Essays /

Role Of Governments In Ecomnomies Essay

Essay preview

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...

Read more

Keywords

000 1 11 113 115 1911 1982 20 2004 2006 2007 2011 2012 2013 39 6 account achiev act action activ add addit adopt affect affluent afford aggreg ai aid aim air allow also american among amount annual anoth antitrust apart appeal appropri area articl assembl assur author avail awar back balanc bank base begin benefici benefit besid beyond bodi book break break-up broke broken busi call calm care case caus certain charg chariti citizen claim clarifi classic claus clean clean-up clear collect come common compani competit compon comprehens compris comput concentr consequ consid consist consum contract contribut control copyright correct cost countri court cover creat creation credit criteria currenc current d day deal debat decis declin decreas defend defin depend deposit design desir detail develop devic differ difficult digit direct disabl disburs discoveri discret dissolut distanc distribut divorc doctor dollar due duti earn eas ecomnomi econom economi economist educ effect effici electr employ enact enforc enhanc enjoy ensur enterpris environ equal equiti essay essenti establish etc ethic even everi everyon exampl exchang exclus expenditur expens extern facilit fact famous far far-reach featur februari feder fell film final financi firm first food foremost forgon form format former foul framework free function fund furthermor game gas general generat give go goal good govern great greater ground growth hanoi harm headlin health healthcar heavili held help high higher hoa hospit hous howev huge hundr illustr implement import impos incent includ incom increas indirect individu individualist ineffici inflat influenc instanc integr intellectu interest intern intervent introduc invent januari june key khanh kind knowledg lake larg larger late law law.the lawyer lead leader led legal legisl lend level life like limit liquid local long long-dist low lower macroeconom mai maintain major make mark market marketplac may mean means-test mechan medicaid medicar mention merger mind minimum monetari money monopoli moreov nam nation natur need negat net nhan normal number oblig obvious occup occur offici often oil one oper opportun order organ orphan orphanag other outsid oversight owner ownership pace part particip partner pay peak penalti peopl percent perform period person pipe place plan play point polic polici pollut poor posit power practic pretti price privat problem process produc product profession profit program progress promot properti protect provid public purchas put qualif qualiti r rate rather reach receiv redistribut reduc reduct refer refere reform regain region regul relat relationship remain research reserv resolut resourc respect respons result retir return revenu rider right river road role rose rule safeti said sbv scale secur seek seem seen sell servic set sever sewer share shelter signific similar simplifi sinc singl six small smaller social societi softwar specif specifi spent spill stabil stabl stamp standard state status steadi step still strike subsid subsidi suppli supplier support suprem system take taken target tax taxat technic telegraph telephon ten test thing though three time tobacco took tort total toward transact transfer transport tri trillion trust turn two typic uncomfort unemploy unfair unhealthi unit unstabl upon use usual util valu varieti viet vietnam vietnames wage water weak wealth welfar well well-b whose wide wire without work world would year