This question government and business relationship in the view of 4 scholars given below.

Question

Q2. Contrast the views of Locke, Marx, Smith, Keynes, and Spencer on the nature and proper functions of government and on its relationship to business. Which views seem to you to provide the most adequate analysis of contemporary relations between business and government? Explain your answer fully.

Answer 1

To begin with, Keynes advocated for increased government spending, lower taxes to reduce recession. He supported lower taxes but Adam smith opposed it. What Keynes visualized was a government that can revive an economy. Smith encouraged ‘universal opulence’ and economic freedom with little government interference.  He highlighted three functions of government; provision of public goods, administrating justice, defending the nation against aggression, enforcing property rights. Smith endorsed strong government. Locke argues for a functional and equitable sustainable government, they must offer natural rights to its citizens. In Marx’s view, fairness can only be attained when there is an end to class inequity. Class exploitation should be limited. Spenser supports a government that protects citizen and their properties. Government should avoid over-legislation.