The Renewal of the Indonesian Auction Regulation for Driving Economic Development in the Disruption Era: A Comparative Study of Indonesia and China
Keywords:
Auction, Regulation, Disruption Era.Abstract
The objective of this study is to analyze the effectiveness of auction regulatory policies in Indonesia during the disruption era, focusing on the effectiveness of current auction regulations and the conception of auction regulation reforms to support the national economy. The main concepts and theories that underpin the research is the theory of economic analysis of law with an emphasis on the efficiency aspect of regulation. This normative legal research that focuses on exploring norms or rules within statutory regulations while considering the empirical facts related to their implementation. This descriptive-analytical research employed a statute approach, and a conceptual approach. Data collection was conducted through a literature study supported by field studies. The results were then analyzed qualitatively, and conclusions were drawn based on the deductive method. The research reveals that the effectiveness of Indonesia's auction regulations is not significant because they do not substantively meet the aspects of value, utility, and efficiency for fulfilling the community's needs related to auction transactions in the disruption era. Based on a comparison with China, the renewal of Indonesian auctions regulation in disruption era is directed to modernize and simplify the business process through digitalized auction process with large private sector involvement, so that auctions can develop more massively so that they can provide great benefits for society. This article is expected to be one of the references for regulators in formulating auction regulation in disruption era and a contribution of thought in the field of economic and business law as well as reference material for other researchers in conducting further research on auction law.
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