Practical challenges to the law efficiency in the new relevant markets
Practical challenges to the law efficiency in the new relevant markets

Summary/Abstract: This fourth wave of industrial revolution, prone to be brought by the new technologies at the beginning of the 21st century, changes the economy in a radical fashion. The technological advance enabled the disruptive economies and an unprecedented rate of emerging markets. In the same time, an improved consciousness of the humanity added a self awareness about the role of the humans on the planet and their duty to enhance the life quality and sustainability of their interaction with the planet. The rapidity of the economical and social transformation induced a lag between the necessities imposed by the reality and the actual coverage of the law. Relying on a long tradition in efficient regulation and applicability of law, the European Union and its Member States assumed the efficiency of law unchallenged. Most of the problematic issues stemmed from the identifying the adequate instruments required for the law enforcement. The paradigm radically changed when the legislation unveiled considerable shortcomings in managing the newest behavioural trends in several emerging markets which challenged the capability of the regulatory system. As regards equally the supremacy of law and the obedience to the ordinary law, within a single regulatory system, the current economy ensues aspects that are difficult to grasp within the ongoing development of cyber physical systems, such as the ones assisted by Artificial Intelligence. The paper discusses the challenges and several conditions that the regulations should meet to overcome the problems.

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