We explain what economic law is, its sources, subjects and other characteristics. Also, international economic law.
What is economic law?
Economic law is the law of political economy. This, which may seem like a tongue twister, means that economic law is a set of norms and concepts of public law, intended to facilitate the work of the State in economic planning. To this end, this discipline is related, for example, to commercial law.
Economic law can be defined, thus, as the right that the State has to regulate the concert of economic activities of a country, always in accordance with what is contemplated in the National Constitution and the laws. In that sense, it is evidence of the close link between law and economics.
See also: Economic policy
Characteristics of economic law
Economic law responds to the following characteristics:
- Traditionally It is classified into two aspects: the European traditional, which valued theoretical knowledge over practice; and the North American that values, precisely, the opposite.
- Establish a neutral set of “rules of the game” for the economic actors of society, in relation to the stock market, monetary, financial, and commercial and commercial matters in general.
- It has a multidisciplinary character given the diverse set of actions in the economic sphere with which it deals.
Sources of economic law
The sources of economic law are the basic economic principles contemplated in the Constitution.
Its primary sources are the same principles that guide the economic systems of a society, that is, the laws that constitute the Public Economic Order, and together with them the guidelines of international treaties signed by the nation.
Subjects of economic law
Economic law concerns a number of subjects, that is, economic actors who intervene in different ways and in different proportions in productive and commercial work.
That is, it is any human or legal person who is capable of carrying out legal acts and intervening in the economic process regardless of their nature and condition, will be considered subjects of economic law. Examples of this are:
- The State,
- banking institutions,
- securities agents,
- The companies,
- The consumer public.
International economic law
For its part, international economic law is a branch of international law that It is responsible for regulating commercial and commercial relations between public and private entities in different countries of the world, according to the guidelines and specifications of the international treaties that these nations subscribe to.
It is responsible for regulating the exchange of goods, services and financial assets between nations, multiple international organizations and other types of multilateral economic organizations.
Continue with: Environmental law
References
- “Economic law” on Wikipedia.
- “Economic Law” in Legal Encyclopedia.
- “Economic law” in Legal Dictionary.
- “Subjects of economic law” in the Digital Public School of the University of La Plata (Argentina).
- “Economic law today” (video) at the Free Faculty of Law of Chiapas (Mexico).
