Limitation of liability for maritime claims is an important system for the shipping industry. The original rationale for such a system was to encourage the shipping enterprise. However, in the changed world of the 21st century, the system has been under severe attack and has been described as "hopelessly anachronistic". Yet, the debate over repeal or retention of the system is far from settled. This book traces the history and development of limitation law around the world. It compares various limitation laws in operation under different legal regimes. In particular, it analytically scrutinizes the limitation systems under US law, Chinese law and international conventions. It explores the possibility of international uniformity of maritime limitation law and points out that complete uniformity will not be achieved unless the United States joins the international community. It concludes that although there is a need for reform of the system, limitation of liability for maritime claims is here to stay. This book also thoroughly examines the limitation system under the Chinese legal regime through comparison with US law and in the context of international conventions.