School of Management

The University of Texas at Dallas


Fall 2020



The Regulation of Business and Financial Markets



Peter Lewin


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FIN 6308.0W1

Regulation of Business and Financial Markets (3 Credits)

Online Class


| Course Info | Course Materials | Tech Requirements | Access and Navigation | ResourcesAssessments | Course Outline  | Scholastic Honesty | Course Evaluation | UTD Policies |



Course Information


Course Description


All business occurs within a particular legal and regulatory environment. This course will examine the structure and effects of that environment. The general theory of government regulation will be explained as it applies to various specific cases. Included will be such topics as the analysis of government regulations concerning safety, the environment, anti-trust, anti-discrimination, financial trading, health care and price controls. These topics will be examined within a general theoretical framework paying particular attention to comparisons between the impact of these laws and their apparent intent. The role of changes in technology, the political environment and other macro-global influences will be addressed.


My goal is to have students emerge from this course with a critical understanding of the regulatory environment in which business occurs. This environment is the result of the interaction between the legal structure and economic realities. Such a critical understanding would consist of the ability to assess the particular legal and regulatory structure and to understand how it works to achieve or fail to achieve its apparent purpose and how it affects other aspects of business life.


Course Format


The course consists of 7 lessons. See Course Outline for details. In addition to reading assignment from select books and articles, course materials will be provided. 


Instructor Information 


Instructor brief biography 

I was born and grew up in Johannesburg, South Africa. I received a BA (honors) degree in Economic and History from the University of the Witwatersrand in Johannesburg in 1969. In September 1972, after teaching at the business school there, I left to study at the University of Chicago. I received a Ph.D. in Economics from the University of Chicago in 1979. I was fortunate to have had four Nobel prize winners as teachers. In January 1979 I moved with my family to Dallas, where we have lived ever since. After seven years as an academic, I tried my hand in an entrepreneurial venture and joined a friend in a startup business called Soft Warehouse. Today it is called CompUSA. I was one of its founding shareholders. It was a difficult but very enlightening experience. In 1992 I decided to return to academics and have been with the UTD School of Management since 1997. I love my job. I have a passion for teaching and for economics. 


My wife and I were married in December 1969. We have four children and nine grandchildren.  


To see more about my professional and personal life visit my website at


Course Materials


The following two texts will serve as a guide to our discussions and are required. I have provided some online links where they may be purchased. There may be others.


·        The Economics of Public Issues by Roger Leroy Miller et. al., 20th edition, Addison Wesley, 2018. ISBN# 978-0134531984


·       Capitalism and Freedom by Milton Friedman, Paperback – Any edition will do (first published February 1963) University of Chicago Press; ISBN: # 0-226-264-01-7


o In addition, the following text may be of interest to those wishing to do some extra reading – during the course and after.

·        Free our Markets: A Citizen’s Guide to Essential Economics by Howard Baetjer, Paperback (or Kindle) Jane Philip Publications, LLC (July 4, 2013), ISBN#: 978-0984425426



Some online materials will be included in the class PowerPoint presentations and the suggested reading for each lesson will be indicated.


I will add links relevant to our discussions to the Supplementary Reading Resources in the eLearning module as we go along.


Please read this statement of general principles – now and often


Click here for a general reading guide for this course.


Course Outline


Part 1 – Principles of Regulation

Lesson 1


General Introduction: Regulation – its origins and effects. Regulation involves the truncation of ownership. It is both the product and cause of changes in economic incentives. An examination of various theories of government and regulation.

Lesson 2

Elementary Regulation: Price controls, tariffs, taxes, subsidies and quotas. Minimum wages, rent controls, salary caps.

Test 1 - Lessons 1 and 2

Part 2 – Monopoly and Anti-trust regulation

Lesson 3

Regulation of Monopoly: The development of anti-monopoly law in America. The current anti-trust environment.

Lesson 4

Occupational licensure: The economics of health care and other professions.

  Test 2 - Lessons 3 and 4

Part 3 – multiple applications

Lesson 5

Regulation of Labor: anti-discrimination, equal pay and equal employment opportunity, labor safety laws, unemployment insurance, labor unions.

Lesson 6

Capital Markets: Regulation of financial institutions

Lesson 7

Regulation of the use of the Natural Environment: The economics of the environment. Air pollution, hazardous materials, preservation of wildlife, depleteable resources.

Test 3 (final) - Lessons 5, 6 7 (25%) + All Lessons (25%)




Student Assessment:  Grading/Evaluation


Total Evaluation 125 points

Test One (covers lessons 1-2)

25 questions – 1 hour

09/17/20 (12 am) - 09/20/20 (11:59 pm)


Test Two (covers lessons 3-4)

25 questions – 1 hour

10/22/20 (12 am) - 10/25/20 (11:59 pm)


Test Three (final, lessons 5-7):

25 multiple choice questions, 25 multiple choice questions comprehensive and 5 short answer questions, 5-points each, comprehensive

55 questions – 21/2 hours

12/03/20 (12 am) - 12/06/20 (11:59 pm)


 Test Three consists of 55 questions. 

Questions 1-50 are multiple choice questions. Questions 51-55 are short answer questions. Each is worth 5-points. For each of the short answer questions write brief (to the point) notes explaining why you think the given statement is true, false or ambiguous. Credit for your answer depends on your explanation not on whether you consider it true, false or ambiguous. It is the "why" that matters. You have two and a half hours - so use your time wisely. 


PLEASE NOTE: This course will use Honorlock for the tests– an online exam proctoring tool. To successfully take an exam, you must have

·       a web camera with microphone

·       a laptop or desktop computer (no tablets/phones)

·       Chrome browser

·       a reliable internet connection

·       a photo ID.

You will be prompted to install the Honorlock Chrome Extension (which you can remove after you finish the test). You will then access the exam within your eLearning course and go through the authentication process. The web camera will monitor you throughout your test. Please see the Testing Guidelines and Support Information for additional information.


Please note the procedure for dealing with questions and concerns after taking a test. Once the test period has expired and the correct answers have been released, if you have questions or concerns (maybe an alternative interpretation of the question yielding a different answer), compose an email stating clearly your concern or what you do not understand for each question you wish to discuss and send it to me. Please reference the question by number and title (if available) and cut and paste as much of it as you can. I will take all such queries on a first-come/first-serve basis and get back to you as soon as I can with my answers.


Makeup tests will be allowed only for very special circumstances. There are NO extra credit assignments.


Please see below for further information on the tests.


You can check your grades by accessing “My Grade” icon under My Tools on the Course Menu after the grade for each assessment task is released.

Online Testing

You can access tests by clicking the "Assessments" link on the course Menu or the icon on the designated page and then clicking the available test title links. Each test is timed and can only be taken for ONE TIME within the scheduled time window. Please read the on-screen instructions carefully before you click “Begin Assessment”. After each quiz is graded and released, you may go back to the Assessments page and click “View All Submissions” to review your exam results.




There is a self-test available for each lesson module. Those are non-credit quizzes for self assessment. Please take the quiz after you finish each lesson.




University Policies Relevant for Students:

Scholastic Honesty

Comet Creed

This creed was voted on by the UT Dallas student body in 2014. It is a standard that Comets choose to live by and encourage others to do the same:

“As a Comet, I pledge honesty, integrity, and service in all that I do”


The University has policies and discipline procedures regarding scholastic dishonesty. Detailed information is available on the UTD Judicial Affairs web page. All students are expected to maintain a high level of responsibility with respect to academic honesty. Students who violate University rules on scholastic dishonesty are subject to disciplinary penalties, including the possibility of failure in the course and/or dismissal from the University. Since such dishonesty harms the individual, all students and the integrity of the University, policies on scholastic dishonesty will be strictly enforced.

Course Evaluation

Students are provided with an opportunity of completing an evaluation for each enrolled course at the end of the semester. An online instructional assessment form will be made available for your confidential use. An email notification will be sent to you towards the end of the semester.


Online behavior - Virtual Classroom Citizenship

The same guidelines that apply to traditional classes should be observed in the virtual classroom environment. Please use proper netiquette when interacting with class members and the professor.


Technical Requirements
In addition to a confident level of computer and Internet literacy, certain minimum technical requirements must be met to enable a successful learning experience. Please review the important technical requirements on the Getting Started with eLearning webpage

Course Access and Navigation   
The course can be accessed using the UT Dallas NetID account at: Please see the course access and navigation section of the site for more information.


To become familiar with the eLearning tool, please see the Student eLearning Tutorials


UT Dallas provides eLearning technical support 24 hours a day/7 days a week. The eLearning Support Center services include a toll free telephone number for immediate assistance (1-866-588-3192), email request service, and an online chat service.

This course utilizes online tools for interaction and communication. Some external communication tools such as regular email and a web conferencing tool may also be used during the semester. For more details, please visit the eLearning Tutorials webpage for video demonstrations on eLearning tools.


Student emails and discussion board messages will be answered within 3 working days under normal circumstances.

Distance Learning Student Resources
Online students have access to resources including the McDermott Library, Academic Advising, The Office of Student AccessAbility, and many others.
Please see the eLearning Current Students page for details.


Server Unavailability or Other Technical Difficulties

The University is committed to providing a reliable learning management system to all users. However, in the event of any unexpected server outage or any unusual technical difficulty which prevents students from completing a time sensitive assessment activity, the instructor will provide an appropriate accommodation based on the situation. Students should immediately report any problems to the instructor and also contact the online eLearning Help Desk The instructor and the eLearning Help Desk will work with the student to resolve any issues at the earliest possible time.


University Policies

General policies, including policies on Academic Honesty and Integrity.


Please go to for these policies.


Student Conduct & Discipline


The University of Texas System and The University of Texas at Dallas have rules and regulations for the orderly and efficient conduct of their business. It is the responsibility of each student and each student organization to be knowledgeable about the rules and regulations which govern student conduct and activities.


The University of Texas at Dallas administers student discipline within the procedures of recognized and established due process. Procedures are defined and described in the Rules and Regulations of the Board of Regents of the University of Texas System, Part 1, Chapter VI, Section 3, and in Title V, Rules on Student Services and Activities of the Course Syllabus Page 8, University’s Handbook of Operating Procedures. Copies of these rules and regulations are available to students in the Office of the Dean of Students, where staff members are available to assist students in interpreting the rules and regulations (SSB 4.400, 972/883- 6391).


A student at the university neither loses the rights nor escapes the responsibilities of citizenship. He or she is expected to obey federal, state, and local laws as well as the Regents’ Rules, university regulations, and administrative rules. Students are subject to discipline for violating the standards of conduct whether such conduct takes place on or off campus, or whether civil or criminal penalties are also imposed for such conduct.


The descriptions and timelines contained in this syllabus are subject to change at the discretion of the Professor


© Peter Lewin 2020.