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Prentice Hall
Business and Government in the Global Marketplace / Edition 7

Business and Government in the Global Marketplace / Edition 7

by Murray L. Weidenbaum
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  • Product Details

    ISBN-13: 2900130499027
    Publisher: Prentice Hall
    Publication date: 03/20/2003
    Edition description: Seventh Edition
    Pages: 416
    Product dimensions: 6.00(w) x 1.25(h) x 9.00(d)

    About the Author

    Murray L. Weidenbaum holds the Mallinckrodt Distinguished University Professorship at Washington University in St. Louis, where he also serves as honorary chairman of the university's Weidenbaum Center on the Economy, Government, and Public Policy (founded as the Center for the Study of American Business). For 25 years, he has been teaching a popular course on business and government.

    In 1981-1982, Dr. Weidenbaum served as President Reagan's first Chairman of the Council of Economic Advisers. In that capacity, he played a major role in formulating the economic policy of the Reagan administration and was a major spokesman for that administration on economic and business issues, both domestic and international. In 1999-2000, he chaired the Congressional Commission on the Trade Deficit.

    Dr. Weidenbaum has held a variety of business, government, and academic positions. He was the first Assistant Secretary of the Treasury for Economic Policy and served earlier as Fiscal Economist in the U.S. Bureau of the Budget and as the Corporate Economist at the Boeing Company. He has been a member of the board of directors of corporations ranging from Fortune 100 giants to small service companies.

    Dr. Weidenbaum is known for his research on business-government issues, taxes, regulation, and international trade. He is the author of seven books and has written several hundred articles in publications ranging from the American Economic Review to the New York Times.

    Dr. Weidenbaum received his Ph.D. from Princeton University. He has received the Distinguished Writers Award from the Center for Strategic and International Studies, the Alexander Hamilton Medal "in recognition of distinguished leadership in the Department of the Treasury," the Leavey Prize for excellence in private enterprise education from the Freedoms Foundation, and the Adam Smith Award from the Association of Private Enterprise Education. In 1992, the Association of American Publishers honored Dr. Weidenbaum as author of the economics book of the year. In 1997, he was a finalist in the global competition for business book of the year.

    Read an Excerpt

    Public policy—especially as shaped by a host of government and interest group interactions—is a pervasive influence on the business firm. This book analyzes both sides of that relationship, covering the many ways in which government policy affects the activities of the modern corporation and the various responses on the part of business.

    The purpose of this book is not to indoctrinate the student but to provide a better understanding of the intricate relationship between the public and private sectors—why and how government intervenes in the economy and how business can respond. Thus, quite deliberately, this book does not present an all-embracing theoretical framework to guide the student to the author's personal view of the optimal public policy and the appropriate private response. It is hoped that the tools for that search are provided here, and instructors are free to provide their preferred guidance to the student reader.

    This seventh edition represents a continuing effort to meet the changing needs and desires of the two main sets of users: students and faculty in schools of business and departments of economics. As someone who teaches both MBA students and upper-level undergraduate economic students, I have tried out preliminary versions on my students and have benefited from their reactions. This edition adds new sections on globalization, energy policy, reforming corporate governance, and terrorism, while it eliminates older, less relevant material.

    Part I is an overview of the tools that government has available to influence business decision making. Part II covers the field of government regulation in both the social and economic areas. Changes have been made to reflect recent developments in public policy. The new chapter on business and terrorism draws on my service in the fall of 2001 on a special task force on terrorism.

    Part III begins with a presentation of the pros and cons of globalization. Part IV brings together three important aspects of business-government relations that are often overlooked by researchers in this field: credit programs, the government market for the products of business, and tax policy.

    Part V deals with the key responses o business to government influence. Each chapter has been updated to cover recent developments. Part VI contains a thoroughly revised and updated chapter on corporate governance. In the last chapter, which focuses on the future of the business firm, an effort is made to identify the coming changes in government policies affecting private business.

    As in the previous editions, the focus of this book is on the future practitioner—the business executive who will be dealing with issues of public policy as a day-to-day aspect of the job. Also, it is hoped that this book will assist present and future government officials and members of interest groups to better appreciate the various consequences of their actions on the business system.

    The author would like to acknowledge Alan Hamlin, Southern Utah University, Thomas Lyon, Indiana University, and Donald Hicks, University of Texas at Dallas, for their suggestions on the revision of this text.

    The author is indebted to Ryan Argo and David Switzer for extremely helpful research assistance. As she has in the past, Christine Moseley carefully typed the various drafts and helped get the manuscript ready for publication.

    I am particularly grateful to my wife, Phyllis, for encouraging me to continue striving to improve communications with the generations that follow us.

    Murray L. Weidenbaum
    Washington University

    Table of Contents


    1. The Powers of Government and Business.


    2. The Rationale for Regulation.

    3. Government and the Consumer.

    4. Protecting the Environment.

    5. Achieving Equal Employment Opportunity.

    6. Government and the Workplace.

    7. Traditional Economic Regulation.

    8. Economic Deregulation.

    9. Terrorism and Business.

    10. Reforming Government Regulation.


    11. Business, Government and Globalization.

    12. Government and International Commerce.

    13. Global Geopolitics of Energy.


    14. Government Credits and Bailouts.

    15. Government as a Market.

    16. Business and Tax Policy.


    17. Business/Government Relations.

    18. Issues Management.

    19. Business Participation in Politics.


    20. Challenges to Corporate Governance.

    20. The Future of the Business Firm.

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