Article by Hemant Batra*
Preface
The notion and concept of `Law and Economic Change’ needs to be understood in context of the cogent controls which law exerts on the fiscal and economic policies and directs the course of its development. One need not forget that management of economy by law may be extensive or limited and passive but it has to have one prime objective and that is to attain certain social objectives and economic development through the instrumentality of law, conducive to the situation. In other words, economic change and liberalization are intended to serve the purpose of efficiency.
In today’s civilized society life and law run side by side. No one can live without law, without being affected by law. Any society’s ethical values, attitudes and future aspirations are reflected by its law and legal system. Greater the respect for social manner and civil culture and lesser would be the need for formal systems of law.
