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Title:: Independent Regulatory Agencies as a Subject in Economic Law:From the Perspective of Marxist Theory of Social Agencies

Keywords:: independent regulatory agencies; subjects in economic law; interactive model

Abstract:: As early as in the middle of the 19th century, Marx and Engels had already predicted the rise of social agencies. Their prediction has been confirmed by the emergence and sound development of independent regulatory agencies in the major Western countries. As an important economic management body, independent regulatory agencies, characterized by their representation of public interests and integration of legislative, judiciary and administrative powers, are totally in accordance with the basic requirements of a subject in economic law, and thus it is urgent that their legal status be defined in the theories of the subjects in economic law. Taking independent regulatory agencies into consideration, theory of the subjects in economic law can be improved by distinguishing their legal status from that of the state and government: explaining the differences between the government’s legal statuses as subjects in economic law and administrative law respectively, and defining the legal status the social intermediate bodies have in economic law. Given the quick development of independent regulatory agencies, they will play a key intermediary role between the government and the market entities, and thus an interactive model of “government-independent regulatory agencies-market entity” will form between the three major subjects in economic law.