A starting point for answering the essay questions are the key readings as set out in the course for the chosen topic. The readings in the Readings (left-hand menu) will provide additional sources. Read these sources critically.There is no correct or incorrect answer. It requires development of an argument based on your position and what evidence (references) you use to support your position. In this, you need to state this position in the introduction of your essay. In the body of the essay you should provide points and arguments that support your position. In the conclusion of your essay you should re-state your position and key points supporting that position. Overall the essay should make clear your own opinion on the essay question based on evidence you have presented (ie, references).
In the structure of the essay, it is very important that you have
• a clear introduction that sets out what argument you are making and how you intend to make and support it.
• The body will consist of points in support of your position.
• The conclusion restates the arguments and offers some observations based on your research.
• A title page with your name, student number, title of essay/submission and word length must be included.
• The font size must be read comfortably.
• The following examples should be used as a guide: Arial - 10 point and Times Roman - 12 point.
• Line spacing is either double or 1½.
• Both margins (left and right) are at least 3 cm.
• Pages are numbered.
• References cited in the text conform to the Harvard reference style. If a reference is taken from a particular page, or pages, within the article or book, then the page number(s) must be included. The format should include the author, date of publication, and page number. For the business submission, use web sources correctly - put web addresses in the Reference List, not in the text of the submission.
• When words are taken directly from other sources (books, articles and web sites) and reproduced in an essay/submission quotation marks must be used.
• A reference list is attached and the entries are in alphabetical order by author.
• The assignment has been proof read.
A great hue and cry has been around whether there should be any government interference in a free market economy. It is a market where the buyer and seller contact directly and agree to buy or sell a thing at a commonly determined price. In this, the price is set by simply a supply and demand thing, and not by government organisations or private companies competing together. In the year 2017, a study conducted by Index of Economic Freedom found out that Hong Kong has the most free economy market, being 89.8% economically free. It was followed by Singapore, Australia, New Zealand and Switzerland respectively. The US is only 75.1% economically free by the 2017 study, falling by a lot in the recent years. But there market is not controlled by the government, but rather by the private companies (Bakvis, 2016).
This led to a huge concern whether it is actually possible to have a completely free market and whether the government should interfere in its operations or not. Also it has been seen that in several countries, active interference and control by the government, especially in North Korea, Venezuela, Cuba, Republic of Congo and Eritrea, has led to several problems. This leads to the question whether the government should have a little, but some say, in the matters of the free market to stop it from turning into a capitalist market, which may decide prices and look like a free market, but is actually a market which strives and earns simply from the profit motive and tries to monopolise or take shares, or lets the free market to decide the prices. But it can also have a private owner to have a monopoly on the system and hence prevent free competition.
Actual Role of the Government in a Market
In other cases, where the government takes up the task of regulating the market economy to a certain level, it does so by introducing several tariffs, taxes, and other kind of charges and duties on the market. These regulations if limited to a certain level are usually helpful for the economy. But in several countries, the scenario is not so. Instead the government uses these regulations to fill their own pockets and satisfy their own needs, or change it to adorn the election manifestos of the party. No one actually cares about the people and their welfare on a larger scale. This is why there has been such a huge protest against giving the government the right to interfere in a free market economy, which is considered to be the ideal around which the economy of a country should be built.
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Government Interference in Free Market
But a bar has to be set about the limits and the issues the government can actually put a regulation on, and how it doesn't get the right to actually levy anything on the prices as this will lead to only the deterioration of the free market. The government should make rules and regulations on how the market should be free from any form of monopolisation or other form of illegal back door dumping, which is usually the biggest disadvantage of the non-interference of government in free market. Instead I believe that the government shouldn't take an active participation in the market, thus keeping it actually free, but also look out for the economy by limiting any private company from monopolising certain things, or from stopping capitalist economy take over free market, where everything is profit motivated and there is only competition among the private sector (Baird, 2011).
To stop this from happening, several countries have taken a step in this way. But a thing needs to be taken care of. That is, while passively interfering in the free market, the government does have a certain bar of limit. If they start making laws that directly hit the pricing system of commodities or start levying taxes that are only burdening and not fair, then this could go against the definition of free market and thus destroy its credibility in a much worse way that monopoly by a private company would. What should be taken care of is that the free market is not used as a stage to achieve political goals by the parties (Potrafke, 2010).
Thus it can be finally concluded that Government actually has little or no role in a free market, but to look after its well being and whether or not it is being run in a fair way and not being controlled by private entities, they should take passively interfere in its proceedings.
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Ball, D., Geringer, M., Minor, M. and McNett, J., 2012. International business. McGraw-Hill Higher Education.
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