In light of the above quotation, critically analyse how the development of the trust, many centuries ago on a small island off western Europe, is still of relevance to the global economy of the 21st century.

Question:

“Equity is the means by which a system of law balances out the need for certainty in rule-making with the need to achieve fair results in individual circumstances” Alasdair Hudson, Equity & Trusts (8th ed.) p4).

In light of the above quotation, critically analyse how the development of the trust, many centuries ago on a small island off western Europe, is still of relevance to the global economy of the 21st century.