1At the end of the 9th century and the beginning of the 20th century, in the west, capitalist countries formulated economic laws in a modern sense in order to overcome the blindness and lag of market regulation in the process of economic development and eliminate the obstacles of market competition. Its function is to deal with the economic crisis caused by market failure in social and economic development.

In the East, the victory of socialist revolution directly stimulated the emergence of socialist economic law. At that time, the function of economic law was relatively simple, that is, as a means for the state to implement economic policies and realize economic plans. Before China's reform and opening-up, the economic law has essentially become the trigger of the national administrative power order.

At present, with the gradual deepening of socialist market economy construction and reform and opening up, economic law has been