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Regulated Capitalism Definition

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The debate over regulated capitalism has persisted throughout time. Individuals argue that regulated capitalism protects harmful and oftentimes destructive competition between corporations, while others claim that laissez-faire economics encompasses the idea of individual faith and trust that is the American spirit. Overall, The fairest policy for the governance of the economy is through regulated capitalism because of its protection of the consumer, promotion of a safe workplace, and its encouragement of a clean environment. Laissez-faire economics is defined as “...the belief that economies and businesses function best when there is no interference by the government.” (Study). This theory involves the idea that competition and individual …show more content…

Proponents of this practice insist that deregulation amounts to corporate welfare and results in many industries exploiting their workers, the consumers, and the environment to maximize profit. These individuals analyze the effects of regulation, and “This, in turn, helps advance a ‘constitutive interpretation’ of the role of regulation—a perspective that focuses on the role of regulation in the continuing expansion, adaptation and transformation of capitalism.” (Levi-Faur). The theory of regulated capitalism can further be divided into two categories: economic regulation and social regulation. Economic regulation controls prices. It is designed to protect consumers and small businesses, and “... it often is justified on the grounds that fully competitive market conditions do not exist and therefore cannot provide such protections themselves.” (U.S. Department of State). Social regulation involves ideas that are not economic such as safer workplaces and a cleaner environment. Social regulations “...seek to discourage or prohibit harmful corporate behavior or to encourage behavior deemed socially desirable.” (U.S. Department of State). These compounding factors of regulated …show more content…

When the government is involved in regulated the economy, it is therefore involved in the means of production. The means of production include workers, workplaces, and resources. In order to establish safe conditions, the government has created a variety of legislation to maintain these environments. The Occupational Safety and Health Act (OSH Act), was enacted in 1970 to provide a consistent regulation throughout the nation. This was enacted in a response to an increased amount of serious injuries and deaths that occured in factories and other workplaces. Under this legislation, employers are obligated to eliminate hazards, such as exposure to toxic chemicals, mechanical dangers, and unsanitary conditions. In addition, “if workplace hazards cannot be eliminated, provide employees with adequate safeguards and protective gear at no cost to them.” (Find

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736 Words | 3 Pages

OSHA protects employees from dangerous situations. Under the OSH Act, employers are responsible for providing a safe and healthful workplace. OSHA 's mission is to assure safe and healthful workplaces by setting and enforcing standards, and by providing training, outreach, education and assistance. Employers must comply with all applicable OSHA standards. Employers must also comply with the General Duty Clause of the OSH Act, which requires employers to keep their workplace free of serious recognized hazards (osha.gov).

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The Occupational Safety Health Act helped create safety codes that all businesses must follow. These codes helped prevent deaths and injuries. The Occupational Safety Health Act states that in order for a job to pass inspection, it must have clear routes to all exits, several working fire exits, unlocked doors during working hours, firefighting equipment that everyone knows how to use, fire sprinklers, and a fire evacuation plan in event of fire (Lange 84). These regulations all help prevent chaos during fires because it allows for easy access to exits in an emergency, and it gives an opportunity to stop the fire before it becomes out of control. Not only did the Occupational Safety Health Act provide safety codes, but it also deals with on the job injuries, illness, and deaths (Lange 84).

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The strict OSHA regulations I think are for everybody’s own safety. I think the regulations from OSHA are valid and fair. OSHA is a good thing to keep the hospitals clean and safe. Also OSHA describes and gives employees instructions on how to deal with the types of chemicals used. What could happen if we did not have this intervention by the government hospitals would be disorganized.

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As Lawrence W. Reed points out, the idea that laissez-faire leads to an automatic efficiency monopoly in which companies earn their share of the market because of how good of a job it does compared to other companies in the same industry is false. Robber Barons such as Cornelius Vanderbilt, Andrew Carnegie, and John Rockefeller would have wanted a laissez-faire government because it creates a coercive monopoly. In this type of monopoly, companies bribe the government to give them subsidies or grants of exclusive privilege to make a profit. For example, “Leland Stanford, a former governor and US Senator from California, used his political connections to have the state pass laws prohibiting competition for his Central Pacific Railroad, and he and his business partners profited from this monopoly scheme” (DiLorenzo). Because of the corrupt ways Robber Barons got their wealth, this type of government was perfect for them.

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655 Words | 3 Pages

Just earlier this very year, there was a horrible fire at the Triangle Shirtwaist Factory where 146 workers perished. Some died from the fire and others from jumping from the windows in order to escape it. Triangle Shirtwaist has brought the plight of these poor workers to the forefront as the public takes notice of the lack of safety measures in place at not just this factory, but many similar workplaces, and demands that something be done to prevent such a tragedy from occurring again. I believe one of the first steps to creating a safer workplace is having government regulations in place that prevent the mistreatment of workers and ensure that employees can escape in case of emergency. The regulations themselves should not be just broad, but address the many issues that workers face in order to give the workers the safest and healthiest working environment possible.

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523 Words | 3 Pages

In the late 1800’s, American business was just starting to take the familiar shape we know today. Inventions and innovations in factories were changing the meaning of ‘efficiency’ to business owners. This era has been referred to as the Gilded Age. This is because on the surface, things were going very well for industry. However, the sudden change led to problems such as child labor and dangerous working conditions, all for very little pay.

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However, the process of regulation of both monopolies and trusts regulation has not started on the 21th century. Regulations of monopolies have started at the end of the 17th century when Senator John Sherman from Ohio proposed the Sherman Anti-Trust Act. This act was passed during the period known as “Gilded Age’’ in the American history. President Theodore Roosevelt of the United States used the principle of the Sherman Anti-Trust Act to work against monopolies that were harmful to the American economy. However, Roosevelt considered some monopolies to be good and others bad, by considering its importance and value to American economy.

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A great nation consists of its political systems, its freedom, its liberty, and its ability to be led towards economic success. American history is filled with the necessary changes needed to become the ideal of a great nation. Between the Civil War and the Great Depression, America has been able to present a great extent of change through the Freedmen’s Bureau, The Monroe Doctrine, The Johnson-Reed Act, and The National Industrial Recovery Act. These political documents represent the progress America has had toward a more democratic society. Leaders such as Abraham Lincoln, Jane Addams, Theodore Roosevelt, and Franklin D. Roosevelt were able to help shape this progress with their ideas that focused on the betterment of the nation.

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The OSHA Act clearly detailed the employer’s obligation to provide a safe and healthy work environment. For example, According to the U.S Department of Labor and the Occupational Health and Safety Administration, OSHA (29 CFR,1970) is an Act that shields all employees, states "Each employer shall furnish…a place of employment which is free from recognized hazards that are causing or are likely to cause death or serious physical harm to his employees. “Under this Act, it is the obligation of all employers to protect employees’ health and safety. However, the Fiberdome case revealed that the company was in violation of the the General Duty Clause. “However, under the General Duty Clause, Section 5(a)(1) of the Occupational Safety and Health

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205 Words | 1 Pages

Health and safety legislation applies rules to persons conducting a business or undertaking (PCBU). A key part of legislation is to make these people officers and apply rules towards these individual’s duty of care. They cannot opt out of this responsibility. In short, duty of care refers to a work environment being safe and secure. Legislative documents include the regulations, which are specific documents giving information provided under the Work Health Safety Act.

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466 Words | 2 Pages

A laissez-faire outlook on the issue of what role the government should play in dealing with certain economic problems is that they should stand aisle and let market economy deal with it. This outlook take a strong stance on supporting things like privatization and a competitive market place. Laissez-faire believes that bailing out companies only creates a sort of snowball effect in producing continuous inefficient businesses. Even if this means businesses fail, it is acceptable because then others would replace those failed businesses and may have a chance of success without the assisted that the other business needed. This position emphasizes the individualism and competition in greatly influencing society and maximizing benefits.

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Health and Safety at Work Act 1974 These Act inform practices that all staff the responsibility to keep themselves and other around them safe through their actions at work and they must to report any health and safety problems. Also, all staff must to follow policies and procedure when hand handing equipment and they should to work in way that puts other around them in danger. Control of substances and Hazardous to Health Regulations 1992 These regulations inform practices that cleaning materials must to be kept in a locked cupboard. Also, these regulation state that disposable gloves and aprons must to be provided for cleaning and handing chemicals.

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1361 Words | 6 Pages

According to Varul (2008) the notion of ‘ethical consumerism’ seems to be a contradiction in terms, since market and morality are commonly viewed as stark opposites with morality being sought in the contestation of certain goods’ commodity status and in the blocking of certain exchanges. What is new in the phenomenon of market society, a phenomenon that has been observed over the last 30 years, is the emergence of consumption as a criterion for the quality of life and as a sign of the demand for it. Moreover, society has become in our time a society that governs and evaluates its members, including the ability to consume. Without legislation regulating the market, people’s choices will be

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Many organisation argue that they should move away from the ideology of HSE legislation standards because of it’s many regulation(red-tape) affect the way business is done The Rt Hon Michael  Fallon et al., 2013). The reason organisation believes in a more “laissez faire” way of doing things, it that is help drives the market into a more competitive form of business in comparison to the “laissez faire” of trade Kelloway and Cooper,

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“Government was considered the best which does the least as per laissez-faire. Laissez-Faire is an economic theory and policy that promotes a minimal to nonexistent amount of government interference and intervention into the private business sector. The laissez-faire school of thought occupies one extreme on the spectrum of levels of government regulation of the free market. Proponents of the theory or model believe that the government not only should not interfere with everyday dealing of supply and demand, but that it should be in a sense, entirely separated from the business

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