12. Economic Law

In the legal theory of civil law system, the division of public law and private law is a basic legal classification method, which has become the common structure used by countries with codification tradition in establishing their legal system. Public law is the law involving national interests, while private law is the law protecting private interests. Since the twentieth century, the establishment and development of the socialist countries, “public law of private law” and “the trend of public law of private law” and the legal values to turn to “social standard”, the traditional public law and private law division theory, there have been some neither belongs to public law nor belongs to the legal department of private law, economic law is one of them. After experiencing the capitalist economic crisis and realizing the limitations of the “invisible hand” of the market, countries around the world have strengthened their macro-intervention in all aspects of society and economy since the twentieth century. In the West, two new branches of law have emerged, namely social law and economic law.