Legislative Influence On The Economy Essay, Research Paper

Legislative Influence on the Economy Throughout history, there have been cases of the authorities impacting the economic system, be it with the B.U.S. or with the Fair Labor Standards Act, the authorities has played an of import function in our economic system. The authorities rescued the United States from the Great Depression by increasing demand and heavy revenue enhancements. During the 80? s, the United States was forced into a recession that threatened to destruct the economic system. Both cases were due to intercession of the authorities to the economic system. Most of the authorities intercession is done by subsidy, which is a signifier of economic assistance to help a private endeavor, but a good trade is besides done by statute law. There are many countries in which the authorities influences the economic system through statute law. One country influenced by statute law is concern. Calvin Coolidge said, ? The concern of America is business. ? The authorities has seen to it that it is just with this. During the late 1800? s and early 1900? s, several measures concentrating on interrupting up the trusts were passed with unanimity. It began with the Sherman Anti-Trust Act. This Act outlawed and restraint on trade or competition, and caused the dissolution of the Standard Oil trust into 20 different companies. Another country where statute law has been used to assist command the economic system was in trade. With the interrupting up of big trusts and monopolies with the Sherman Anti-Trust Act, A group had to be able to implement the new Torahs, and so in 1914, the Federal Trade Commission Act was passed, months before the Clayton Anti-Trust Act was passed to make full in the spreads left by the Sherman Anti-Trust Act. With all of these new companies shooting up, an addition in the figure of occupations occurred, but

it is no surprise that workers were not being paid fair wages, and so in the area of labor, the government passed the Fair Labor Standards Act. This act created the way by which everybody works today. A minimum wage, 40- hour work week, and control of child labor. This legislation itself was invoked by large labor unions such as the American Federation of Labor (AFL) and the Congress of Industrial Organizations (CIO), both of which sought to improve working conditions and wages through negotiations with employers. One overdue act was the Meat Inspection Act, largely influenced by Upton Sinclair?s The Jungle. The act was passed in 1960, long overdue considering the circumstances. On the home front, the government also helped see to it that that our children were safe not just from having to work 19 hours a day, but also from hazardous toys. In 1960, the Child Protection Act was passed to ban the sale of dangerous children?s toys, like any ball with a diameter of 1.75 inches (44.4mm) or less. It?s always nice to know that the government is always looking out for the small guy. Especially since in 1974, the government decided to pass the Anti-Trust Procedures and Penalties Act. 84 years after passing the first Anti Trust Act, it finally becomes illegal to disobey the anti-trust acts. Go figure. Along with the Fiscal Policy, subsidizing, and numerous legislation acts, the government has a wide range of control of the economy. Fortunately, no one party is in office long enough to totally push their ?new-and-improved-economic- policy-all-ready-beginning-to-balance-the-budget? hype. The regulation of the economy is something that is not to be taken lightly, though, and t is essential that no drastic movements be made, lest we fall from the balance beam known as stable economy.