Description
Links to an external site. Chapter seven details the Economic Policy of the different branches such as local, state, and national. In their article for the Washington Post, Jeanne Whalen describes the decision made by the Biden Administration to stop the advancement and production of microchips in China: ” Western suppliers cut ties with Chinese chipmakers as U.S. curbs bite”. The article states that the United States has enacted a heavy force of restrictions that will make a dent in China’s profit, ” Another equipment provider, Applied Materials, said the export restrictions will prevent it from making sales of roughly $400 million in the fourth quarter.” This relates to Chapter seven of the textbook because it describes the process of economic policy at the national level. This economic decision was made by the nation’s executive branch which affects international relationships.
Moreover, many of these import and export regulations were made during the Trump administration in 2018 this demonstrates that the decisions made at the national level between other nations have an effect on the United States and its citizens. Not only do these government decisions affect the consumer but also the employee. Many U.S. workers are living abroad in China where they are employed in different factories that aid in the production of microchips, with the decision to stop production many of these U.S. workers will be left without jobs and be forced to make decisions on where they will live and if they decide to go back to the U.S. how will they get back? This can also relate to chapter seven” Regulation in Global Context” because in this case, the United States is hoping to protect society by delaying the advancement of microchips with a foreign competitor. The U.S. hopes that by making these regulations China will not be able to quickly create weapons of mass destruction that can later be used against the U.S. and even other countries in which there may be a conflict. Overall, government decisions regarding economic policy, international relations, and global regulations will have an impact on society and these decisions are being made every day.
- The government’s relationship with businesses can be either cooperative or adversarial. Various economic or social assistance policies significantly affect society, in which businesses must operate. Many government regulations also impact businesses directly. Managers must understand the objectives and effects of government policy and regulation, both at home and abroad, in order to conduct business in an ethical and legal manner.
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