Meaning of Economic Law

What is Economic Law:

Economic law is a branch of law whose Established legal rules are intended to organize, discipline and control the administrative powers of public administration and promote entrepreneurship in private administration.

Economic law can also be understood as the set of administrative rules on which economic policies are established, as a measure to regulate the actions of the State on the economic system.

The origin of economic law arose as societies grew and developed the exchange of goods or services, which gave rise to various methods of transactions. For this reason, economic law has the function of ensuring the functioning of the economy of a country.

Economic law seeks, in general terms, to assign to the State an efficient regulatory power, promote market mechanisms, sanction acts that are outside the established regulations and concert the interests that promote national and international economic activity and the private sector.

Meanwhile, the law is a set of norms of great importance for the State since they reflect part of history and frame the behavior and evolution of the economic activity of a country or a region.

See also the meaning of Law.

Characteristics of economic law

Economic law is characterized by directing, according to established laws, how economic activity should be carried out in an organized manner in all the aspects it covers.

  • economic law is humanist because it has man as its center and is not related to other economic adjustments of a structural nature.
  • It is dynamic Y adaptable to the new economic processes promoted by the technological and productive development of goods and services.
  • Economic law can be complex by having regulations that favor a productive sector but that in turn disadvantage other economic and production sectors.
  • It is concrete due to the regulations in which it is understood that economic law only covers economic activity.
  • It is National and international because economic and commercial activity seeks to cross borders and expand the economic spaces it encompasses.
  • economic law is multidisciplinary and interdisciplinary since it is also part of different disciplines with which it is related, for example, politics, society, culture, among others.
You may be interested:  The 21 Most Important Values ​​in Society and Their Meanings

international economic law

International economic law is the set of rules that regulate international economic operations and relations and governs the processes of production of goods and their exchange when they transcend borders between one country and another.

However, the regulations that regulate international economic exchanges may also be governed by different legal systems of both public international law, private international law or the internal law of each country.

Therefore, the purpose of international economic law is to use international law, public law and private law to regulate and integrate the economic systems involved in marketing processes.

Examples of economic law

Economic law covers different spaces that involve development processes, international relations and entrepreneurship that seek to strengthen the economic and financial levels of a nation.

Economic law is transversal and works together with other established rights in favor of economic development.

For example, the right to work has among its purposes the protection and support of public, private and entrepreneurial economic activities of large, medium or small companies, which generate well-being and quality of life for individuals.

On the other hand, economic law also promotes freedom of trade, to export and import products and thus expand commercial markets as part of a process of economic globalization and in order to generate jobs, commercial relations and market positioning.

Mexican economic law

The author Jorge Witker states that economic law is a regulation that exposes the intervention of the State in all those economic matters that must be regulated and administered, in turn, by the political and administrative structures of the nation.

You may be interested:  Meaning of Political Left

In Mexico, economic law is characterized by having evolved through its political, social and economic history. The Mexican State is in charge of intervening and regulating the relations between capital and labor, in order to direct the economic process towards general interests.

However, it is a challenge to adapt economic regulations in order to adapt their purposes to the realities of the market, political relations and new creative economic methodologies that promote the legal updating of laws.