Economic Law Transforms Public-Private Divide, Empowers Governments to Shape Society
The article discusses how countries classify their legal systems into public law (related to national interests) and private law (related to private interests). In the 20th century, socialist countries started focusing on "social standard" values, leading to the emergence of economic law as a new branch of law. This shift occurred due to the limitations of relying solely on the market to regulate economies. As a result, countries worldwide began intervening more in society and the economy, giving rise to social law and economic law as new legal branches.