Conclusion
This concluding chapter reiterates the points made in the previous chapters to tell a story of how a commercial law was created by giving voice in law to broader political economic concerns. Although, as with the Factors Acts, there were instances of conflict between judges and merchants, the overall picture here is not one of judges pushing back against merchants riding the tide of economic progress. Unlike many modern courts, judges did not see their role as simply encouraging commercial activity. This was rooted in the wider belief that commercial activity was not per se desirable, as too much trade was causing economic instability. This was not a mindset specific to judges or lawyers. This analysis itself raises a broader question. Given that large joint stock companies were perceived of us inefficient and even immoral, why did England introduce general incorporation in 1844, and limited liability in 1855? The chapter draws from the foregoing analysis to make some observations.