Regulation on Businesses
In the contemporary business-driven society, business regulation is one of the most vital functions of the government, which mainly helps protect the rights of the employees, protect the environment, and ensure that corporations are responsible for every power given to them. Through regulation, the government agencies issue and implement many standards constituting of consumer protection, nondiscrimination in the workplace, foods and drug safety, internet privacy, and environmental quality. Regulations are essential for the proper operation of economies and societies. They play a significant role in safeguarding individuals' rights and safety, ensuring the delivery of quality goods and services to the public, and sustaining the markets (Davis, 2020). However, in as much as there have been many regulations, a lot of businesses have, for an extended period, complained regarding the excessive regulations that have since ruined their market, reduced their profit, and also destroyed their freedom. More often than not, corporations have deplored government regulations as being irrational impediments to profits, job opportunities, and economic growth. According to Davis (2020), the regulations directly impact employment by augmenting hiring workers' cost, which is considered a hidden tax on both employment and job creation. Significant examples of such regulations include the federal labor laws and wage laws that create a heavy burden, especially for small businesses.
Types of Regulations that Benefit Society
The rule of law is indeed one essential service that the government provides to all businesses. Examples of regulations that benefit society include the U.S. patent and the Trademark Office, which offers protection of inventions and certain products against unlawful competitors (Wood, 2020). The regulations, therefore, effectively promote creativity and innovation. Besides, any violations of trademark and patent are punishable through costly civil actions and hefty fines.
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Areas of Industry that Need Less Regulation
Government is a significant business component that offers essential services such as consumer protection, work safety, and financial, among other rules. Some industries should be more regulated as compared to others. Examples of the industries that should be less regulated include banks, hospitals, higher education, nuclear power, and technology companies, comprising the most trusted industries and thus no need for regulation. These industries have self-regulatory procedures that govern their industrial processes and do not require heavy government regulation.
References
Davis, M. (23 July 2020). Government Regulations: Do They Help Businesses? Investopedia.com. https://www.investopedia.com/articles/economics/11/government-regulations.asp
Wood, M. (15 October 2020). Important Government Regulations on Business. Fundera.com. https://www.fundera.com/blog/government-regulations-on-business
