Response to another student’s posting
According to laurare8’s essay that was posted on the discussion posting platform on Saturday, 1 October 2016, government regulation of business does more harm than good. In most cases, business regulatory frameworks that are put in place by the government are supposed to foster the economic and social well being of the public at large. Despite that, regulation of business tends to create big governments with barriers to services and increases costs to businesses for compliance. In other words, various policies and business qualifications could prevent small and medium-sized business organizations from successfully entering the highly competitive market. For instance, the tax and regulatory charges are usually higher than the expectations of these organizations. In the long run, this economy faces various challenges, thereby limiting the potential employment opportunities that could arise from small start-up enterprises. According to laurare8’s essay, the BC government has recognized that its regulations related to liquor distribution were paternalistic and outdated and have entirely revamped those regulations. Therefore, one of the most important initiatives of the liberal government is to minimize restrictions to ensure new entrants can easily access the market.
Interestingly, liberalism usually supports big government, and it is conservatism that promotes individualism and smaller government (BC Provincial Government). Of course, some various policies and regulations are essential; especially, in the environmental, oil, and gas sectors, and they are vital because they prioritize the public’s interest. One example is the conditional approval of the Liquefied Nitrogen Gas project, which had 190 restrictions, which were meant to protect the public (BC Provincial Government). Most business enterprises would prefer the elimination of some regulations; however, these are firms that are concerned with profits at the expense of the public. As a result, the government system should ensure there is a dynamic balance between regulation to encourage and promote business while protecting citizens.
References
BC Provincial Government. “Liquified Natural Gas Income Tax.”Ministry of Finance. Retrieved from http://www2.gov.bc.ca/gov/content/taxes/natural-resource-taxes/oil-natural-gas/lng-income-tax
BC Provincial Government. Ministry of Small Business, Red Tape Reduction and Responsible for the Liquor Distribution Branch Retrieved from http://www2.gov.bc.ca/gov/content/governments/organizational-structure/ministries-organizations/ministries/small-business-red-tape-reduction-responsible-for-liquor-distribution