However, the Court interpreted the Act in a way that made it harmless, and instead used it go against interstate strikes, since they restricted trade, revealing how unsuccessful the government legislation was at curbing businesses’ corruption. On the other hand, according to the Pageant, the Interstate Commerce Act, though not revolutionary, helped stabilize the businesses. The Pageant felt that the Act was still a significant red-letter law, and it did prove to be a good stepping stone for an effective legislation that curbed corruption. Furthermore, the Pageant believed that even though the Sherman Anti-Trust Act had legal loopholes, it still threatened the power of the monopolistic businesses and introduced a revolutionary principle. Unlike the perspective of Zinn, the Pageant argued that both these acts helped start the transformation from private greed to public need, while Zinn strongly believed that the government legislation was not effective at curbing the corruption, highlighting a difference in perspective.
Principles In an engineering workplace, it is vital that there is a procedure for reporting and recording accidents and incidents. Employers have to include this procedure in an induction when new employees are starting at a company. A record must be kept by the employer for any accidents, incidents or emergencies. This is stated under the RIDDOR Regulations 1995. A report form is filled in at the time of these occurrences to ensure all required information is given to the Health and Safety Executive.
The answer is obvious. Unlike the liberals’ interpretation of the double movement, Polanyi’s thesis on the double movement is based on the evidence of history. If the self-regulating market endangered human and natural components of society, it is within the norm for an unbiased person or entity to push for regulation protecting these societal interests. Contrary to what liberal says, freedom of contract and laissez-faire is in fact in conflict with the institution of a self-regulating market. Left unrestrained, freedom of contract and laissez-faire lead to the emergence of monopolistic compacts and reduce free competition, the precondition for any self-regulating market.
The economic version of public interest theory is probably the most well known. It suggests that regulation is a response to imperfections in the market known as market failures. Correction of these failures increases the community’s general welfare and is thus in the public interest. Also those who press for regulation in response to market failures are agents of the public interest. Market failures can be defined by categories of monopoly, externalities and public goods.
Capitalism has to do with competition and each private owner controls the selling, they want to gain a profit, and government can’t interfere. The US is a mixed economy because government and privately owned businesses are involved equally instead of one more than the other. What Adam Smith meant by “the invisible hand” of laissez-faire economy is that free markets and capitalism are guided by competition. Free market ensures the well being of society because then there are multiple ways to create value for stakeholders. This is important because when their needs are met, businesses tend to be successful.
People choose their governments and they should operate the economy and practice its power to maintain a stable growth of business and balance the income between poor and rich. In conclusion, Friedman fights for the concepts of the soulless capitalism and shows that the benefit of the people is increasing the profits. In contrast, Colin disagrees with Friedman and argues that the arguments of Friedman do not reflect the reality how corporations act and their independence of the society is a huge logical mistake Friedman presents. Business ethics is a window dressing by corporations to advertise their brands and attract people to buy their products; a corporation can act ethically just to hide its real intentions of maximizing
Hazardous working conditions may appear in an organization in routine basis so workers must be well prepared for this and they should learn to cope with this. For this organizations must educate about health and safety programs. Provisions for sick leaves, safety pays etc can help workers feel secure and get motivated to work efficiently. Employee Awareness Health and safety practices within workplace are vital as they help prevent organizational conflict and make them proactive for the possible difficult circumstances. Wrong and unethical acts of workers within the organization are matter of concern as this disturbs organizational harmony.
1. Introduction: Industrial Accidents The International Federation of Red Cross and Red Crescent Societies (1919) defines Industrial accidents as non-natural disastrous occurrence leading towards loss of life, property, social disruption and environmental degradation caused mainly due to dangerous procedures, infrastructure failures or certain human activities. Various operations in an industry are cited as dangerous therefore, safe operational guidelines are provided, and certain standards are set by the regulating authority. Moreover, the ethical behavior of every employee in the seriousness of operation also contributes towards safer work environment. Failure in any of these may lead to a mishap in an industry.
THE IMPORTANCE OF HEALTH AND SAFETY IN MINING INDUSTRY Health and safety in the organisation is very important because it helps the employers and employees to reduce accidents, injuries, illness and deaths. M.A. Hermanus (2007) states that injuries and illness have a big social and complications for people, their families and their society. They also have monetary impacts as explicit and implied expenses for society in general. HEALTH AND SAFETY The importance of health and safety in the mining is to make sure that the workers are safe.
2.3. Rethinking the International Trade Theory Supporters of laissez-faire consider that free trade without regulations is the best policy in all circumstances and that government interventions distort markets and reduce benefits in the whole economy. They follow the basic principles of the “invisible hand” proposed by Adam Smith in which economy is in better condition if individuals pursue their own interests. However, they sometimes failed to acknowledge Smith's recognition of the need of institutions that allow people to maximize their welfare (Lewer and Van den Berg 73). By institutions he meant such things as legal, economic, political, social, cultural and technological systems that foster income growth for the citizens (73).