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Abstract
The essay explores the role of political institutions and political actors in influencing business activities in our modern society. Political Institutions play a significant role in establishing policies that facilitate economic empowerment and political stability in nations. Governments endeavor to strengthen political institutions by formulating laws that guide how such institutions exercise their responsibilities. The essay further explains how political actors have constantly kept the political institution in check, shown by the voting pattern during elections and how their demands on policy issues are handled by the political systems in place. Finally, the essay assesses how the two entities influence the economic growth and sustainability of the business.
Introduction
Political institutions have played an important role in influencing the decisions that have characterized the functioning of political actors; these two entities operate hand in hand to create an environment of mutual co-existence. This has been viewed as the rule of the game in any political field (Ward & Steward, 2006, p.217).
The interaction that occurs between these players has shaped the role of business. Consequently, this has exceeded the way different organization that seeks profit maximization to be influenced by policies outlined by the two entities (Brett, 2006, p.76). The policies that have shaped interaction within the two entities range from political, business management, public relations among other disciplines.
Social Issues
Social issues have been a major aspect in defining how businesses operate and it has created an area of concern for both Political institutions and political actors (Ward & Steward, 2006, p.112). Social issues in a given country reflect the image of its government and the political structures that govern it. Among the major functions of political actors in the formulation of sound Business policies meant to drive a country’s economy.
The issue of individual institutions exercising all the functions of overseeing the implementation of a variety of social issues is a major hindrance to business growth and development (Ward & Steward, 2006, p.166). This is because it creates dominancy and tends to create favoritism on policies that seem to favor their interests. Having elaborate and diverse institutions creates a competitive arena, which is anchored in the constitution enhances the protection of diverse businesses and facilitates vibrant growth of the economy across the country (Ward & Steward, 2006, p.187).
Political Institutions versus Political Actors
The relationship developed between political institutions and political actors is important for the growth and development of businesses. Political institutions play an important role in addressing issues of public concern, they also regulate how businesses are conducted (Weller, 2004, p.44). In this sense, government agencies are viewed as the only institutions directly concerned with the welfare of the society, while the business sector is regarded as the economic stimulant (Weller, 2004, p.56).
Some business firms attempt to influence the political environment to favor their business ways, mainly through the corporate social responsibility strategy (summers, 2006, p.78). The firms use the corporate social responsibility strategy to create public awareness of their business activities and reach out to more potential customers. The firms use CSR to create and develop a relationship with both political actors and political institutions. It is assumed that their relations with the political world enable them to achieve economic survival (summers, 2006, p.98).
Political institutions also promote the outcomes of policies that fit their interests. This directly influences the people concerned.
The policies formulated are important for political actors i.e. the representatives of the parties involved (Williams, 2004, p.70). Whether the political actors have direct influence over the policies or simply their re-election, they will always select a policy based on their interests (Brett, 2006, p.53).
Political Institutions and elections
Political systems and political actors contribute greatly to the voting pattern during elections and consequently influence the outcomes. A Government that is for economic expansion and growth is always supported by political actors. Their support is on the expectations derived from the promises made, and the demands that the political actors have negotiated for before the formation of such a government (Cowan, 2004, p.35).
Policies such as; economic growth, employment opportunities, and business protection laws, encourage the popularity of a government that embodies them. The electorate has also been viewed as an important institution in assessing the economic condition, especially during election time (Cowan, 2004, p.76). The electorate does not consider anticipating the future and the outcome of the election because they do not have much expectation of what the newly elected party will do to promote businesses. This is because the electorate does not fully understand the trend of the economy (Economou, 2006, p.69).
Moreover, the party systems and affiliations to elected politicians have influenced how policies are formulated to the benefit of interested players especially the political actors (Economou, 2006, p.89). When politicians formulate policies that encourage and maximize business support and development they maximize the votes of the political actors and the population who are enticed by the policies.
Championing powerful trade unions and the establishment of welfare institutions that serve to protect businesses boost the popularity of politicians. Politicians who advocate for better pay in situations of inflations and provide good pensioners packages while in government institutions stand a better chance of being elected. With such politicians, the electorate feels that their economic wellbeing and their welfare will be better handled by political institutions.
Politicians
pledges economic policies support business establishment so that the political actors can feel sure of their interests have been accounted for. Elections cause parties to have internal cohesion to a force that promotes their political interests. This affects legislation and the formulation of policies that attract public interests (Parkin, et al., 2004, p.212).
Political institutions, therefore, tend to be inclined on three important aspects to influence their survival this include; pre-occupation in strategizing how they can win the elections and in doing this, they do anything possible within their means to maximize the number of votes they need, secondly, on the economic aspect, they tend to have good policies that influence the elector’s preference to manipulate the pattern to favor their side and thirdly, the government manipulates the economic status of its businesses and resources to enable it to stand a better chance of being re-elected (Parkin, et al.,2004,p.111). These factors are complex and controversial for instance; it is surprising that, if a politician has no concern of winning the election, this shouldn’t be a driving factor motivation.
The elected politician is not alone in exciting how the policies should be formulated but he or she is the one who influences policy outcome with the help of political institutions (Eccleston, et al., 2009, p.156). The bureaucracies existing and the popularity of party systems and media hamper politicians. The capacity of voters voting on economic policies they prefer is contentious and has been a challenge for political actors (Eccleston, et al., 2009, p.168).
Political actors prefer a government that is democratically elected based on economic policy that they prefer fit for its citizens. Such a government facilitates; the establishment of strong democratic institutions in favor of businesses (Eccleston, et al., 2009, p.190). The government elected allows; formulating powers to control the level of employment in the economy either for a short term or on a long-range plan during its term as a form of substitution, this allows the politicians to take advantage of these policies to enable them to secure more votes in the next election (Ward & Steward, 2006, p.200).
Conclusion
The sustainability of business in any given environment involves the mutual work of the institutions collaboratively. Political institutions play a major role in coming up with policies that enable other entities which rely on them to perform, however, their participation has been tied with stringed conditions which prevent freely operations. On the other hand, political actors’ efficiency has been made difficult with the role of political institutions in place; they do not have the freedom to exercise their potential to the benefit of the masses. For the growth of proper business survival and enhanced sustainability, political institutions are better placed to the development of business and enhancing prosperity.
References
Brett, J. (2006) The Liberal Party’, in Government, Politics, Power and Policy in Australia. New York, Pearson Education.
Cowan, P. (2004) Globalising Interest Groups and the Media, in Governing Business and Globalization. New York, Pearson Education.
Eccleston, R. Hollander, R. van Acker, E. and Williams, P. (2009) Politics for Business Students: a Comparative Introduction. New York, Pearson Education.
Economou, N. (2006) The Labor Party, in Government, Politics, Power and Policy in Australia. New York, Pearson Education.
Summers, J. (2006) Parliament and Responsible Government, in Government, Politics, Power and Policy in Australia. New York, Pearson Education.
Parkin, A, Summers, J. and Woodward, D. (2006) Government, Politics, Power and Policy in Australia. New York, Pearson Education.
Ward, I. and Stewart, R. G. (2006) Pressure Groups and Social Movements, in Politics One. London, Palgrave Macmillan.
Ward, I. and Stewart, R. G. (2006) Politics One, 3rd Ed. London, Palgrave Macmillan.
Ward, I. and Stewart, R. G. (2006) The Liberals and the Coalition, in Politics One. London, Palgrave Macmillan.
Weller, P. (2004) Parliament and Cabinet: The Centre of Government, in Governing Business and Globalization. New York, Pearson Education.
Williams, P. (2004) Australian Political Parties and Business Interests, in Governing Business and Globalization. New York, Pearson Education.
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