International Business Law Craig Richardson Devry University Busn 115 George Kaye 03-23-14 International Business Law The U.S. Government has many laws that are intended to keep businesses fair , balanced and competitive. The laws that are created allow businesses to expand internationally and keep the product competitive in a global market. According to, Bovee, Thill, Courtland L., John V. Business in Action, “ For as long as the United States has been in existence, people have been arguing over just how free the free market should be. In the broader view, this argument springs from profound philosophical differences over the role government should play in society as a whole. More narrowly, even professional economists don’t always agree on what role the government should play in the economy. Much of the debate about the government’s role can be framed as a question of regulation versus deregulation—having more rules in place to govern economic activity or having fewer rules in place and relying more on the market to prevent excesses and correct itself over time. Generally speaking, proponents of more regulation assert that companies can’t always be counted on to act in ways that protect stakeholder interests and that the market can’t be relied on as a mechanism to prevent or punish abuses and failures. Proponents of deregulation contend that government interference can stifle innovations that ultimately help everyone by boosting the entire economy and that some regulations burden individual companies and industries ... ... middle of paper ... ...ons in government official s . International trade law has many levels of trade and laws. There are bilateral trade agreements, regional trade agreements and multinational trade agreements. All these trade agreements have their history and policies to go by. Furthermore other countries have their own laws and policies that they go by In their country .The U.S. has its own trade laws to go by. I believe that Business laws do in fact keep business practices fair, balanced and competitive. Each law is designed to keep domestic and international businesses thriving in an ever changing market place. References 1. http://library.law.columbia.edu/guides/International_Trade_Law ReferenceWritten by Karin Johnsrud, edited by Silke Sahl 2. Bovee, Thill, Courtland L., John V. Business in Action. 6th Edition. Pearson Learning Solutions, 2012. VitalBook file. Bookshelf.
Justification for intervention for economic regulatory efforts arises out of alleged inability of the marketplace to deal with particular structural problems. Of course, details of any program often reflect political force, not reasoned argument. Yet thoughtful justification is still needed when programs are evaluated.[1]
Overall, free market is a necessity if there is to be any forward movement and progression of society. In a controlled system nothing ever changes, and while this can prevent change for the worse, it also stunts change for the better. In free enterprise systems, people with brains and determination, such as Andrew Carnegie, are able to take advantage of new opportunities. While this system will not help individuals float along, and they are liable to sink (into debt and/or remorse), those who have the courage to try will find that success is only a risk
Government intervention was and is still necessary to remedy the inequities that evolved from economic liberalism. Antitrust laws were deemed to prevent undermining competition of monopolies and cartels, labor laws to protect rights of workers; public utility regulations to prevent consumer exploitation, food drug laws were designed to protect health of the people, antipollution measures to preserve our environment, safety regulations enforced to protect workers from injury and socioeconomic legislation to promote the common good.
Overall regulations were created to help society. I believe these regulations came along way to help organize society and keep the economy running efficiently and properly. These regulations better the people and the industries as a whole to American society.
The "American Rule" invites frivolous lawsuits and creates a bottleneck in the legal system. Because there is no substantial disincentive to file a lawsuit people at large find just about any reason to sue, especially businesses whom are presumed to
... law protects individuals’ rights and liberties from the government of states. It can also protect businesses’ property rights and the rights of their employees.
Chapman, S, Devenish, N 2011, Business Studies in Action, 3rd ed, John Wiley & Sons Australia, Milton, Qld.
The central thesis of The Wealth of Nations is that capital is best employed for the production and distribution of wealth under conditions of governmental noninterference, or laissez-faire, and free trade. In Smith’s view, the production and exchange of goods can be stimulated, and a consequent rise in the general standard of living attained, only through the efficient operations of private industrial and commercial entrepreneurs acting with a minimum of regulation and control by the governments. To explain this concept of government maintaining laissez-faire attitude toward the commercial endeavors, Smith proclaimed the principle of the “invisible hand”: Every individual in pursuing his or her own good is led, as if by an invisible hand, to achieve the best good for all. Therefore any interference with free competition by government is almost certain to be injurious.
Free trade agreements set up international bureaucracies to govern the participants. It also ensures that all parties comply with the terms of the trading agreement. The problem with free trade in America is it generosity has caused the foreign industry to take over the United States marketplace. This has resulted in high unemployment rates because the consumers and corporations can purchase foreign goods for a little less than domestic product. If each nation can produce what it does best and permits trade, over the long run everyone will enjoy lower prices and higher levels of output, income and consumption that could be achieved in isolation.
A contract is an agreement between two parties in which one party agrees to perform some actions in return of some consideration. These promises are legally binding. The contract can be for exchange of goods, services, property and so on. A contract can be oral as well as written and also it can be part oral and part written but it is useful to have written contract otherwise issues can be created in future. But both the written as well as oral contract is legally enforceable. Also if there is a breach of contract, there are certain remedies for that which are discussed later in the assignment. There are certain elements which need to be present in a contract. These elements are discussed in the detail in the assignment. (Clarke,
Over all the appropriate role of government has always been an argument discussing whether it is actually helping our economy or is the government gaining too much power over the markets. However the economy could not prosper without the actions imposed to assist in diffusing the power over the markets and regulating as well as enforcing the law in order for things to done in a beneficial way to both the consumers and the markets.
The first point that Rodrik makes is that markets are limited by the scope of governance or regulation. He argues that markets and governments are most effective when they are operating in accordance with one another. This theory seems to stem from a theory earlier developed by the famous economist Adam Smith, which was that “the division of labor is limited by the extent of the market.” Rodrik expands on this theory by saying that not only is labor limited by the market, but that markets are limited by government.
Despite the international system being anarchical, it is not in a state of total chaos due to a number of significant factors such as those above. It is obvious that the current international system is highly influenced by many significant factors and some are more prominent than others. With the continued existence of international anarchy it is up to the States and the International Organisations to continue to make the decisions that are in their own best interest and to maintain order and an ever-improving way of life.
William O. Douglas said, "Common sense often makes good law." Well that is what laws essentially are, rules and regulations that make sure common sense is followed. One could even say that laws are enforced ethics. Laws serve several roles and functions in business and society, and this paper will discuss those roles and functions.
McHugh, J. M., McHugh, S. M., & Nickels, W. G. (1999). Understanding business. (5th ed.). New York: McGraw-Hill.