You have recently been elected president of the United States. One of your most popular positions is that you want to reduce the costs of doing business in the United States. When asked how you intend to accomplish this, you reply, “By seeking to repeal all laws that create unnecessary costs. Repealing such laws will be good not only for business but also for the consumer since product costs, and therefore selling prices, will be reduced.” Congress heard the message loud and clear and has decided to repeal all environmental protection laws.
a. Discuss the short- and long- term implications of such a policy.
b. How would such a policy affect the global competitiveness of U. S. companies?
c. What reactions would you expect to such a policy from (1) other industrialized nations and (2) developing countries?