Електронний багатомовний

термінологічний словник

Electronic Multilingual Terminological Dictionary


Economics

Government Regulation of the Economy

Regulation is broadly defined as the imposition of rules by the government, backed by the use of penalties that are explicitly intended to modify the economic behavior of individuals and firms in the private sector. Various regulatory instruments or targets exist. Among those frequently used are prices, output, rate of return (in the form of profits, margins, or commissions), disclosure of information, standards, and ownership ceilings.
Different rationales for economic regulation have been put forward. One is to curb potential market power and increase efficiency or avoid duplication of facilities in cases of natural monopoly. Another is to protect consumers and maintain quality and other standards, including ethical standards in the case of professional services provided by doctors, lawyers, etc. Regulations may also be enacted to prevent excessive competition and protect suppliers from unbalanced output and low price conditions, promoting employment and more equitable income distribution.
Government regulation of economic life is a development that has been around for a while. The national mercantilist systems of the 18th century provided for regulating government ministries' production, distribution, and export of goods; even during the 19th century, governments continued to intervene in the economy. The government of the United States, for example, from its inception in 1789, allotted funds or subsidies for the support of agriculture, maintained a system of tariffs for its revenue and the support of domestic manufacturers, patronized the arts and sciences, and engaged in various kinds of public works to advance commerce and promote the general welfare. In France, even more, elaborate governmental schemes of economic regulation were practiced throughout the 19th century, including a variety of socialist experiments such as the Public Workshops that Louis Blanc established in Paris in 1848. In Britain, the various factory acts of the 19th century represented an effort by the government to improve slightly the working conditions in the industry.
The regulation of industrial conditions and of labor-management relations has been a significant concern of most Western governments. In the United States, the first regulatory efforts in this field were made during the Progressive era at the turn of the 20th century, when the wages, hours, and working conditions of women and children in the industry became a matter of public scandal. A little later, the conditions, hours, food, and wages of merchant seamen were brought under government regulation; an eight-hour day was set for railway crews, and workmen’s compensation laws were instituted. With the Great Depression in the 1930s, minimum wages were introduced for workers in many industries, hours of work were set, and the right to collective bargaining was given legal sanction.
In many European countries, the government owns major communication facilities—telephone, radio, and television—and operates.

Sources:

R. S. Khemani and D. M. Shapiro. (1993). Glossary of Industrial Organisation Economics and Competition Law. Directorate for Financial, Fiscal and Enterprise Affairs, OECD. Retrieved from: https://stats.oecd.org/glossary/detail.asp?ID=3295 http://academy.gov.ua/NMKD/library_nadu/Biblioteka_Magistra/c3fba63b-7f37-45b7-82d5-b8046b1fd945.pdf

Regulation of the economy. Britannica. Retrieved from: https://www.britannica.com/topic/political-system/Regulation-of-the-economy Dr hab. Krzysztof Oplustil, prof. UJ Katedra Polityki Gospodarczej UJ Polityka gospodarcza https://www.law.uj.edu.pl/~kpg/wp-content/uploads/2020/01/Polityka_Gosp_2019_cz_I.pdf

Part of speech Noun
Countable/uncountable Countable
Type Abstract
Gender Neutral
Case Nominative