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Lecture

Session 9.doc

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Department
Administrative Studies
Course
ADMS 1000
Professor
Peter Tsasis
Semester
Summer

Description
Chapter 7 Case 171-172 Political Context Fundamentals: -Canada has a Business enterprise system that determines: 1. What goods and services are produced and distributed 2. How the goods and services are produced and distributed Capitalism is based on these fundamental principles: 1) Rights of individual: everyone has the right to pursue their own self interest, government rules regulate conduct 2) Rights of Private Property: Individuals have the right to own land, labor, and capital and pursue their own means of each 3) Competition: competition ensures goods and services are provided at fair cost, the invisible hand (Adam Smith) ensures the market works in this manner 4) The Role of government: Minimal government interference in the system, it suggests laissez faire which means let people do as they choose Tax -Two types of taxes: 1) Revenue tax : individual, corporate, property(largest revenue for municipal government) sales taxes 2) Regulatory/restrictive tax: excise taxes are applied to goods that the government desires to restrict deemed to be harmful (tobacco/alcohol) Why are Crown Corporations established? 1) Public Policy that will protect/safeguard national interests 2) Protect Industries deemed to be vital to the Economy 3) Provide Special services that could not be available by private business 4) To nationalize industries that is considered natural monopolies -Central objective of gov regulation is to protect the public interest and control the private enterprise through it (ex. Canadian transport commission, Liquor Boards, CRTC) -Competition act is made to open competition and eliminate restrictive business practices to encourage efficiency Fair competition: - makes for efficiency - strengthens business ability to adapt and complete in golabl markets - gives small and medium businesses an equitable chance - provides consumer with competitive prices and choices to make Chapter 7 Case 171-172 informed decision - balances the interests of consumer and producers - a large portion of Canada’s industrial development is due to protectionism through tariffs imposed by Sir John A Macdonald in 1879 - Bail outs are government assistance to prevent an organization from financial collapse
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