“The modern world is built on two centuries of industrialisation. Much of that was built by equity finance which is built on limited liability.” (The Economist, 31 December 1999)Critically discuss this statement, giving reasons for your answer.

Below are two questions to answer, and both relate to UK commercial business law. Please split the entire word count equally between the two. I have attached a word document of what an EXAMPLE answer looks like.QUESTION ONE1.‘As the effects of globalisation and recession have affected business practices and regulation over the period since the promulgation of the Insolvency Act 1986, so too must insolvency systems evolve to meet the changing paradigm of economic recovery. In so doing, modern insolvency systems with effective forms of corporate rescue can play their part in recovering from financial crises by helping to create an environment where business failure and associated unemployment can be mitigated.’Critically discuss this statement, giving reasons for your answer.QUESTION 22. “The modern world is built on two centuries of industrialisation. Much of that was built by equity finance which is built on limited liability.” (The Economist, 31 December 1999)Critically discuss this statement, giving reasons for your answer.