Baltic Journal of Economic Studies (Jan 2020)
BOUNDARIES OF CONSTITUTIONAL AND LEGAL REGULATION OF ECONOMIC RELATIONS
Abstract
It is found that the constitutional and legal norms undoubtedly have a significant impact on the economic system of any state. Models of the world's economic systems are established and guaranteed by a system of legal means, which, in turn, are subject to the constitutional and legal framework. It is specified that the sphere of constitutional and legal regulation of economic relations has been repeatedly explored in scientific research, however, the consensus on the scope of economic issues that should be subject to constitutional entrenchment has not been reached yet. The analysis of the world constitutional practice shows a tendency of strengthening the regulation of those relations that concern the economic organization of public life. This topic is relevant since not only the legal theory but also political practice enters into a heated debate over the above-mentioned issue. The authors argue that: 1) constitutional law regulates the place of the state in the political system of society and defines the principles of relations between the state and its non-state elements including the ways of resolving conflicts between them, limits of interference or even limits of its activity; 2) the boundaries of constitutional and legal regulation of economic relations should be determined, first of all, on the basis of considering fundamental relations for the economic system of the state, that is, the limits of constitutional regulation depend on the system of relations that are included in the concept of economic relations; 3) the system of relations that require constitutional and legal regulation should also include the establishment of an effective pricing mechanism, the exercise of control over monetary policy, the cancellation of restrictions on foreign trade activities, the development of an effective tax and budgetary system, regulation of financial reporting, etc.
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