Some branches of law
Here are some branches of law that are generally concerned with regulation and suchlike functions within the legal sphere.
Firstly there is Tax law, This is very self explanatory and deals with the rules and regulations on VAT or Value Added Tax, corporate tax, income tax and so on.
Then comes Banking Law. This discipline along with financial regulations does the vital task of setting a certain ceiling or standard to the amount of capital that a bank can hold or keep. Also, there are certain rules and regulations set for investment and better investment practices as well. This step is basically taken to ensure a certain degree of financial safety and security in case there is some sort of an economic crises. A burning example of an economic disaster would be the current economic recession that the global economy is still dealing with.
Regulation is another branch of law that deals with the regulations of public facilities and utilities. For example, there is the water law. Since the onset of privatization, even services like the public utilities have gone under private management and been taken away from the monopoly of the government. Nowadays, these provisions are managed by the private companies which had previously been done by the government. There are certain industries that are regulated in some countries and these are energy, water, gas and telecoms as well.
Then comes the Competition law, This is known as the antitrust law in the United States of America. This law goes back very far in the stages of history up to Roman history as well. This discipline of law is a very dynamic discipline and has really evolved over time. During the Roman times, there had been certain laws prevalent against price fixing and also there has been the restraint of trade doctrine. There is the modern competition law and that has happened with the United States anti-cartel and the anti-monopoly laws. These two laws are the Sherman Act and the Clayton Act respectively. The purpose of the competition law is basically to control the amount of competition and prevent any particular enterprise from monopolizing and influence the market such that others are put at a disadvantage for their gain. The welfare and betterment of the consumer is the primary goal here.
Then there is the specific Consumer Law which is again directed at protecting the rights of the consumer and making sure that they do not fall victim to any unfair business practices. This is a very wide ranging statute and includes many consumer related issues including unfair contracts and their clauses, airline baggage insurance and basically anything under the sun that can influence the consumer or can have any effect on the consumer.
Environmental Law talks about climate change and regulate the polluters in the atmosphere. This is very important in light of the increasing global crises in the world with relation to environment.
