Law is a system of rules and practices enforced by a central authority, such as a government or social institution. It is a set of rules which regulates human behavior, governs relationships and commerce, and shapes the fabric of society. Laws vary widely across societies, influencing cultural viewpoints on such issues as rationality, justice, morality, order, and honesty. The study of law is often referred to as legal philosophy or theory.
In a broad sense, “law” can also refer to the profession of lawyers and judges who serve as arbiters in civil and criminal proceedings. However, in a more specific sense, it refers to the body of laws which govern a particular geographic area, such as a nation.
Some of the most basic concepts in law deal with the nature and functions of governance and the relationship between citizens, including how rights are granted or denied and how punishment is imposed. A key principle is the concept of rule of law, whereby the people are governed by laws that are publicly disclosed and equally applied. This contrasts with the concept of law in a monarchy, wherein the ruler has the right to make exceptions and is not subject to the same rules as everyone else.
Another important aspect of law is the concept of justice, whereby each person is treated fairly, regardless of his or her wealth or status. This is reflected in the concept of equality before the law, which is fundamental to democracy. It is also a principle underlying much of modern constitutional law, and the concept of a fair trial, which is vital to criminal justice.
Other significant aspects of law include the regulation of businesses and public services, such as water, electricity, and gas. Such law is sometimes referred to as environmental or public utilities law. Banking law includes rules on the amount of capital that banks must maintain and guidelines for best practice. Property law outlines people’s ownership and duties toward tangible assets such as houses or cars, and intangible assets such as bank accounts or shares of stock.
The study of law is often rooted in the philosophical ideas of various cultures. Western legal thought traces back to ancient Greek and Roman philosophy, with later contributions by philosophers such as Jeremy Bentham and John Austin. Bentham’s utilitarian theory defines law as a set of commands, backed by threat of sanctions, issued by a sovereign that people have a habit of obeying. In contrast, natural law theorists such as Jean Jacques Rousseau believe that laws are inherent in the human conscience and reflect fundamental principles of morality.