 |  Business and Society: Corporate Strategy, Public Policy, Ethics, 10/e James Post,
Boston University
Anne T Lawrence,
San Jose State University
James Weber,
Duquesne University
Business and Public Policy
Chapter Summary- The key elements of public policy are inputs, goals, instruments to achieve those goals, and effects-both intended and unintended.
- Key national economic policies affecting business in every nation include economic growth, taxation, government spending, the value of money, international trade, and industrial policy.
- Social welfare policies affect business both directly (e.g., workplace rules) and indirectly (government spending) and express the social priorities of a nation. Health care, social security, and education are among a nation's most important social welfare policies.
- Government regulation of business is a mechanism for implementing public choices. Economic, social, and functional regulation of business exists in most countries.
- The role of government regulation has grown because society demands and expects more of government. Public exposure to risk creates powerful pressures on government to regulate business. Deregulation has grown because the public also seeks more efficient use of resources that market pressures typically produce.
- International regulation is emerging because nations recognize their need to cooperate in controlling business activities that cross national borders and affect people in different countries. International regulations focusing on imports, exports, and business practices must be negotiated after countries have reached bilateral or multilateral agreements.
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2002 McGraw-Hill Higher Education