Comments on the Law of Social Economy - no. 219/2015 from Economic Efficiency and Ethics Points of View

The Law on Social Economy was recently enacted in Romania (August 2015), followed by its related enforcement guidelines, one year later (august 2016). Hereinafter, I have analysed the way in which this legislative document defines the Third Sector compared to previous definitions given by national legislation and the directions set out by the European Union. Even though the law complies with European definitions and criteria, the impact of this legislative initiative will depend, in my opinion, on classic Social Economy aspects (which occurred in the 19th century) which are not, however, stressed by the Law no. 219/2015: economic efficiency of social enterprises, the significance of complying with moral values, not just social goals, in the practice of economy, the self-help and entrepreneurial spirit which must be developed among the members themselves of vulnerable groups involved. This article points out the possible traps of the adopted approach and proposes a wider view over the social purpose that Social Economy could serve.