Law refers to a set of rules and regulations that are put in place by the authority in society with the aim of regulating the behavior of citizens. It has significant functions and roles in business and society. One of the key roles of law in business and society is to prosecute individuals who act contrary to the established rules. According to Carroll & Buchholtz (2008), the role of prosecuting individuals is achieved through criminal law, which involves cases between the state and individual. With the role of prosecution, law ensures that the individual under suit is imprisoned for a given number of years with punishment. In addition, the individual could also be required to pay a certain sum of money to the public as a form of punishment.
Another significant role of law in business and society is to provide the guideline through which individuals and business are supposed to operate in society. Mann & Roberts (2012) observe that this is achieved with adherence to the procedural law, which specifies the effective steps that are supposed to be observed by individuals and businesses in society. It ensures that individuals and businesses observe the set procedures hence promoting order in the entire society. Additionally, law plays the role of settling disputes among individuals. It ensures that businesses and individuals do not take the law into their own arms but follow the court procedure that would ultimately lead to an amicable solution of the entire issue. This ensures that there is continuous understandability among individuals and organizations. The case between Ciloppone and Ligget Group depicts this role. It is asserted that a federal statute enacted in 1969 requires that a conspicuous label be put on each packet of cigarettes sold in the United States. This is a definition of how cigarette manufacturers are supposed to operate in society according to the set laws.
One of the key functions of law in business and society is to promote respect for human rights and freedom in society. Human rights are those conventional rights that belong to human beings because of their human nature. Thus, law ensures that these fundamental rights are protected effectively hence ensuring that there are proper relations in the entire society. The protection of the fundamental human rights and freedoms ensures that business provide goods and services that are in line with the laws that are put in place. The goods and services provided by businesses must also not be tailored at harming the health of individuals. In cases where the goods and services are harmful, there should be a warning that would inform individuals prior to their consumption. The protection of the rights and freedoms of individuals ensures that there is proper respect of all individuals in society and business environment. For instance, in the case of Cipollone versus Ligget Group, the plaintiff asserted that the defendant was responsible for the death of his mother because he did not put a conspicuous warning highlighting the negativities of smoking cigarettes. The plaintiff perceived this omission as a breach of human rights and has to seek the assistance of the established laws in the country.
Law also protects the environment in business and then entire society. It must be noted that the environment is significant for effective living and conduct of business in society. With law, effective rules and regulations relating to the protection of the environment are set in order to ensure that there is safer conduct of operations. Mann & Roberts (2012) assert that business organizations that are involved in the destruction of the environment are prosecuted and required to pay according to the extent of the damage caused. Law ensures that it sets down the manner in which individuals and businesses manage the environment and improve it according to the required procedures. For instance, law ensures that businesses do not dispose off their wastes into rivers or other places that would likely hurt the environment and its surroundings. The protection of the environment ensures that there is effective conduct of businesses and relationships among individuals in society.
More so, law promotes the growth of the economy by allowing free competition among different businesses and individuals in society. Carroll & Buchholtz (2008) assert that the economy is a significant aspect of any country as it reflects the living conditions of individuals. With law, the economy is able to grow at levels that are projected by authorities and economic experts. Law plays the function of promoting the growth of the economy by putting in place significant rules and regulations to check effective economic growth. Law promotes the setting of economic goals and targets that assist in the achievement of the envisaged economic levels. In fact, law ensures that there is the elimination of illegal businesses that would likely hurt the economy. The elimination of illegal businesses ensures that there is significant economic growth in the country and local society. Economic growth promotes effective economic growth hence ensuring that the standards of living among individuals are at the highest levels as projected by authorities.