June 27, 2022
Economic Law

what is economic law economic

What is Economic law economic

The law typically refers to systems of legal statutes that largely govern the establishment of various commercial and economic practices these laws are usually created by the governing bodies of a particular country and can include different policies that regulate the ways.

In which business can be conducted within a country there are also international laws frequently established by one country or a body of countries together that determine the different ways, in which commercial deals and transactions can occur between international companies economic law can be fairly flexible or quite rigid depending on the economic theory governing a particular nation.

Economic law

often used synonymously with business or commercial law economic law is not always its own particular discipline this means that certain criminal and civil laws can govern business practices within a country while no specific set of economic laws are necessarily created the term economic law is therefore somewhat looser and meaning than civil or criminal law since the exact nature of the statutes created under this discipline can vary some countries may also have a number of different economic and commercial codes depending on the division of powers between federal and regional governments within a country the purpose of economic law is typically to set regulations and standards regarding.

what are acceptable types of behavior for businesses or other commercial ventures within a country these types of internal laws are often focused on microeconomics and regulating the ways?

In which businesses and consumers interact and engage in commerce with each other there are also international forms of economic law which are more concerned with macroeconomics and regulating the ways in which different countries can engage in trade such regulations may bee established by a single country controlling the way in which businesses within it can deal with companies and individuals outside of it or by multiple countries coming to an agreement much like other types of laws the regulations of economic law can vary quite a bit from one country to the next while criminal acts like murder theft and assault are often seen as moralistic absolutes the ways in which businesses interact can be far more morally ambivalent the economic system of a country such as a capitalist or communist economy usually has a tremendous impact on the way.

In which economic law is established and upheld within it one nation’s laws may allow for the establishment of monopolies in the implementation of public services by private companies while another country can forbid monopolization of industry and provide public services through government sponsorship and management.

economic laws in India

  • The Indian Contract Act (1872): Established the framework within which contracts can be executed and enforced.
  • Negotiable Instruments Act (1881): Set rules for promissory notes, bills of exchange, and checks.
  • Workmen’s Compensation Act (1923): Set the compensation to be paid by employers to injured workers.
  • Sale of Goods Act (1930): A mercantile law that complemented the Contract Act (see above).
  • Payment of Wages Act (1936): Established a minimum monthly salary for industrial and factory workers.
  • Industrial Disputes Act (1947): Provided for the investigation and settlement of industrial disputes.
  • Minimum Wages Act (1948): Fixed minimum pay rates for certain jobs.
  • Factories Act (1948): Regulated labor in factories.
  • Employees Provident Fund and Miscellaneous Provisions Act (1952): Established provident funds, family pensions, and other monetary benefits for factory employees.
  • Maternity Benefits Act (1961): Regulated post-childbirth time off for female employees.
  • Payment of Bonus Act (1965): Regulated bonus payments to be made to certain categories of employees on the basis of production, profit, or productivity.
  • Monopolies and Restrictive Trade Practices Act (1969): Established rules to prevent unfair concentrations of economic power.
  • Indian Patents Act (1970): Set rules for patent protection in India.
  • Payment of Gratuity Act (1972): Provided for payment of gratuities to Indian employees in certain industries.
  • Copyright Act (1975): Helped establish copyright protection in India.
  • Arbitration and Conciliation Act (1996): Set up to govern arbitration issues.
  • Geographical Indications of Goods Act (1999): Provided legal protection for goods originated in a particular area or region within India (examples include Darjeeling tea and Basmati rice).
  • Trademarks Act (1999): Helped establish trademark protection in India.
  • Designs Act (2000): Helped establish the protection of designs.
  • Competition Act (2002): Provided for the establishment of a commission that promotes competition, protects consumers and ensures freedom of trade.


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