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Role Of Governments In Ecomnomies Essay

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These days, governments have played important roles in economic development of each country in the world. Even though different nations and regions have their own economic systems and the levels of government intervention in the economy, they still share common features in government’s roles. Most leaders aim at the target of enhancing the well-being of societies by regulating economies, which means steady pace of growth, increase in the level of employment, low interest and inflation rate. To achieve this goal, governments are claimed to function six major responsibilities that consist of providing legal and social framework, maintaining competition, providing public goods and services, redistributing income, correcting for externalities and stabilizing the economy. In this essay, I would like to concentrate on these significant criteria to clarify detailed economic charges of governments. In the first place, the governments provide legal and social framework needed for a market economy to operate effectively. In specific, legal framework not only sets the legal status of business enterprises but also ensures the rights of private ownership and allows the making and enforcement of contracts. For instance, intellectual properties like books, film, computer software programs, inventions, designs are protected by exclusive rights called copyrights helping owner sell or market their products and creations for a specified period of time. Furthermore, governments establish the legal "rules of the game" that produce free competition, control relationships among business, resource suppliers, and consumers. Besides, discrete units of government referee economic relationships, seek out foul play, and impose penalties. Apart from, the governments create quality standards of products and define qualification of those providing professional services such as doctors or lawyers. For example, Vietnam’s standards system currently consists of over 6,000 national ones. The Law on Standards and Technical Regulations was adopted by the National Assembly in June 2006 and took effect on Jan...

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