What is deregulation? Describe two arguments used by supporters of deregulation and two arguments used by its detractors. Assess which set of arguments you find most persuasive
What will be an ideal response?
An ideal response will:
1, Define deregulation as the lifting of government regulations that place restrictions on business, industry, and professional activities.
2, Describe two of the following arguments in favor of deregulation: It removes regulations that are obstacles to a free market; it lowers prices, since businesses are not required to spend as much money to comply with regulations; it enhances American competitiveness abroad, since products will cost less to produce; and it eliminates regulations that have often failed to work as Congress intended.
3, Describe the two main arguments against deregulation: It could remove regulations that have worked well, such as pollution controls that help ensure clean air and water; and deregulated sectors of the economy such as the financial and energy industries suffered serious problems after they were deregulated.
4, Assess whether deregulation is likely to be beneficial.
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What will be an ideal response?