Practical challenges to the law efficiency in the new relevant markets

Professor Adriana ALMĂŞAN

University of Bucharest, Faculty of Law

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...