George Stigler developed the economic theory of regulation in the late 1960s, arguing that, instead of regulation being imposed on industries in genuine democratic efforts to protect consumers, big businesses seek out government regulation in an effort to gain monopoly or cartel powers they cannot obtain by market methods (Edwards, 2002). Historically, big businesses have been responsible for creating most government regulatory agencies that will benefits their interests (Bartlett, 2002). Regulation helps erect barriers to entry for smaller businesses because it serves as an overhead cost that big businesses can more easily absorb than smaller businesses with less revenue. For example, the Federal Communications Commission makes it difficult to get into the radio, television, or telecommunications business and the Food and Drug Administration limits the pharmaceutical industry to a few big businesses that can afford the prohibitive cost of testing drugs. The Civil Aeronautics Board (CAB) was a government agency that regulated the airline industry from 1938 to 1978 (Alden). During this time, it refused to allow a new firm to enter the market despite 150 applications. After President Carter deregulated the airline industry in 1978, fourteen new firms entered the industry within five years and experts believe this produced fares that were much lower than then would have been under regulation.
Finally, Stigler believes that market power by a few companies results in negative labor tensions. During the 1970s, a time when labor was more heavily concentrated in a small number of large corporations, Congress came down more strongly on labor's side than it did in subsequent decades (Uchitelle, 1989). The 1970s included extensive legislation that set safety and health standards in the workplace, regulated company pension plans to assure that they would be properly funded and supported hikes in minimum wages. and, union membership was twenty-four percent of the total workforce in the 1970s versus seventeen...
The 1980s (the period when Ronald Reagan was the U.S. President) witnessed a series of government measures targeting environmental regulations. This resulted in public outrage against the anti-environmental policies of the government leading to a renewed interest in nature clubs and groups and the formation of radical groups who led strong movements to protect the environment. (vii) the post- Reagan resurgence (1990s onwards) - President Bush and President Clinton
Change This study analyzes outsourcing trends in the next decade. The study assesses this by focusing on the past and current trends, problems and issues in outsourcing via semi-structured interviews. Major trends and processes will be revealed and assessed for their relevancy, depth and breadth. Companies belonging to most industries are very much considered to be the units that are vertically integrated, or so-called usual industrial firms (Stigler, 1951), where activities
Skies 2003, etc. Clear Skies 2003/Clean Air Act of 1990 The issue of clean air has been around probably since the first caveman objected to the smoke from a neighbor's fire. During the Industrial Revolution in England, numerous contemporary novels make reference to the condition of the air in major cities, fouled by the new growth of smokestacks. So, despite having been an issue for public discussion and legislative activity --
Mass Media and Congressional Campaigns in U.S. This is a study on the mass media principles and how they are used in congressional campaigns in the U.S. It has 12 sources. In view of the strong economic-based relationship that exists between the congressional elections and the mass media, more rigid laws need to be established in addition to a screening process for each candidate through which they all have to pass in
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