Role and Functions of Law in Business and Society
The relevance of law and order in both business and society cannot be overstated. In this text, I address both the functions as well as the role of law in business and society. In so doing, I will also state the primary role played by law in my present job industry.
In basic terms, law permeates almost every facet of our daily lives. To properly highlight the role law plays in business and society, there is a need to first define the term law. It is important to note from the onset that law as a term does not have an assigned definition. In that regard, scholars and legal experts have over time attempted to define law by floating various definitions of the same. One of those who have attempted to define law is William Blackstone. According to Mann and Roberts (2012), Blackstone defines law "as a rule of civil conduct prescribed by the supreme power in a state, commanding what is right, and prohibiting what is wrong." This is the definition of law I adopt in this text.
Both the federal and state governments regularly enact laws in an attempt to regulate not only individuals but also businesses. According to Melvin (2011), unlike states, the regulatory powers of the federal government are largely limited. It is important to note that regarding the regulation of commercial activities, Melvin (2011) is of the opinion that the powers congress possesses...
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