In the wake of worldwide economic turmoil and efforts toward recovery, understanding the interdependence of government and business is more important than ever. In this thoroughly updated edition, Lehne takes a comparative approach, evaluating the U.S. political economy with respect to those of Great Britain, Germany, Japan, and the EU. The book provides detailed historical context for, and a conceptual understanding of, the business-government environment, and then clarifies the roles of the major actors and outlines the regulatory and policy frameworks. Along the way, Lehne probes some of the most crucial dilemmas facing government and business today. Updates to this edition include: • expanded coverage of ethics as it relates to government and business; • greater attention to China in particular in the feature boxes on developing nations; and • a look at relations between government and business at the subnational level. A comprehensive glossary and chapter summaries enhance student learning.

Regulatory Policy

Regulatory policy

It was the best of times and the worst of times for the pharmaceutical industry. In 2004, worldwide sales of brand-name prescription drugs exceeded $500 billion for the first time in history.1 Eighty-two drugs earned the coveted “blockbuster” status by recording more than $1 billion in annual sales, and revenue growth in developing nations helped the principal pharmaceutical companies offset the gains made by biotech firms and generic-drug competitors. Pfizer maintained its position as the largest pharmaceutical company in the U.S. market with annual sales approaching $31 billion, followed by GlaxoSmithKline, Johnson & Johnson, and Merck.

At the same time, however, troubling aspects of the industry's conduct attracted public concern.2 Fewer new medications were being developed by the industry, and some observers ...

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