The Discipline of Law
Law is the study of the rules and principles that govern a society or community. It can take the form of laws, customs, or policies recognized by judicial decision. It is a body of rules that governs society, and is distinct from a constitution. My mother, for example, had an absolute law that a person must eat a nourishing breakfast each morning. Law is also divided into criminal and civil procedures, with each dealing with the rules that govern court proceedings. The discipline of law is the study of the nature and purpose of the rules that govern a society.
The definition of law often raises the question of the degree of morality in law. John Austin, for example, defined law as “commands and threats issued by a sovereign.” On the other hand, natural lawyers claim that the rules and regulations of a society are based on moral laws in nature. This concept of “natural law” emerged in ancient Greek philosophy in connection with the notion of justice and was revived by Thomas Aquinas. The concept of natural law was not fully adopted into the law until the 20th century, when utilitarian theories began to dominate law.
Competition law, otherwise known as antitrust law, dates back to the Romans and has roots in anti-price-fixing decrees. Modern competition law focuses on businesses that distort the market with unfair prices. Financial regulation, in addition, sets standards for minimum capital required by banks and controls investment practices.