Government Regulation and Modern Capitalism
Government Regulation and Modern Capitalism
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DOI:
10.1080/00213624.1969.11502910
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发表时间:
1969-03
影响因子:
0.7
通讯作者:
H. Trebing
中科院分区:
文献类型:
--
作者:
H. Trebing
Government intervention and regulation are accepted as an integral part of a modem capitalist economy. Indeed, capitalistic societies, such as the United States, are variously described as pluralistic or mixed economies, in part because of the many different roles which government has come to play. Government shapes and directs economic activities through a variety of means, including (1) the maintenance of competition;(2) monetary and fiscal policies designed to promote full employment and growth;(3) comprehensive regulation of selected industries affected with the public interest;(4) partial or selective indirect regulation of a host of firms, industries and activities;(5) public investment expenditures; and (6) wageprice guidelines or guideposts.However, a meaningful distinction can be made between government regulation, on the one hand, and public pOlicies designed to promote full employment and growth at the macro level and those policies which are designed to establish or maintain competitive markets, on the other. The salient feature of government regulation is that it involves an attempt to impose social judgments and goals upon existing market judgments and goals insofar as the actions of persons, firms and industries are concerned. Furthermore, government regulation is premised on the belief that no foreseeable or practicable restructuring of the relevant markets will establish compatibility of interest between society and the market outcome without imposing unacceptable burdens on the former. 1 Hence, government regulation can be distinguished from public policies aimed at the maintenance of competition. In the case of the latter, a divergence between collective and market goals and judgments can be reconciled through the establishment of work ably competitive markets. Macro policies, such as