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23 Cards in this Set
- Front
- Back
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Dealers Consortium (CDS)
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Lobbying group that met to fend off government attempts to regulate banking industry
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Public Policy
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Plan of action undertaken by government officials to achieve some broad purpose affecting a substantial segment of a nation's citizens....
"What a government chooses to do or not to do" |
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Common Law
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Past decisions of courts
original basis of U.S. legal system |
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Public Policy Inputs
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External pressures that shape a gov's policy decisions and strategies to address the problems
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Public policy goals
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Broad (full employment) and high-minded (equal opportunity for all) or narrow and self-serving.
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Public policy tools
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Achieve policy goals
combinations of incentives and penalties that gov uses to prompt citizens, and bus, to act in ways that achieve policy goals |
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Public policy effects
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Outcomes arising from gov regulations
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Two types of public policies
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Economic, concerning the economy (fiscal, monetary, taxation, industrial, trade)
Social, concerning citizens and consumers |
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Fiscal policy
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refers to patterns of gov taxing and spending that are intended to stimulate or support the economy
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Monetary policy
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refers to policies that affect the supply, demand and value of a nation's currency
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Social assistance policies
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Affect a particular stakeholder...
healthcare and education |
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Regulation
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gov establish rules of conduct for citizens and orgs
primary way of accomplishing public policy |
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Market failure
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marketplace fails to adjust prices for the true cost of a firm's behavior
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Negative Externalities
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Spillover effects
result when the manufacture of distribution of a product gives rise to unplanned or unintended costs (economic, physical or psychological) borne by consumers, competitors, neighboring communities or other bus stakeholders |
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Natural monopolies
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electric utility industry
cable tv broadband internet service software railways |
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Economic Regulation
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direct or indirect
aim to modify the normal operation of the free market and the forces of supply and demand (control prices or wages, allocate public resources, establish service territories, set the number of participants and ration resources |
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Antitrust Laws
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prohibit unfair, anticompetitive practices by bus
AKA anticompetitive law elsewhere |
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Predatory Pricing
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practice of selling below cost to drive rivals out of bus
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Two main enforcement agencies of U.S.
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Antitrust Divison of the U.S. Department of Justice
and Federal Trade Commission |
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Nonmonetary Remedies
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Structural remedy - breakup of a monopolistic firm
Conduct remedy - an agreement that the offending firm will change its conduct often under gov supervision Intellectual property remedy - disclosure of information to competitors (tech industries) |
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Social Regulation
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aimed at important social goals as protecting consumers and the environment and providing workers with safe and healthy working conditions
(equal employment opportunity, protection of pension benefits, healthcare for employees) |
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Deregulation
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removal or scaling down of regulatory authority and regulatory activities of gov
Has occurred in: commercial airlines, interstate trucking companies, railroads, financial institutions activity is cyclical |
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Reregulation
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increase or expansion of gov regulation, especially in areas where the regulatory activities had previously been reduced
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