[00:00.00] M1: The large economic unit called the “corporation” has come to define business activity in a modern industrial-service economy. [00:08.29] Even a mid-sized corporation employs thousands of people, serves hundreds of thousands of customers, and controls assets and does business amounting to several million dollars. [00:19.42]The growing power of corporations has brought increased intervention by the only body with sufficient strength and scope to match corporate power. [00:29.13]And what body is this? What has enough power to control the corporation?
[00:34.56]W: The government.
[00:35.79]M1: Yes. The federal government. [00:38.19]The economic role of the government has grown tremendously over the past century, as more and more corporate activities have come under regulation. [00:46.58]Why has this happened?
[00:48.56]M2: Well, to prevent fraud against stockholders, for one thing. [00:52.49]Also, to protect customers from fraud, like false advertising.
[00:56.45]W: To protect the workers. [00:58.19] For example, laws against child labor ... and unsafe working conditions.
[01:03.77]M1: Yes. These are all reasons why we have government regulation of business. [01:08.86] Not just in this country, but in most advanced industrial and service economies, governments have taken on an increasing role in economic affairs. [01:18.52]Let’s take a minute to review what we talked about last time. [01:22.95]What are the methods that governments use to influence economic activities? Elizabeth?
[01:28.98]W: Taxes. Taxes encourage or discourage certain kinds of economic activity. [01:34.79]Taxes are also a way for the government to get money to spend on programs.
[01:38.97]M1: That’s right. So ... OK, there’s taxes and ... what else? Joshua?
[01:45.88]M2: Government spending—the government gives business incentives to produce certain goods or services. [01:51.81]Also ... uh ... spending could take the form of a tax break, or it could be a direct payment, like a government contract, or a grant or a subsidy.
[02:01.78]M1: Yes, that’s right. Governments intervene in economic activity through taxation and spending. [02:08.61]A third method, of course, what we’ve just been talking about: regulation.[02:13.53]There’s been a tremendous increase in the laws and regulations governing the economic affairs of complex societies like ours. [02:21.45] Beginning in the late 1800s, our political leaders rejected the idea that “government governs best which governs least.” [02:30.10]The government started to use its power to police the economic system. [02:34.46]One of the first things the government did was to limit the exercise of monopoly power by regulating railroads and public utilities. [02:42.98]After that, the government began regulating utility rates—costs for telephone, electricity, fuel, and so on.[02:51.52]Since then, a whole set of industries has come under government regulation: financial markets, the airlines, trucking, barge and water traffic, oil and natural gas pipelines, and so on. [03:05.30]Also, in recent decades there’s been a rapid growth of social regulation. [03:10.98]What do I mean by social regulation?
[03:13.93]W: Uh ... things like ... like laws that require a food package to list all the ingredients?
[03:20.19]M1: Yes, that’s a good example. [03:22.31]There are a number of laws regulating food and cosmetics. [03:26.06]Social regulation also includes the laws that were first passed to protect workers in mines, and then workers in general. [03:34.31]Now there are laws that protect all of society—for example, regulations for air and water pollution, and for storage and disposal of hazardous materials like nuclear waste. [03:45.58]There are also safety standards for automobiles and consumer products, such as car seats for babies. [03:52.35]All of these are forms of social regulation.[03:55.95]We’ve come a long way since the days of laissez-faire capitalism, when business ran free and unchecked by government. [04:04.02]When the political leaders of the nineteenth century first started proposing regulation of business, this was considered a radical idea. [04:12.27]However, with the passage of time, the radical ideas of that era became the accepted convictions of today. [04:19.99]The general public has come to accept—and even expect—these limits on capitalism.
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