Viewing: January, 2015

Jan 6

January 6, 2015

Market Failures

Market Failures

The Gulf of Mexico oil spill drew much attention concerning possible market failures which led to both the British Petroleum and the US government on the spot. The market failures resulted heavily from the breach of oil drilling protocol and requirements that had been outlined to regulate the sector. Firstly, the BP Company, in the aftermath of the disaster, failed to take full responsibility and take corrective measures to the affected including the environment as well as the society. Firstly,…

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