Macro-control power: from decentralization to control

Abstract

Legal control of macroeconomic regulation power is a core proposition in the science of economic law, and is served as one of the key links to make macro-control (policies and measures implemented by the government to regulate the operation of market economy) ruled by law. Legal control of macroeconomic regulation power can be summarized into three methods: to acknowledge economic right of social agents (special interest groups, lobbies, and their representatives) by law; to safeguard economic power of social people (the public) by law; to decentralize macro-control power by law. By analysis, this article reaches the conclusion that the first method (to decentralize macro-control power by law) is the main method of legal control of macroeconomic regulation power. This is why it is necessary for China, in the transition period, to decentralize the macro-control power into the macro-control decision-making power, macro-control executive power, and macro-control supervision power in order to legally control macro-control power through mutual restraints and combined action.

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2014 Higher Education Press and Thomson Reuters