How Law Impacts Business and Society - 1924 Words

Law has very profound impact on both society and business. This is especially true in a market economy predicated on business activity. For one, laws can be a hindrance to innovation which lowers the quality of life for society as businesses dont create new goods and services. Laws can have the opposite effect by creating excessive abuse on the part of business which also lowers the quality of life for society. Law, as it applies to both business and society is form of balances which guard against abuse. Without it, business tends to become unethical in its practices which negatively impacts society. Too much of it however, can significantly hinder innovation or simply eliminate the production of services altogether. I believe it prudent to discuss law in the context of the 2008 financial crisis. Here, is a great example of how law and its practice can be both a hindrance and guard against abuse. Both of which continues to impact our society in various ways. To begin, our current economic situation could be partially attributed to a juxtaposition of both fraud and integrity. This is due primarily to securities know as mortgage backed securities (MBS) and collateralized debt obligations (CDO). In the early 2000s housing prices were rising at an incredible pace. Many Americans were becoming wealthy by simply flipping houses on the market. With this wealth, came an increase in prosperity and a standard of living for many Americans. However, this practice soon came to anShow MoreRelatedThe Dimensions Of Social Responsibility Essay922 Words   |  4 Pagesresponsibility is to provide product and services for a fair price. Thus, meeting the economic responsibility is the foundation of responsibilities and the basis for the subsequent responsibilities. These are responsibilities that are required by the society (Carroll, 1991). 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