The Economy and Economic Law

In recent years a major undertaking has been under way in our country to improve the mechanism of socialist management. The need for a serious improvement in the laws regulating economic life is directly associated with it. Shortcomings in the legal regulation of economic activity were noted by Comrade L. I. Brezhnev, secretary general of the CPSU Central Committee, in his speech to voters on June 14, 1974. "Unfortunately, these questions were for a long time not given the attention they deserved, and as a result many unsolved problems were accumulated in this regard. Thousands of different directives and instructions are in effect in each branch of the economy. Try to find your way through them! The more so since many of these instructions have become obsolete and contain unjustified limitations and petty regulation. This inhibits initiative and contradicts the new requirements which the economy now faces." As we see, the problem has matured and requires immediate solution, with no delay.