The concept of limited liability, whereby the shareholders are not liable, in the last resort, for the debts of their company, can be traced back to the Romans.
And, according to Professor Hyman, this also weakened the power of local union activists like shop stewards, and unions adopted a more "strategic" use of power, where strike were the last resort, not the first course of action.
Moreover, they are disappointed that the government will not be insurer of last resort of the protection fund.
The plan must still be approved by Congress, but after the dust clears the Fed will not only serve as the lender of last resort to the ailing mortgage buyers but will also have a consultative role in their regulation.
That emergency liquidity has not followed the Bagehot formula for last resort lending, because there has been no penalty rate, and the institutions concerned are not necessarily solvent - notably the Greek ones.
These options have now been ruled out for Thames Valley but, in future, mergers and takeovers should not be regarded as the last resort: it may well be the best and quickest solution for an ailing university to be absorbed by another with successful courses, high standards, good management and a strong image.
As evidence that this policy has borne fruit, Celso Amorim, the foreign minister, points out that most of Brazil's trade is now with developing countries, thus anticipating Mr Obama's advice that the world should not rely on the United States as consumer of last resort.
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Rocholl added that the ECB has become a guarantor for the private and public sectors in the eurozone: "The ECB is more than a lender of last resort, not only to the banks, but also to nation-states, " he said.
The European Central Bank, which is not a lender of last resort even to banks in the euro zone, has been sniffy about lending to countries outside it.
Scheidies, who says the lawsuit is his last resort, is not seeking monetary damages but reserves the right to in the complaint.
The Fed acted not in competition with the private sector but as a lender of last resort during an extreme emergency.
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Mr Neill said the council would try to make some cuts by not filling vacancies, but warned that "in some cases the last resort will be about compulsory redundancies".
The Fed is the lender of last resort, not a wholesale tinkering machine.
But no, he has not ruled out the ECB acting as a lender of last resort for European financial institutions - particularly in the crisis economies.
Many biologists see cloning as a last resort since, unlike sex, it does not increase the genetic diversity of a population.
And he kept warning that the military option, by which he meant air strikes, not an invasion on the ground, was still on the table as a last resort.
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In a region well known for political turmoil, perhaps it has something to do with martial-arts fiction being the last resort of social justice, where wrongs are righted not through law and order seldom useful in the real world but with the arrival of the martial-arts heroes.
"The way Syria configured its chemical arsenal was essentially as a weapon of strategic deterrence, not really to be used on the battlefield, but as an instrument of last resort, " said Mr. Zanders of the EU Institute, likening Syria's capacity to use chemical weapons to how Israel treats its nuclear weapons.
Secret sessions would be used only as a last resort, when "a fair determination of the proceedings is not possible by other means".
As a last resort, the tempos can be used elsewhere in Nepal, but not in the towns of Pokhara and Lumbini, which rank in size after Katmandu.
On this view, the eurozone has a lot of problems, but at least it does not now have the added problems associated with being a currency area without a true lender of last resort.
"Commitment is not inevitably or always the most appropriate form of enforcement, particularly bearing in mind that imprisonment should be a last resort, " he said.
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Again that is not unusual at this time of year, but such steps are a last resort as they simply displace the problem rather than solve it.
However, as many noted that boast was not very credible as long as the funds had such limited resources - and there was no true "lender of last resort".
At the same time there is rising frustration that Germany will not allow the ECB to print money to buy the bonds of countries in trouble and to become the lender of last resort.
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