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legal system of the United States and business activity.the legal system of the United States, what characteristics of the legal system do you think facilitates business activity? How do these characteristics of the legal system facility business activity?
First of all, we need to consider and discuss the fact that the U.S. legal system has consistently worked towards reducing "regulatory burdens," that is different regulations that tend to make the entire business process longer, more cumbersome and costly. In this sense, we may mention, among the measures that the government has put forth, ensuring that "the overall regulatory framework is as limited or streamlined as possible without comprising public objectives" and an efficient and transparent set of regulations that can be available for everybody interested in starting a business
. It is obvious, in this sense, that the U.S. legal system has efficiently minimized difficulties related to regulations needed when starting a business, including here documents, legal work, reducing overall time and cost spent.
On the other hand, and this is an example applicable to several industries, the U.S. legal system is a direct beneficiary of the protectionist policies that the government has implemented in several cases. This is the case for the steel industry. The U.S. steel industry has prospered not only because of an efficient production, but also because the legal framework used a protectionist policy in the industry, a policy that applied large custom taxes for steel imports from other countries. The examples may continue with the automobile industry and even with electronics in many cases.
Finally, the U.S. legal system encourages individual entrepreneurship. This is an undeniable fact and is legally realized by facilities for certain industries, including fiscal facilities, with a promotion component. For many private entrepreneurs, creating a business in the United States is often lacking the legal problems that may appear in Europe, for example.
Bibliography
1. Improving the Regulatory Framework for SMEs: Streamlining Business Formalization Procedures and Facilitating One-Stop-Services. GFA Holding. On the Internet at http://www.gfa-group.de/gfa_web_standardbeitrag/web_beitrag_2201.html
Improving the Regulatory Framework for SMEs: Streamlining Business Formalization Procedures and Facilitating One-Stop-Services. GFA Holding. On the Internet at http://www.gfa-group.de/gfa_web_standardbeitrag/web_beitrag_2201.html
Ibid.
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