Economic law

[8] Depending on the type of capitalism, the economic laws that govern that particular system have different levels of restrictions for the state, market and property owners.

[9] Characteristics of capitalism include the private ownership of property and the intention of production being the sales of the produced goods and services into the market.

With regards to the role of the government, the primary responsibility of the state is to ensure there is an effective infrastructure for businesses to conduct in a free market society, where private ownership is key.

This involves laws regulating economic activity favouring minimal government intervention of a business's competitive landscape.

[9][12] CMEs place less emphasis on the market and competition as laws that tend to govern their economic outcomes prioritise the collaboration between various stakeholders.

[9][13] Socialism is a philosophy that asserts political and economic systems should entail public ownership of the means of production.

[15] Laws that govern a socialist economies are collectivist in nature and seek to produce egalitarian outcomes.

These firms collude and create rather than respond to market demand through fixing prices and dedicating funds to lobbying for favourable policies.

Some of these include the Association of Southeast Asian Nations (ASEAN), the Asia-Pacific Economic Cooperation and the European Union.

Members of the WTO negotiated the terms of regulating intellectual property in the global economic systems.

[28][38] Countries that borrow money from the IMF receive financial support under the condition that they implement a set of policy reforms.