Business, Legal & Accounting Glossary
A government is an organized ruling structure for a political group. Governments are necessary to institute policy, rules, law, regulations, and mediation in communities. Governments are necessary to establish physical security for its people (through military and defence organizations). Governments also seek to ensure economic stability and livelihoods for their people via commerce, trade and/or government subsidy.
Governments can be on national, regional or local levels. Different types of governments support economic endeavours, entrepreneurship and economic growth in different ways, and to different degrees. Some known types of governments include democracy, dictatorship, and monarchy. A government is responsible for ensuring the social welfare of its people and also for providing gainful employment and educational opportunities. Governments are also responsible for coordinating and cooperating with international agencies to work towards global peace, progress and development.
In a democratic form of government, power lies with people who elect political parties or representatives to run a nation’s affairs. In a democracy, elections are conducted on a periodic basis to elect government representatives. An operational democracy is indicative of a nation’s freedom.
In a dictatorship, all powers of a government rest with a dictator. In the dictatorial form of government, incredible and supreme powers are vested with an individual and more often than not, it leads to negative situations.
In a monarchy, an individual, a king or queen, gets to rule a nation, with supreme authority and unlimited powers. A king or queen usually belongs to a family dynasty who have been acting as rulers of land for years together.
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This glossary post was last updated: 30th March, 2020 | 7 Views.