Topic: International Law : Government Regulation of Business.
Please read the below carefully and state whether you agree or disagree with the argument for and against FTC agency's role in the regulation of business and support the stated agreement or disagreement. You MUST provide atleast one credible source. Credible source is required. Please provide references or citation being used
The Federal Trade Commission works to prevent fraudulent, deceptive, and unfair business practices. They also provide information to help consumers spot, stop, and avoid scams and fraud. This federal agency serves two purposes to protect consumers and promote competition. The FTC develops policy and research tools and works with law enforcement throughout the country to further develop consumer protection and competition.
The FTC does a lot for the consumer and without this agency it is possible that larger companies would take advantage of the law and regulations regarding competition. The FTC helps keep prices low and quality of goods and services high. They also challenge anticompetitive mergers and practices that could end up resulting in unfair pricing or lower quality. A lot of the information that the FTC captures through their data security is sent to law enforcement to act upon.
On the downside, we must consider the issues of the FTC meddling in businesses mergers and acquisitions. Our country is founded on a free market and sometimes these largers companies are unable to compete the way they see fit because it does not fit the mold of these agencies such as the FTC. While the FTC does help by making sure the market works according to consumer preferences and not illegal practices, it is safe to say that sometimes the consumer does not fully understand business practice and why companies make certain business decisions. It is almost as if the government is sort of a "big brother" to the free market and deems what is acceptable or not.
I believe that the FTC does fantastic work, but in almost all cases i truly believe that less government interference is better. Forcing corporations and business to abide by their way sometimes forces people to think outside the box and find new ways to accomplish the same goal. It is a tricky situation considering that the ultimate goal is the protection of the consumer, but also understanding that the consumer has the right to make their own choices. Businesses should be allowed to fail and make mistakes without having the idea of being bailed out.