Question

Can we rely on (special) interest groups, especially ones we personally support, or does the market for new ideas need more regulation, or should the market rule?

Answer 1

An interest group refers to a group which tries to safeguard and promotes the interests of its members. It is not a political group seeking to capture political power, though it may have a political character of its own. An interest group can be defined as an association of persons with a common economic interest who try to influence government judicial decisions. For example, The Trade Unions, Minority groups, Farmers groups, Women groups etc.

Sometimes it is observed that political candidates accept money for their election campaigns. The existing literature demonstrates that the businesses with the most to gain from favourable public policy engage in the most and make campaign contributions or lobby politicians. In the interest of the general public, candidates should refrain from accepting monetary gains from the interest groups. Rather the government should engage more to help facilitate civic engagement that will allow people to feel more connected to the political and social community.

But largely interest groups contribute to the proper functioning of democracy. These interests groups are also called pressure groups as they pursue their political goals through lobbying. They distribute persuasive literature and launch public campaigns to build grass root support for their political objectives. They also provide legislators with a useful flow of information considering the interest of democracy.