Class Notes (837,621)
Canada (510,370)
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ADM1301 (111)
Tim Ragan (11)


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Tim Ragan

Chapter10 Regulating BusinessesThe Spectrum of RegulationSelfRegulation imposed by the corporation or industry and not by the government or market forcesy Selfregulation is faster cheaper more efficient and effective than government y Improves business and customer relationship y Allows government to focus on other priorities y Impairs business competition and innovation due to selfrestraint y Lower standards than government y Lack of penalties insufficient financing publicity and promotion lack or public or consumer representation y Can we trust business to regulate itself y Government reflects societys concerns y Government is criticized for being oppressive ineffectual confused conflicted costly rigid weakly enforced and amenable to capture by those it is regulatingForms of Market Regulation Self Regulation and Government RegulationLaissezFaire Market Regulation y In competitive markets less government imposed regulations are needed because corporations are influenced or regulated by market forces y Consumer are involved and influence corporations by refusing to buy goods and services or boycotts y May or may not be a connection between private and public or social demands y Abuses are possible but are corrected by market or stakeholder pressureCorporate SelfDiscipline Regulation y Norms and standards are developed used and enforces by the corporation itself y Accomplished through mission and value statements codes of conductethics etc y CSR is most general form of selfregulation y Enforcement is a problem y CSR is just for show profit is still 1 y Stakeholders pressure socially responsible behaviourIndustry SelfRegulation
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