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International Finance and Accounting

Abstract

There is no clear definition of the term "regulation" in the legal and economic literature. Some researchers consider and evaluate various definitions and try to make the term suitable for further analysis by systematization. Others almost completely refrain from defining regulation precisely. However, in order to outline the subject and due to the limited space, further definition of regulation is necessary. In this paper, regulation will be understood as the use of legal instruments to implement the goals of socio-economic policy. A characteristic feature of legal instruments is that the government can compel individuals or organizations to comply with prescribed behavior, taking into account the responsibility established by law. Corporations may be forced, for example, to set certain prices, supply certain goods, not work in certain markets, apply certain methods in the production process, or pay a statutory minimum wage. Sanctions may include fines, disclosure of violations, imprisonment, an order to take certain measures, an injunction to suspend certain actions, the sale of a business or the closure of a business.

References

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