Question

Consider the following from your own informed and educated point of view:

• How important are laws to protect the prosperity of businesses?

• How important are laws to protect society from the (perhaps unintended) costs of business?

• What balance should laws seek to maintain the rights of businesses and the rights of their customers?

Critically consider these questions, looking not only at what you believe but why you hold these beliefs and opinions.

Answer 1

How important are laws to protect the prosperity of businesses?

Sol: Governments impose different rules and regulations on businesses and some of these rules and regulations apply to both small and big businesses. It is also important to know that the government can change the rules and regulations concerning businesses from time to time. Many sectors of the business world have long complained about government regulation. Often cited as an impediment to corporate and small-business profits and a waste of resources, government rules have been denounced, side-stepped, and violated by many businesses since the early 20th century, when the corporate income tax and antitrust laws were enacted or first enforced. Government regulation of the US economy has expanded enormously over the past century, prompting business complaints that interventions impede growth and efficiency.

Proponents of intervention say it’s necessary to mitigate the adverse impacts of unregulated commerce, which range from environmental harm to labor abuses.

Some interventions are aimed at helping businesses by (among other things) providing loans and advice to small businesses and protecting copyrights.

As we approach the new century, our world is increasingly described as a global village and our times as the post-geography era. Political boundaries are becoming less of a barrier in the face of the explosive growth of global investment and trade. Almost a hundred investment laws and over a thousand bilateral investment treaties have extended to foreign investors, legal treatment equal, or similar to, that enjoyed by local investors.
Failing to comply with state and federal guidelines can have serious consequences for your business. That’s why it’s so important to know and understand the rules. If you don’t, you can be vulnerable to fines, lawsuits, audits – even having your business dissolved entirely.

How important are laws to protect society from the (perhaps unintended) costs of business?

Sol: The laws help the society to get the information regarding the business operations equally. They can also rely on the laws with complete confidence as they are made by the government agencies on behalf of the welfare of the people.

Consumer rights and consumer protection law provides a way for individuals to fight back against abusive business practices. These laws are designed to hold sellers of goods and services accountable when they seek to profit by taking advantage of a consumer's lack of information or bargaining power. Some conduct addressed by consumer rights laws is simply unfair, while other conduct can be described as outright fraud. Consumer rights laws exist at the federal and state level. They are enforced by government agencies, offices of attorneys general, and through individual and class action lawsuits filed by victims.

If you believe a merchant has violated your consumer rights, it makes sense to speak with an attorney. You may be able to collect financial compensation, and send a message to the offender that abusive business practices will not be tolerated. Schedule an attorney consultation to learn more.

What balance should laws seek to maintain the rights of businesses and the rights of their customers?

Sol: Any law made regarding the business should benefit both the rights of the business and that of the consumers. No law should have a better hand for either the business or the consumers, both of them should be satisfied equally.