Discussion Response 150 words
Review the posts made by your peers. In response to your peers, Agree or disagree with your classmate's position. Defend your position by using information from the week's readings or examples from current events. Ask at least one direct question while you comment on their response.
Derrick Smart
Some argue that government needs to increase its regulation of business for the good of society as a whole. Others believe that the marketplace is self-regulating and that government intervention through needless regulation places an unfair, costly burden on businesses in general and on small businesses in particular. What role do you believe government regulation should play to ensure ethical conduct by businesses? How do different political viewpoints potentially shape the answer to this question? In my opinion government should increase more accountability, transparency, and check and balances in marketplace when it comes to regulating and monitoring in government intervention. Moreover companies should have greater duty of care when it comes to doing business with others.Bankers and brokers of wall street only care about making a profit and not caring about the actions that comes with the decisions that are being made by the actors involved. Building relationships and partnership with others can create stability and positive ethical practices among others involved in business in daily operations. According to (Waters,2013) " The Dodd-Frank changed the paradigm for how consumers, investors and other market participants interact with our financial system". This law has changed the environment of doing business with others as it pertains to greater accountability and transparency in government intervention. Agencies being the "umpire" between business,corporations and consumers because these entities can engage into unfair agreements and practices that are unprofessional and unethical giving the little guy no protections because of how powerful the corporation and banks are. According to (Seaquist, 2012) "Agencies have two main purposes assisting in carrying out vital government functions and exerting regulatory control". Democrats believe when it comes to the regulations government should have oversight on the big guy because the small guy has limited ability at times and congress has a duty to make sure due process is followed by corporations and banks doing ethical business practices with others.
Seaquist, G.(2012). Business Law for Managers. Bridgeport Education Inc.
Waters, M. (2013, Sept 19). How To Prevent Another Financial Crisis. Retrieved from https://www.americanbanker.com/opinion/how-to-prevent-another-financial-crisis (Links to an external site.)Links to an external site.