The Efficiency of the Economy in the Globalization Market: The Direction, Course, and Application of the Economic Legal System Based on Pancasila

Abstract

Global trade in Indonesia does not follow the direction of Pancasila so a direction of economic law based on Pancasila is needed. This study aims to compare the market model from the perspective of capitalism, socialism, and Islam and to analyze the direction of Pancasila in the development of economic law in society 5.0 Era. The method in this study is descriptive qualitative with a statutory approach. The results of this study are that there are differences between the concept of global markets in a capitalist, socialist Pancasila, and Islamic perspective. The results of this study are a comparison between the market concept and there are differences between the global market concept in the perspective of capitalist, socialist Pancasila, and Islam. Therefore, the Pancasila market concept must be applicable in Indonesia while still paying attention to economic efficiency, and also global trade must not violate Pancasila. Keywords: economic law, global market, Pancasila