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Raising the minimum wage is an example of how the government can regulate business within a capitalistic society. There are many other areas in which the government provides regulatory oversight. Do you think that such oversight is necessary, or would market forces control business practices? There are many good arguments on both sides of the issue, so let me know where you stand.
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Capitalistic society
The government may see the need to create regulatory bodies that will set and
implement new rules in addition to the market forces to control the business practices. This
improves accountability and the economic system. Regulations are set to control the
changes occurring in business due to increase in private sectors, inflation, environmental
effects and changes in society. Market forces drive businesses to use the most economical
and available resources to produce an...
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