates stringent economic policies within the country impedes economic growth. Government, business and society are closely knit entities with one having consequential bearings over the other. No society can remain completely untouched from the effects of its economic policies.
Government policies provide an impetus for businesses and industrial growth in a country. The development and evolution of the business ecosystem decide the growth of the economy and the income levels of the people.
Whereas a stricter economy may be more egalitarian, it may not be fair exactly. In economic terms, the principle of fairness and equity depends upon reasonable payment for the work. Fair pay, easy entry and exit into the business markets and free and equal access to resources and customers are the most important preconditions for the growth and prosperity of any market and an economy as a whole.
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