The discipline arose partly out of a critique of trade unions and U.S. antitrust law. Banking law and financial regulation set minimum standards on the amounts of capital banks must hold, and rules about best practice for investment. This is to insure against the risk of economic crises, such as the Wall Street Crash of 1929. Law and commerceCompany law sprang from the law of trusts, on the principle of separating ownership of property and control. The law of the modern company began with the Joint Stock Companies Act 1856, passed in the United Kingdom, which provided investors with a simple registration procedure to gain limited liability under the separate legal personality of the corporation.
- Canon law is only in use by members of the Catholic Church, the Eastern Orthodox Church and the Anglican Communion.
- This partly reflected Germany’s status as a rising power in the late 19th century.