"Economy-Law Interaction and Economy Law", (An International Perspective on Economic Law)


Mechnikov National University, International Congress of Sciences, Education and Technology Research, Odessa, Ukraine, 10 - 12 August 2018, vol.1, no.1, pp.566-572

  • Publication Type: Conference Paper / Full Text
  • Volume: 1
  • City: Odessa
  • Country: Ukraine
  • Page Numbers: pp.566-572
  • Istanbul University Affiliated: Yes



(An International Perspective on Economic Law)

Ass.Prof.Dr.Ferhat ERCİN[1] and Ass.Prof.Dr. Ali Osman BALKANLI[2]

After the great crisis of the 1930s, the world economy entered a recession, starting in the mid-1960s. Especially under the influence of the negative influence of the Vietnam War on the American economy, negative developments have spread to all countries in the world economy. These negativities unfolded in a rising trend until the 1973 oil crisis. After 1973, the crisis environment, which first started in developed economies, also began to encircle the other economies of the world. This situation started, both in developed economies and emerging economies, a discussion of the state's interventionist approach to the economy. In this debate, the place of the government in the economy and its regulatory function in economic transactions have become to be intensively debated.  For this reason, in discussing state-economy relations in the 21st century, our first point of reference is 1929 World Depression and the Keynesian economy, and our second reference point is 1973 Oil Crisis and the deregulation process. In order to fully understand the developments of the 21st century, we need to analyze this process thoroughly.

     It is obvious that the economy requires all economic relations to be appropriately regulated by legal rules in order to provide the ultimate aim of satisfying unlimited needs with limited resources. This, in turn, requires a close relationship between law and the economy. In other words, the proper functioning of the economy needs a proper legal system.  This vital link between economy and law; the effects of the economy on the law or the effects of the law on the economy rendered the economic theory of the law or the law of the economy to become very important. Therefore, especially, in Anglo-American Law, the mutual interaction between law and economics have begun to be investigated theoretically. At the moment, it is examined all over the world, especially in Law Faculties and Economics Faculties, both at undergraduate and graduate levels. For this reason, this article has been prepared in order to draw attention to this topic and to reveal its important economic effects.


[1] Law Sciences, Political Sciences Faculty, Istanbul University


[2] Economics, Political Sciences Faculty, Istanbul University