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Law, the Pre-requisite of Trade and Industry—Study of Commercial and
Industrial Law-Common Law and Statute Law-The Law Merchant
-Character and Scope of Industrial Law.

§1. THE principles of ECONOMICS can operate only in an organized society, the members of which exhibit a certain amount of culture and possess political institutions, with a system of effective Law protecting both person and property. It is the last mentioned element to which we shall direct attention in this and the next following lesson, with reference especially to the elaborate system by which the English people is governed.

§ 2. And first a few remarks may be made as to the study of so much of it as concerns those whose career is or will be one in business. In the management of property and the satisfaction of one's requirements as a consumer, some knowledge, however little, but sound as far as it goes, of the principles according to which the enjoyment of such property is secured and dealings with others will be effectual in their object, is felt by all intelligent persons to be desirable. This becomes a matter of unquestionable importance for those who engage in any economic pursuit. The management of an industrial business, such as a cotton mill, or the exercise of any commercial calling, such as that of a general merchant,


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