Business, Market and the Law

Under the inspiration of liberal principles enshrined by the French Revolution, legal systems have recognized even at Constitutional level (Article 38 of the Spanish Constitution 1978) the freedom to compete within the framework of a market-based economy. Nevertheless, the proclamation of a market-based economy must be qualified by social nuances insofar as, regardless of recognizing private ownership and free economic initiative, public powers are entitled to intervene in the market by running economic activities (Article 128.2 Spanish Constitution) or by economic planning (Articles 38 and 131 Spanish Constitution).