gg

• Laissez Faire is critical to capitalism to assume market through its own
• Capitalism Theory of Adam Smith observes the supply and demand
• Milton Friedman advocated for deregulation from government
• Sherman Antitrust Law restrains monopolistic activities and forbids any type of price fixing
• Clayton Antitrust Act prevents mergers or acquisitions
• Federal Trade Commission Act (FTC) is in place to prevent unfair competition
• Robinson-Patman Act prohibits price discrimination
• Lanham Act protects and regulates brand names/marks
• Food and Drug Administration (1906) was established to protect the public from unsafe foods and drugs
• Federal Reserve Board (1913)- to establish economic stability.
• Federal Trade Commission (1914):

  • Prevents unfair methods of competition
• Federal Communication Commission (1934):

  • Organizes federal regulation of telephone, telegraph, and radio communications
• Securities and Exchange Commission (1934):

  • Governs security transactions on the secondary market
• National Labor Relations Board (1935):

  • Protects the rights of employees to organize and engage in collective bargaining
• Equal Employment Opportunity Commission (1970):

  • Investigates complaints of workplace discrimination
  • Works to ensure equal employment
• Environmental Protection Agency (1970):

  • Tasked with protecting human health and the environment
• Occupational Safety and Health Administration (1971):

  • Ensures work safety
  • Conducts inspections
  • Provides training and education to employers and workers
• Consumer Product Safety Commission (1972):

  • Focuses on protecting consumers from unreasonable risk of injury or death
• Commodity Futures Trading Commission (1974):

  • Aims to protect market participants from fraud, manipulation, and abusive practices
• Federal Housing Finance Industry (2008):

  • Works to ensure the stability and efficiency of the housing finance industry
• North American Free Trade Agreement (NAFTA)-Eliminates virtually all tariffs on goods produced and traded between the U.S., Canada, and Mexico.
• DEREGULATION- refers to the removal of regulatory authority in various industries.
• European Union (EU)-Promotes free trade between member nations.
• SELF-REGULATION- is an interesting concept where companies attempt to regulate themselves.
• SARBANES-OXLEY ACT- Legislation to protect investors by improving accuracy and reliability of corporate disclosures.
• INTEGRITY- refers to being honest
• FAIRNESS- treating all stakeholders fairly
• RESPONSIBILITY- taking responsibility for the impact of business activities
• RESPECT FOR HUMAN RIGHTS- including the right to dignity
• COMPLIANCE WITH LAWS- this involves following the law and regulations in all business activities
• TRANSPARENCY- being accountable in all business dealings
• ETHICS- is a branch of philosophy that prescribes and guides acceptable human conduct
• ETHICAL DECISION MAKING- is based on core character values like trustworthiness, respect, responsibility, fairness, caring, and good citizenship.
• EDUCATION- the number of years spent in pursuit of academic knowledge.
• NATIONALITY- is the legal relationship between a person and the country in which he or she is born.
• AGE- is another individual factor that has been researched within business ethics.
• LOCUS OF CONTROL- relates to individual differences.
• Corporate culture can be defined as a set of values, norms, and artifacts including ways of solving problems.
• Ethical culture reflects whether the firm also has an ethical conscience.
• Obedience to authority is another aspect of the influence that significant others can exercise.