The department of commerce of the United States, Include something that has happened in the pass that involved the Department of commerce and what will we do without it
The department of commerce is in the United States is mandated with the authority of ensuring that there is sufficient economic growth, this means it has to encourage an environment that can nurture productive commercial activities that can lead to the improvement of the living standards of the people. it is also concerned with creating jobs for the citizens and ensuring that there is equitable distribution of resources and income that allows for proper commercial exploitation of the potential of the country.
Basic to its responsibility is establishing proper physical and human infrastructure that goes hand in hand with the technological advancements and sustains development of the business cycle. This can only be done through collecting data about the demographic distribution and commercial operations and then using the analysis of the data to make important decisions like which areas are best suited for the government to invest in so as to be able to sustain the desired aggregate supply and demand of goods and services.
In order to be able to meet the above responsibilities, the department plays the following roles in the economy of the country:
- Improves the level of technology and entrepreneurship- this is done by working hand in hand with universities to foster the spirit of invention and innovation in students and to ensure that there is hope for them after school.
- Creates a peaceful commercial environment – this is done by patenting commodities to ensure people’s ideas are protected and one earns from what they invented themselves.
- Creates job opportunities – this is by embracing technological and scientific ideas from the public, there is also the issue of making the public aware of any job opportunities available to them. This is through the media and all the entire fourth estate.
- Distribution of commercial opportunities – this is done by assigning the department a budget of $7.5billion dollars annually, that is dedicated towards the increase in government investment and to cater for 47000 employees all over the country in terms of salaries, benefits and even pensions after they retire.
According to the congress house report of 2006, (pg 34-56), the latest role played by the department of commerce would be to increase commercial competitiveness domestically and globally by ensuring there are ways to protect investors from financial losses. Domestically there have been decreases in tariffs and increases in quotas to allow for business people to increase their production by importing more inputs and exporting more internationally. This has led to trade surplus and aids in appreciating the dollar.
Emerging markets has become the new source of revenue for more companies as they have gone international and franchised in different areas. In order to protect the investors from experiencing losses, the department has ensured that all companies that enter the emerging markets have registered with the newly founded Ex-Im bank. This allows for transfer of funds to legal companies in the other countries that have a good reputation. This has created security and has attracted more companies to join the emerging markets. Currently all the companies that have franchised to the emerging markets earn 75% of the revenues from outside the United States. This has led to increase in the countries’ GDP and increase the revenue earned by the government and consequently the investments made by the government.
Increase in exploitation of the global market has led to increase in job opportunities and business ventures by the American citizens. It has also exposed the American community to different technological advancements that can be used and aid in improving the current living standard of the people.
U.S. Department of Commerce: United States, Dept. of the Treasury. Bureau of Statistics, United States and Bureau of the Census, Statistical abstract of the United States, , (1992), Government Press, Washington D.C
United States. Congress. House. Committee on Appropriations, Department of Commerce and Related Agencies Appropriations for Commercial Services, (2006), Government Press, Washington D.C