Analyzing Team Composition and Dynamics in Corporate Communications at JM Family

by Herman Bailey | Jun 10, 2023 | Essays | 0 comments

List and analyze results of team context and composition scale questionnaire

The corporate communications of JM Family functions in sequential and modular interdependence. The team work levels are very moderate with the teams performing their tasks independently. The corporate communications task team coordinates physical efforts to finish the organizational needs. However, despite corporate communications being able to independently make internal decisions, the tasks are handed downwards from the company’s executive management. Dyer (44) indicated that cooperation is one of their core values.

From the results of team contexts and composition scale assessment, the corporate communications scored 3.8. This implies that the department’s team is composed of members who support effective teamwork. Personal development is prioritized while the the overall team development is lacking.  Moreover, the seven member team of corporate communications is an effective size. The team posses’ interpersonal and technical skills and displays high motivation that is needed for tasks completion.

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Team competencies scale for assessment

Similarly, the analysis of the results from the Dyers competencies scale for assessment shows that Corporate Communication department of JM Family falls in the midlevel rates. This calls for general improvement. The lowest competencies that are relationship related are conflict management and team building. On the other hand, the lowest competency that is task related is having a decision making process that is clearly defined (Dyer, 48).

Dyer indicated that by scoring low scores in conflict management and lacking of the processes of decision making, makes the functions of Corporate Communications to be like a staff rather than a team. However, the corporate communications recorded high scores in established channels of open communications. The members of the team also acknowledge the existence of negative reactions, sometimes with combative and defensive actions, to criticisms   or even feedback. This tendency of brushing off problems, according to Dyer (71), can result to tension and ineffectiveness of the members.

Lencioni assessment

According to Dyer (57), the Lencioni Assessment provides leaders of an organization with an exploring opportunity to overcome the obstacles that sidetracks their team members. The assessment done on corporate communication of the JM Family gave the team members the insight on their unique strength of their team, and areas that need improvements in the five major fundamentals of developing productive and cohesive team. These include commitment, conflict, trust, results and accountability.

Dyer (59) indicated that the assessment comprises of 15 questions of which the members of a team are to answer. The results then indicate the levels of dysfunction in the company. From the Lencioni Assessment, corporate communications, the results can be used in providing and evaluating the susceptibility of Corporate Communication to the five identified dysfunctions.

From the seven team members of corporate communications who did Lencioni Assessment, the scores were as follows for the totals from the five key fundamentals.

Trust = 7.14

Conflict= 7.42

Commitments= 6.57

Accountability = 7.29

Results =7.57

All the scores from the key fundamentals fall between 6 and 8. This is interpreted from the Lencioni Assessment interpretation key that dysfunction could be the problem in the team.

Explore group dynamics using at least two relevant course concepts/theories

The functioning of Corporate Communications department is more like a staff than like a team. However, there exist open channels of communication where team members still can negatively react to some constructive feedback. Furthermore, the team shows non performance signs

Relate results back to goal

From the Lencioni Assessment, the five key fundamentals show that dysfunction could be a problem in the team. The results show there is an absence of trust. This comes as a result of team members who are not willing to make an admission that they have made mistakes are reluctant to be vulnerable to each other. Trust cannot be achieved among members without certain comfort levels in the team (Dyer, 52)

The results also show fear of conflicts. This is because the team members are incapable of engaging in passionate and unfiltered debate on fundamental issues. This is characterized in corporate communication department. Moreover, corporate communications lacks commitment hence the team members have created an environment where ambiguity is prevailing. Dyer (64) pointed out that commitment is a function of two pillars; buy in and clarity. Successful teams make timely and clear decisions, and progress with complete buy in from every team member.

The results of Corporate Communications department also show avoidance of accountability. This is because the team does not commit to clear action plan. Successful team members tend to overcome the natural inclinations by improving their relationships and holding every team member accountable. Lastly, the scores portray inattention to results in corporate communication department. The members of the team tend to focus on their needs before the teams collective goals. This is because the team members are not held accountable for their actions.

Conclusion

In conclusion, corporate communication department team in context and composition is very effective. The number is a manageable and they portray effective group dynamics. The competence of the group is unquestionable although the team faces some form of dysfunctions.

Work cited

Dyer, W. G., Jr., Dyer, J. H., & Dyer, W. G. (2013). Team Building: Proven Strategies for Improving Team Performance. San Francisco, CA: Jossey-Bass.

Herman Bailey

With a student-centered approach, I create engaging and informative blog posts that tackle relevant topics for students. My content aims to equip students with the knowledge and tools they need to succeed academically and beyond.

Understanding the Influence of Testosterone on Homosexuality

by Herman Bailey | Jun 10, 2023 | Essays | 0 comments

The debate on the origin of homosexuality has raged on for quite a while. Recent studies have suggested that homosexuality not only affects but also causes homosexuality in men.  According to,(Roper 1996)  there are many causes of homosexuality, but top among them are prenatal hormones and in specific testosterone. In their research, the performance of homosexual men was also measured. Each of the rests was designed to determine the effects on testosterone. The concern for testosterone levels is not just among the homosexuals in terms of performance but is also included in the concerns for the increased levels of homosexuality among the men.

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Testosterone is a hormone that is the main reproductive hormone in individuals. The hormone in fact is prenatal, however, it begins to manifest after the age of puberty among young boys. Many scientists, therefore, determine that young children cannot describe themselves as gay or homosexual. There is a need for children to reach puberty. Attraction to members of the opposite or similar sex and gender can only be manifested during puberty.  According to (Marchnant Haycox 1991) testosterone, is the hormone is responsible for maintaining sexual desires of whichever sexual orientation. This is in turn contradicted by (Buvat et al 1996) who state that the lack or excess exposure to testosterone does not necessarily translate into homosexuality.  This is proven by individuals who test either with high testosterone and even though they may be highly sexually active they are not necessarily homosexual; or on the other hand, men who show low levels of testosterone as a result of age and other social problems, this may cause problems is sexual performance but again does not equally translate into being homosexual. The main debate on testosterone and homosexuality, and which has drawn a lot of academic interest comes in the form of exposure to testosterone while the boy is in the womb.

Prenatal exposure to testosterone has been quite difficult to study based on the fact that it is often difficult to prove exposure in the first place. However, scientists feel that they have adequately proved that exposure, and in that case early exposure to testosterone often translates in the majority of the cases turning into homosexual desires. While women often produce the testosterone hormone which is often ideal for various production and reproduction balances and checks in the system, such production is often much lower than in male children. As stated before, boys experience changes in puberty when the testosterone hormone begins to be produced. However, as (McIntyre et al 2006) states that there are studies that have shown that during pregnancy children could become exposed to the testosterone hormone which can in turn be credited for the development of early sexual orientation desires. This is in major contrast to past studies which have often suggested that homosexuality is a form of deviant behavior that is acquired and learned socially. Also, this contradicts the belief that homosexual men can be transformed and taught what society has often considered to be the “right” behavior”.  The study into testosterone and the role in plays in the development of homosexuality are vital.

One of the most controversial studies focused on measuring the pheromone levels of individual heterosexual, lesbian and homosexual men. Each of these groups was exposed to various components of hormones that are often credited for sexual attraction.  However, the results of the study have long been debated since they did not focus more on the women, segregating them instead and focusing on what attracted men sexually to various genders, (Neave et al 2000).  During the study, heterosexual men responded sexually, which is a region of the hypothalamus that became activated when they were exposed to estrogen collected from women. On the other hand, homosexual men showed more excitement when exposed to male sweat which contains testosterone. The results of the study laid the foundation for the understanding of homosexuality. Evolutionary genetics has agreed that homosexuality in and of itself should be a behavior that in the strict evolutionary nature and Darwinian principles should have ceased to exist. Homosexuality does not allow for the production of a stronger and more efficient human race. As such, if it is a behavior that was acquired and learned overtime should have ceased to exist.  The only reason why homosexuality would continue to exist would be that it’s beyond a social behavior and therefore have a biological precedence.

Conventional science has found that an embryo’s gender is determined through exposure to the X or Y chromosome. Should the embryo be exposed to the Y chromosome, it triggers the development is tested which turns to begin the production of male hormones such as testosterone. However, it should be noted that girls too are exposed to some level of testosterone, which balances the exposure to estrogen and ensures proper development. What scientists have determined according to (Robinson and Manning 2000)is that the level of exposure differs in the womb between the boys and the girls. The young girls are exposed to very little and sometimes even insufficient levels of testosterone. On the other hand, the boys are often exposed to high levels of testosterone, but not quite as much as had been previously thought of. However, such levels are of course much higher than those found in the girls. Based on this (Domer et al 1975) found that as a prenatal hormone, testosterone cannot be controlled in terms of embryo exposure. Young boys who are exposed to more testosterone than is normal during the pregnancy may be expected to show early development during puberty, and extreme manlike features such as hairy bodies. However, there is also an effect that has come to light and this is the attraction to testosterone in men making them homosexual. In this case, while other men respond to estrogen and female like features, these men respond at least sexually towards the testosterone found in other men. From a young age, they may seek out other young men even though without proper understanding. As they grow and reach puberty, these in turn translates to seeking out sexual relations with other men. They begin to show signs that they are attracted to men sexually.

(Gray et al 2002) therefore states that these men are not attracted to the men per se, but rather the testosterone hormones that they were exposed to during pregnancy seek out the testosterone in other men. Although they may try to hide such desires, and even seek alternative treatments for what many in society consider misguided behavior; they often find that there is no solution. Even when suppressed, such desires often tend to arise even after decades, simply when the excess testosterone is triggered by another male. (Mazur et al 1992) goes further to state that excess exposure to testosterone could be credited for epigenetic changes that are concurrent with homosexuality traversing across generations. Such features can either suppress or increase the desires of the child in terms of sexual orientations. According to this presumption therefore parents who suppress their own desires that arise from their own exposure to various hormones including testosterone are most likely to pass along the genes to the child. In this case, the desires become much stronger and cannot be easily quelled. Marks set in the parental gene could alter a child’s response to the genders and brain activation areas involved with sexual attraction and preferences. Such a child could therefore easily translate information that members of the same sex are to be revered and loved romantically. However, it is important to note that this theory has had much controversy, with many of the scientists finding it hard to prove and some even insisting that it is built purely on fiction rather than any form of fact.

Scientists have for long attempted to understand homosexuality as a preference. In the 1950’s such studies were crippled by the fact that at the time, homosexuality was considered a form of deviance that should be rooted in society. The studies, therefore, lacked participants and drew fewer and fewer scientists. Today, however, studies have focused more on understanding homosexuality rather than condemning homosexual men. These studies are therefore more informed and reliable.  The idea that homosexuality may stem and begin at the womb has in fact drawn more interest than any other study.  However, it is important to also note that some scientists and studies have critiqued the view that exposure to testosterone could lead to homosexuality. Such studies argue in fact that sometimes young girls and even other young boys are overly exposed to a higher level of testosterone, yet they proceed to become highly heterosexual. According to the proponents of this theory, however, such as () this can be credited more towards social orientation rather than biologically acquired behavior. Such individuals are only suppressing the desires that they feel, and have learned such suppression from society so that they are mechanized into heterosexuality. (Burnham et al  2003) concludes that epi-marks carried from parents to the children of the opposite sex often suppress the desires of the child about the parent of the opposite gender. This, in turn, leads to the development of sexual desires during puberty which is directed to individuals of his own gender.

References

Burnham, T. C., Chapman, J. F., Gray, P. B., McIntyre, M. H., Lipson, S. F., & Ellison, P. T. (2003). Men in committed, romantic relationships have lower testosterone. Hormones and Behavior, 44, 119–122.

Buvat, J., Lemaire, A., & Ratajczyk, J. (1996). [Role of hormones in sexual dysfunctions, homosexuality, transsexualism, and deviant sexual behavior: diagnostic and therapeutic consequences]. Contraception, fertility, sexuality (1992), 24(11), 834-846.

Dörner, G., Rohde, W., Stahl, F., Krell, L., & Masius, W. G. (1975). A neuroendocrine predisposition for homosexuality in men. Archives of Sexual Behavior, 4(1), 1-8.

Gray, P. B., Kahlenberg, S. M., Barrett, E. S., Lipson, S. F., & Ellison, P. T. (2002). Marriage and fatherhood are associated with lower testosterone in males. Evolution and Human Behavior, 23, 193–201.

Marchant-Haycox, S. E., McManus, I. C., & Wilson, G. D. (1991). Left-handedness, homosexuality, HIV infection, and AIDS. Cortex, 27(1), 49-56.

Mazur, A., Booth, A., & Dabbs, J. M. (1992). Testosterone and Chess Competition. Social Psychology Quarterly, 55, 70–77.

McIntyre, M., Gangestad, S. W., Gray, P. B., Chapman, J. F., Burnham, T. C., O’Rourke, M. T., & Thornhill, R. (2006). Romantic involvement often reduces men’s testosterone levels–but not always: The moderating role of extrapair sexual interest. Journal of Personality and Social Psychology, 91, 642–651

Neave, N., Menaged, M., & Weightman, D. R. (1999). Sex differences in cognition: the role of testosterone and sexual orientation. Brain and Cognition,41(3), 245-262.

Robinson, S. J., & Manning, J. T. (2000). The ratio of 2nd to 4th digit length and male homosexuality. Evolution and Human Behavior, 21(5), 333-345.

Roper, W. G. (1996). The etiology of male homosexuality. Medical hypotheses,46(2), 85-88.

Herman Bailey

With a student-centered approach, I create engaging and informative blog posts that tackle relevant topics for students. My content aims to equip students with the knowledge and tools they need to succeed academically and beyond.

Sara’s Courageous Act Thwarts Robbery Attempt

by Herman Bailey | Jun 10, 2023 | Essays | 0 comments

Setting (home)

Their family of Sara is a happy family happily living together on the outskirts of the city. Her father is a banker, while her mother is a schoolteacher. Sara is seven years, and her younger brother is three years. The family loves eating dinner together at home in the evening. On a fine Friday evening, as a routine, Sara’s family was sitting around their Marple dinner table, taking their dinner and talking. The family loved each other as they usually discussed their family matters and how their day was and reconnected with each other. The family was having their normal dinner this Friday evening when someone knocked at the door. Sara’s father opened the door, and a woman beggar was at the door asking for food and drinking water. He allowed her in and welcomed her to join them for dinner.

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The victim

The woman was a street beggar in her late twenties wearing clothes half torn and in grim condition. Her hair was untidy and bushy, and she looked pale from the hot summer heat, which depicted her as a person in extreme helplessness. Moreover, the smell coming from her untidy body was unpleasant. No one would hesitate to offer help if she knocked at your door or asked for help. When Sara’s father asked her more questions about herself, she could not disclose her story. However, the reassuring smiling faces of Sara’s family and a warm welcome with delicious food were enough to disclose anything. The woman beggar introduced herself as Jessica, and she was 28 years and lived in a shack some miles on the outskirts of the city. Moreover, she claimed she was jobless since society was cruel to her, and no one could give women beggars any job. Begging was her job, and she had no family since she was also born in the streets, grew up as a street child, and does not know where her other family members were.

Perpetrator

Sara is a school kid and the firstborn in their family. Her father loves going out with her when he goes to the gym, driving around the city, swimming, and even archery sports. Sara has been taught by his father not to trust any stranger and other survival skills when kidnapped or attacked by strangers, such as biting hard or even screaming for help.

The action

After the Friday evening dinner, the events turned tragic when Jessica drew a pistol and ordered everyone down, demanding cash and other valuables. Their family of Sara was wrong in trusting the beggar woman who turned out to be a robber. Sara’s mother started screaming, but Jessica threatened to kill her husband if she kept quiet. Jessica grabbed Sara by her chest in one arm while pointing a gun at her head with the right hand, threatening to kill her if she was not given money. Sara took the opportunity to apply the lessons from her father. She dug her teeth deep into Jessica’s arm, holding her, tearing about the main blood arteries of the arm. Out of pain, Jessica lost focus and dropped the gun on the ground out of pain. Sara’s father took the opportunity to trip Jessica down by swiping at her legs and jumping on the gun. Fighting and struggle for the gun ensued between Sara’s father and Jessica as Sara went for the gun. However, the gun went off, shuttering the right thing for Jessica as she screamed in pain and blood, oozing out profusely.

Aftermath

A patrol officer heard the gunshot and rushed in the direction of the gunshot, and there she was, the most wanted notorious woman robber. She was rushed to the hospital for treatment and later to be charged in court with attempted robbery, as Sara was praised for her bravery and being heroin.

Herman Bailey

With a student-centered approach, I create engaging and informative blog posts that tackle relevant topics for students. My content aims to equip students with the knowledge and tools they need to succeed academically and beyond.

Examining the Negative Effects of Capitalism and Solutions for Regulation

by Herman Bailey | Jun 10, 2023 | Essays | 0 comments

Introduction

Capitalism is a political and economic structure in which a nation’s trade and industry are controlled by private proprietors for profit, rather than by the nation and socially it is based on the principle of individual rights (Bowles 2007). Capitalism is characterized by accumulation of capital, competitive markets, limited government and wage labor (Ingham 2008).  Politically, capitalism employs laissez-faire (freedom) system. Legally a system of objective laws (opposed to rule of man) and economically, when such is applied it results in free-markets (Paul 2013). It is therefore true to say that capitalism results in unequal distribution of wealth, waste due to uneven distribution of resources, dangerous working conditions ,lack of democracy as the wealth have the greatest influence, pollution of the planet due to excessive production of goods and dictatorship whereby the managers get massive salaries while the workers get minimum wage (Merino 2010). True to the words of Winston Churchill who stated that ” the natural capitalism vice is sharing of blessings unequally, and the natural socialism virtue is the sharing of miseries unequally.” (Hancher & Moran 1989).

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The term PESTEL stands for Political, Economic, Sociological, Technological, Environmental and Legal (Clapham & Pestel 2008). The essay will analyze how capitalism has produced negative results from business organizations and how it effects’ can be regulated. Politically, capitalism has impacted political decisions such as, contributing massively to political campaigns, the health of the nation, education of the labor force and the economy’s infrastructure quality. These capitalists have also influenced tax policies, employment rules, environmental protocols, trade margins and reform tariffs to their favor. Political factors in a country can be applied in regulating capitalism by government.

economically, capitalism has also influenced what happens within the economy by determining economic growth and decline, exchange rates, interest rates, price increases, revenue system changes, wage tariffs, working hours and unemployment levels (Silk & Silk 1996). Socially it has influenced the rapid changing social trends in the markets, decreased health consciousness, safety issues and global warming (Friedman 2012). Capitalism also influences technology Change in technology can impact the work and dealings of an organization by resulting to unemployment (Jessop 2001). These economic factors can also be applied by governments to assist in regulating capitalism.

Environmental factors refer to what is taking place with regard to ecological and environmental matters. Capitalism has also contributed to pollution that as a result has contributed to impacting many industries including agriculture, insurance and leisure industry. With major changes in climate occurring due to global warming (Vasapollo 2011), they have influenced legislation changes that might have an impact on employment, resources, imports and taxation legally.

How capitalism can be better regulated

John Maynard Keynes came up with a program called the New Deal. Keyne’s theory, which is accepted widely is adopted in most modern countries where they combine some government control and capitalism. (Rosenof 1997). theories of regulated capitalism developed at the start until the of the 20th century, when the problem of regulating market conditions gained status, due to the exacerbation of the conflicts of capitalism in particular; the increase in the negative force of predicaments of overproduction (Bottomore 1985).  These theories of regulated capitalism, which state cyclic development of the capitalist economy is directly proportional to the investment process which is uneven and the consumer demand’s fluctuations, becomes prevalent under state-monopoly regulation of the economy. Elsner & Hanappi. (2008) indicated that the alleviations and the prevention of the economic crises that are cyclical requires regulation of consumer demand and all capital investments.

Friedman (2012) pointed out that Keynesian theories that regulate capitalism is the most reliable means of economic activity stimulation and increases the spending of the government by a sum exceeding tax revenues increase and in meeting deficits in budgets by national debt increase. Because the capitalist economy is a complex economic system made up of diverse elements, it must be regulated freely through the competition .Additionally; it should also be regulated by means of exceptional government economic measures. The result “market economy” will completely disappear, giving rise to “crisis-free,” and “planned” capitalism (Dunn 2014).

World governments must get involved in the economy in all ways possible and leaders must take part in economic decision making a government must ensure there is optimum competition to keep the prices acceptable and the products quality high. In the 1950’s business organizations in USA became bigger as they bought off the smaller companies; with this there should also be laws to protect small businesses (Clift 2014). Peet (1991) stated that business owners often do not care about what their decisions may impact the environment; a factory may pollute a river by releasing dirty water into it, production of radioactive gases, huge concentration of garbage, over illumination, soil contamination by release of heavy chemicals, thermal pollution and high intensity sonars from industries. The government should form policies that the companies and industries should abide by in concern to the pollutants they produce for instance by reducing the percentage of toxic gases, recycling the products ,mitigating their effects ,reusing their materials, waste minimization or giving back to the society in proportion of what they pollute naturally and environmentally (Jessop 2001).

The state of an economy is not constant because there are always ups and downs. Bowles (2007) pointed out that in such occurrences the government practices social market economy by lowering rates of interest and taxes so that individuals can easily borrow money as a result preventing the capitalists from taking over. In European countries there are established systems where government assists poor people and the rich people pay more taxes.

According to Ingham (2008), in order to regulate capitalism the government should establish laws to protect employees rights in business organization, there should be formation of trade unions whose responsibilities should be to advocate for increased minimum wage, better, safe and adequate working conditions and free from undue dangers, improved quality of education provided to the workers. In addition the state may own businesses and industries essential to the economy of the nation, like fuel mines, banks, Sacco and airlines.

Limited Liability Laws should be provided by the government to investors to encourage them to invest in businesses. Without the limited liability laws, Merino (2010) indicated that the economy of a country would not have the needed capital access to prosper and grow.

Hancher & Moran (1989) asserted that corporate property rights are the main legal mechanisms that deter the government from exercising control over business establishments, these laws to obtain corporate property rights should be modified such that they can be created and maintained only by government .Property rights should only be issued to citizens and the business organizations under certain conditions. The government should also put measures to maintain law and order so as to have an almost perfect functioning criminal justice system. This is to prevent organized crime, extortion, bribery, kidnapping, and murder that might be practiced by business organizations.

The government should also formulate laws for protection from bankruptcy. Businesses are risky and one of the largest risks is failure, mainly during recessions and depressions. This will assist in protecting healthy businesses that are momentarily short of funds. Furthermore, these laws will allow entrepreneurs to be ultimately freed from overwhelming debts. Besides limited liability, bankruptcy rules form a crucial financial safety net for entrepreneurs. It important to note that the bankruptcy laws should be passed out of concern, sympathy for challenged entrepreneurs, and as a method decrease economic risk and thus encourage more economic and investment growth (Clapham & Pestel 2008).

According to Silk & Silk (1996), the government should also ensure stable money supply, this will assist in maintaining price stability, ease the process of production and consumption and give one the ability to save then spend it later. Without this, markets will be based primarily on barter and thus be extremely limited thus unreliable ,this might cause adverse effects like; eroding the value of money and assets, deterioration of balance of payments, uncertainty and falling of investments, high unemployment rates, delayed consumption of goods, high interest rates, recession and changing indices(Jessop 2001). For instance in the United States, before the Civil War, all paper money was issued by private banks and not the government. This resulted in an incredibly chaotic system hence showing that there was no control over the money supply; which has a crucial impact on inflation and economic growth. Widespread business operations and a stable economy both require a stable and dependable money system, one in which consumers and entrepreneurs believe in. This can only be delivered and sustained by the world governments (Friedman 2012).

Vasapollo (2011) indicated that the government should have the major decision- making ability business organizations hence Corporate Charters. The corporation itself should be a creation of government. Corporations can emanate into existence only through charters such as the legal mechanisms by which national governments consent businesses to integrate. These agreements and state business laws describe what a corporation is, how it is structured, how it is administrated, how long it may be existent, who has a say in ruling, the rights of shareholders and the scope of its liability(Leigh & Michael 1989 ). Most nations should also retain the right to annul the agreements of corporations that disrupt the law or detriment public interest.

The world governments should formulate Commercial Transaction Laws. Businesses can operate effectively only if there are laws governing commercial transactions. This would provide a way some way of making and enforcing contracts therefore remedies for fraud and default. These laws should cover every facet of business in detail, including laws leading the transactions of goods, payment procedures, revenues, warrantees, titles, shipment of goods, storing of goods, how sales are maintained, and the rental of goods. The legal infrastructure is that which should allow business to be conducted efficiently and consistently (Rosenof 1997).

According to Dunn (2014), world governments should come up with International Trade Laws that will be applicable universally. Governments should generate the legal frames that assist and make this trade possible. “Free trade” is a misleading term because it implies that it is international trade operates without political framework. Trade contracts should cover things such as tariffs, levies, pollution, commercial and stakeholder rights, intellectual property rights, economic services, government procurement and dispute resolution procedures. There should be secretariats, commissions, dispute panels, scientific evaluation boards, industrial sector commissions and working groups to supervise the implementation of the agreements (Clift 2014). Therefore Free trade involves a lot of bylaws and enforcements. The points above serve to clarify that, markets and capitalism are quasi-public units which should be regulated by a countless government rules. Ingham (2008) asserted that no capitalism should have minimal regulations as possible because it is what protects the people.

Similarly, Peet (1991) asserted that crony capitalism should be prevented at all costs. this is a term relating an economy in which success in business hangs on on close relationships amid business people and government officers. This may be demonstrated by favoritism in the allocation of legal permits, special tax breaks, government grants or when egotistical friendships and family ties amid businesspeople and the government influence the society and the economy to the extent that it degrades public-serving political and economic ideals.

The contrivances of crony capitalism are many; Bailouts, special credits, political arrangements, tax disruptions, campaign contributions, connections, grants, exemptions, and government subsidized enterprises, political insider transactions and legal bribery (Bottomore 1985). However, there is a risk that crony capitalism might be used to protect the officials. With regard to this, the remedy is to increase government regulation and allow control by the people whereby a piece of legislation is deliberated by the public (Elsner & Hanappi 2008).

Conclusion

To see how government regulation in capitalism is important is to imagine a situation without regulation or if the laws and regulation wouldn’t be employed, there would be fraud,  inflations , recessions, disasters, increased crime rates ,exploitation, severe gaps in social class and economic growth would be hampered. It is impossible to have a well-functioning economy without the governments regulating capitalism through enforced legislation. The above discussion shows that for the global political economy to be maintained and developed there should be government regulation.

Reference list

Bowles, P. (2007). Capitalism. Harlow, England, Pearson/Longman.

Clapham, W. B., & Pestel, R. F. (2008). Policy, uncertainty, and analysis. Laxenburg, Austria, Internat. Inst. for Applied Systems Analysis.

Clift, B. (2014). Comparative political economy: states, markets and global capitalism.

Dunn, B. (2014). The political economy of global capitalism and crisis. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&db=nlabk&AN=733715.

Elsner, W., & Hanappi, G. (2008). Varieties of capitalism and new institutional deals: regulation, welfare and the new economy. Cheltenham, UK, Edward Elgar.

Friedman, M. (2012). Capitalism and freedom. [Chicago], University of Chicago Press.

Hancher, L., & Moran, M. (1989). Capitalism, culture, and economic regulation. Oxford [England], Clarendon Press.

Ingham, G. K. (2008). Capitalism. Cambridge, UK, Polity Press.

Jessop, B. (2001). Regulation theory and the crisis of capitalism. Cheltenham, UK, Edward Elgar Pub.

Merino, N. (2010). Capitalism. Detroit, MI, Greenhaven Press.

Peet, R. (1991). Global capitalism: theories of societal development. London, Routledge.

Rosenof, T. (1997). Economics in the long run New Deal theorists and their legacies, 1933-1993. Chapel Hill, University of North Carolina Press. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&db=nlabk&AN=41311.

Silk, L. S., & Silk, M. (1996). Making capitalism work. New York, New York University Press.

T B Bottomore, (1985), Theories of modern capitalism, Boston: G. Allen & Unwin.

Vasapollo, L. (2011). Crisis of capitalism compendium of applied economics (global capitalism). Leiden, Brill. Retrieved from http://lib.myilibrary.com?id=332687.

Herman Bailey

With a student-centered approach, I create engaging and informative blog posts that tackle relevant topics for students. My content aims to equip students with the knowledge and tools they need to succeed academically and beyond.