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Coase and others like him wanted a change of approach, to put the burden of proof for positive results on a government that was intervening out there, by analysing the prices of action. The Court of Chancery, London, England, early nineteenth centuryEquity is a physique of rules that developed in England individually from the “widespread law”. The Lord Chancellor then again, because the King’s keeper of conscience, could overrule the judge-made law if he thought it equitable to do so. Whereas neither the widespread law nor civil law systems permit people to separate the possession from the management of one piece of property, equity permits this via an arrangement generally known as a belief. Trustees control property whereas the beneficial, or equitable, ownership of belief property is held by people generally recognized as beneficiaries.
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