The Law and the Joint-Stock Company in Scotland *

the legal position of joint-stock companies in Scotland is usually ignored by writers on economics and economic history. When recognised, it is too frequently dismissed perfunctorily, as by H. A. Shannon, by stating, in contrast with English law, that ‘Scotch law was different and better’. ⁽¹⁾ Some indication of the differences and the superiority is clearly warranted, but it also demonstrates, first, the way in which after the Union of 1707 the assimilation of Scottish law and practice towards English customs took place even when the Scottish position was superior, and, second, that even the superior legal position in Scotland was not a crucial determinant of business enterprise.