LAW 605 Chapter Notes - Chapter 1: Subprime Mortgage Crisis, Walkerton E. Coli Outbreak, Walkerton, Ontario
18 Apr 2017
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Chapter 1 (class 1) regulating and deregulating risk. Walkerton tragedy the water contamination at walkerton, ontario, caused seven deaths and over 2,300 people to become ill. Regulation is principle or rule employed in controlling, directing, or managing an activity, organization, or system. Free market is an economic system in which prices and wages are determined by unrestricted competition between businesses, without government regulation or fear of monopolies. Companies run the market- they decide the prices and wages. Thomas hobbes ( contract theory"), industrial revolution (protecting the vulnerable) Advanced the first comprehensive articulation called contractarian model of state. He described life in the state of nature as nasty, brutish and short . Adam smith and laissez-faire theory (unregulated capitalism) Laissez-faire theory- stated that the economy was a natural system that regulated itself, that the stronger exploiting the weaker was just a matter of natural selection, and that government should be a spectator in commercial affairs.
