Study Of Economic Law's Twisted Function And Influencing Dimensions Under The Background Of Social Transformation

As the product of modernity, Economic Law is born when market economy developed to some degree and legal system of society becomes mature. Government implement Economic Law in order to cope with the failure of market and the structural imbalance of economic.As a means of remedy, it has definite goal and function. To realize its magnificent mission and value is a long road. It replies on the effectiveness in its function extending and role playing in practice.The function and intention of Economic Law look like same concept but have fundamental differences.The three differences between the two lie in:intrinsic attributes and external hypothesis; constants and variables; descriptive and prescriptive. The essential function of economic law can be summarized as:1)to regulate the relationship between government and market; 2) to adjust the distribution relationship;3)to help market participants generating constant expectation; 4) to smooth the process of regulation and deregulation.The function of Economic Law had been twisted during social transformation in history. This article examined the validity and limitations of Economic Law by analyzing the U.S government regulation legislation between 1789 and 1920.By diagnosing the social roots and internal dynamic mechanism that resulted in its twisted function, the author demonstrated the limitations of the Economic Law with historical material.In this way, the study provided some suggestions as how to promote the function of Economic Law in reality.The primary goal of Economic Law is to ensure that self-regulation rule is fully established all over the market so that it is grows healthy and functions good. It is especially important to highlight this goal for countries like China, which is at the point of social transformation. Economic Law paved its path on realizing this goal by Multiple Track Mechanism, which refers to adjusting both by market and government.It is through the national adjusting mechanism that government achieved its basic responsibility of protecting market. Bold national adjustment is the premise for the realization of Economic Law's function. The establishment and effectiveness of national adjusting is the prior motivation of Economic Law. The latter's function is just the objective consequence of the former in the society.Based on the assumption on the condition of social transformation, Economic Law ultimately depends on the dimensions by which it influences the social and economic life. Through our demonstration, we come to the conclusion that the dimensions could be summarized as "three gang and one mu".Three gang refers to the definition, controllation, and protection of the rights.One mu refers to the re-distribution function that Economic Law takes.Three gang serves One mu for the aim of realistic fairness and ultimate justice in society. One mu is carried out in the whole process of Three mu. Gang raise, then Mu is realized. Definition, controllation and protection of rights are like the three sides of a tri-angle. Whereas re-distribution is like the height of a triangle. Re-distribution, definition, controllation, protection of rights, they constitute the four dimensions of the Economic Law's functioning at the background of social transformation.