diff --git a/lib/liquid.rb b/lib/liquid.rb
index 770d2f9..0e198bb 100644
--- a/lib/liquid.rb
+++ b/lib/liquid.rb
@@ -74,6 +74,7 @@ require 'liquid/condition'
 require 'liquid/utils'
 require 'liquid/tokenizer'
 require 'liquid/parse_context'
+require 'liquid/partial_cache'
 
 # Load all the tags of the standard library
 #
diff --git a/lib/liquid/context.rb b/lib/liquid/context.rb
index 2dcc6af..1b15ca7 100644
--- a/lib/liquid/context.rb
+++ b/lib/liquid/context.rb
@@ -12,17 +12,25 @@ module Liquid
   #
   #   context['bob']  #=> nil  class Context
   class Context
-    attr_reader :scopes, :errors, :registers, :environments, :resource_limits
+    attr_reader :scopes, :errors, :registers, :environments, :resource_limits, :static_registers, :static_environments
     attr_accessor :exception_renderer, :template_name, :partial, :global_filter, :strict_variables, :strict_filters
 
-    def initialize(environments = {}, outer_scope = {}, registers = {}, rethrow_errors = false, resource_limits = nil)
-      @environments     = [environments].flatten
-      @scopes           = [(outer_scope || {})]
-      @registers        = registers
-      @errors           = []
-      @partial          = false
-      @strict_variables = false
-      @resource_limits  = resource_limits || ResourceLimits.new(Template.default_resource_limits)
+    # rubocop:disable Metrics/ParameterLists
+    def self.build(environments: {}, outer_scope: {}, registers: {}, rethrow_errors: false, resource_limits: nil, static_registers: {}, static_environments: {})
+      new(environments, outer_scope, registers, rethrow_errors, resource_limits, static_registers, static_environments)
+    end
+
+    def initialize(environments = {}, outer_scope = {}, registers = {}, rethrow_errors = false, resource_limits = nil, static_registers = {}, static_environments = {})
+      @environments        = [environments].flatten
+      @static_environments = [static_environments].flatten.map(&:freeze).freeze
+      @scopes              = [(outer_scope || {})]
+      @registers           = registers
+      @static_registers    = static_registers.freeze
+      @errors              = []
+      @partial             = false
+      @strict_variables    = false
+      @resource_limits     = resource_limits || ResourceLimits.new(Template.default_resource_limits)
+      @base_scope_depth    = 0
       squash_instance_assigns_with_environments
 
       @this_stack_used = false
@@ -36,6 +44,7 @@ module Liquid
       @filters = []
       @global_filter = nil
     end
+    # rubocop:enable Metrics/ParameterLists
 
     def warnings
       @warnings ||= []
@@ -89,7 +98,7 @@ module Liquid
     # Push new local scope on the stack. use <tt>Context#stack</tt> instead
     def push(new_scope = {})
       @scopes.unshift(new_scope)
-      raise StackLevelError, "Nesting too deep".freeze if @scopes.length > Block::MAX_DEPTH
+      check_overflow
     end
 
     # Merge a hash of variables in the current local scope
@@ -126,6 +135,25 @@ module Liquid
       @this_stack_used = old_stack_used
     end
 
+    # Creates a new context inheriting resource limits, filters, environment etc.,
+    # but with an isolated scope.
+    def new_isolated_subcontext
+      check_overflow
+
+      Context.build(
+        resource_limits: resource_limits,
+        static_environments: static_environments,
+        static_registers: static_registers
+      ).tap do |subcontext|
+        subcontext.base_scope_depth = base_scope_depth + 1
+        subcontext.exception_renderer = exception_renderer
+        subcontext.filters = @filters
+        subcontext.strainer = nil
+        subcontext.errors = errors
+        subcontext.warnings = warnings
+      end
+    end
+
     def clear_instance_assigns
       @scopes[0] = {}
     end
@@ -164,25 +192,13 @@ module Liquid
       # This was changed from find() to find_index() because this is a very hot
       # path and find_index() is optimized in MRI to reduce object allocation
       index = @scopes.find_index { |s| s.key?(key) }
-      scope = @scopes[index] if index
 
-      variable = nil
-
-      if scope.nil?
-        @environments.each do |e|
-          variable = lookup_and_evaluate(e, key, raise_on_not_found: raise_on_not_found)
-          # When lookup returned a value OR there is no value but the lookup also did not raise
-          # then it is the value we are looking for.
-          if !variable.nil? || @strict_variables && raise_on_not_found
-            scope = e
-            break
-          end
-        end
+      variable = if index
+        lookup_and_evaluate(@scopes[index], key, raise_on_not_found: raise_on_not_found)
+      else
+        try_variable_find_in_environments(key, raise_on_not_found: raise_on_not_found)
       end
 
-      scope ||= @environments.last || @scopes.last
-      variable ||= lookup_and_evaluate(scope, key, raise_on_not_found: raise_on_not_found)
-
       variable = variable.to_liquid
       variable.context = self if variable.respond_to?(:context=)
 
@@ -203,8 +219,38 @@ module Liquid
       end
     end
 
+    protected
+
+    attr_writer :base_scope_depth, :warnings, :errors, :strainer, :filters
+
     private
 
+    attr_reader :base_scope_depth
+
+    def try_variable_find_in_environments(key, raise_on_not_found:)
+      @environments.each do |environment|
+        found_variable = lookup_and_evaluate(environment, key, raise_on_not_found: raise_on_not_found)
+        if !found_variable.nil? || @strict_variables && raise_on_not_found
+          return found_variable
+        end
+      end
+      @static_environments.each do |environment|
+        found_variable = lookup_and_evaluate(environment, key, raise_on_not_found: raise_on_not_found)
+        if !found_variable.nil? || @strict_variables && raise_on_not_found
+          return found_variable
+        end
+      end
+      nil
+    end
+
+    def check_overflow
+      raise StackLevelError, "Nesting too deep".freeze if overflow?
+    end
+
+    def overflow?
+      base_scope_depth + @scopes.length > Block::MAX_DEPTH
+    end
+
     def internal_error
       # raise and catch to set backtrace and cause on exception
       raise Liquid::InternalError, 'internal'
diff --git a/lib/liquid/locales/en.yml b/lib/liquid/locales/en.yml
index 48b3b1d..c0a9aff 100644
--- a/lib/liquid/locales/en.yml
+++ b/lib/liquid/locales/en.yml
@@ -22,5 +22,6 @@
       tag_never_closed: "'%{block_name}' tag was never closed"
       meta_syntax_error: "Liquid syntax error: #{e.message}"
       table_row: "Syntax Error in 'table_row loop' - Valid syntax: table_row [item] in [collection] cols=3"
+      render: "Syntax error in tag 'render' - Template name must be a quoted string"
     argument:
       include: "Argument error in tag 'include' - Illegal template name"
diff --git a/lib/liquid/partial_cache.rb b/lib/liquid/partial_cache.rb
new file mode 100644
index 0000000..d0b8845
--- /dev/null
+++ b/lib/liquid/partial_cache.rb
@@ -0,0 +1,18 @@
+module Liquid
+  class PartialCache
+    def self.load(template_name, context:, parse_context:)
+      cached_partials = (context.registers[:cached_partials] ||= {})
+      cached = cached_partials[template_name]
+      return cached if cached
+
+      file_system = (context.registers[:file_system] ||= Liquid::Template.file_system)
+      source = file_system.read_template_file(template_name)
+      parse_context.partial = true
+
+      partial = Liquid::Template.parse(source, parse_context)
+      cached_partials[template_name] = partial
+    ensure
+      parse_context.partial = false
+    end
+  end
+end
diff --git a/lib/liquid/tags/include.rb b/lib/liquid/tags/include.rb
index 24acf9d..fd86ee4 100644
--- a/lib/liquid/tags/include.rb
+++ b/lib/liquid/tags/include.rb
@@ -46,7 +46,12 @@ module Liquid
       template_name = context.evaluate(@template_name_expr)
       raise ArgumentError.new(options[:locale].t("errors.argument.include")) unless template_name
 
-      partial = load_cached_partial(template_name, context)
+      partial = PartialCache.load(
+        template_name,
+        context: context,
+        parse_context: parse_context
+      )
+
       context_variable_name = template_name.split('/'.freeze).last
 
       variable = if @variable_name_expr
@@ -83,35 +88,9 @@ module Liquid
       output
     end
 
-    private
-
     alias_method :parse_context, :options
     private :parse_context
 
-    def load_cached_partial(template_name, context)
-      cached_partials = context.registers[:cached_partials] || {}
-
-      if cached = cached_partials[template_name]
-        return cached
-      end
-      source = read_template_from_file_system(context)
-      begin
-        parse_context.partial = true
-        partial = Liquid::Template.parse(source, parse_context)
-      ensure
-        parse_context.partial = false
-      end
-      cached_partials[template_name] = partial
-      context.registers[:cached_partials] = cached_partials
-      partial
-    end
-
-    def read_template_from_file_system(context)
-      file_system = context.registers[:file_system] || Liquid::Template.file_system
-
-      file_system.read_template_file(context.evaluate(@template_name_expr))
-    end
-
     class ParseTreeVisitor < Liquid::ParseTreeVisitor
       def children
         [
diff --git a/lib/liquid/tags/increment.rb b/lib/liquid/tags/increment.rb
index 5af1242..95875aa 100644
--- a/lib/liquid/tags/increment.rb
+++ b/lib/liquid/tags/increment.rb
@@ -23,6 +23,7 @@ module Liquid
     def render_to_output_buffer(context, output)
       value = context.environments.first[@variable] ||= 0
       context.environments.first[@variable] = value + 1
+
       output << value.to_s
       output
     end
diff --git a/lib/liquid/tags/render.rb b/lib/liquid/tags/render.rb
new file mode 100644
index 0000000..2e5310b
--- /dev/null
+++ b/lib/liquid/tags/render.rb
@@ -0,0 +1,54 @@
+module Liquid
+  class Render < Tag
+    Syntax = /(#{QuotedString})#{QuotedFragment}*/o
+
+    attr_reader :template_name_expr, :attributes
+
+    def initialize(tag_name, markup, options)
+      super
+
+      raise SyntaxError.new(options[:locale].t("errors.syntax.render".freeze)) unless markup =~ Syntax
+
+      template_name = $1
+
+      @template_name_expr = Expression.parse(template_name)
+
+      @attributes = {}
+      markup.scan(TagAttributes) do |key, value|
+        @attributes[key] = Expression.parse(value)
+      end
+    end
+
+    def render_to_output_buffer(context, output)
+      # Though we evaluate this here we will only ever parse it as a string literal.
+      template_name = context.evaluate(@template_name_expr)
+      raise ArgumentError.new(options[:locale].t("errors.argument.include")) unless template_name
+
+      partial = PartialCache.load(
+        template_name,
+        context: context,
+        parse_context: parse_context
+      )
+
+      inner_context = context.new_isolated_subcontext
+      inner_context.template_name = template_name
+      inner_context.partial = true
+      @attributes.each do |key, value|
+        inner_context[key] = context.evaluate(value)
+      end
+      partial.render_to_output_buffer(inner_context, output)
+
+      output
+    end
+
+    class ParseTreeVisitor < Liquid::ParseTreeVisitor
+      def children
+        [
+          @node.template_name_expr,
+        ] + @node.attributes.values
+      end
+    end
+  end
+
+  Template.register_tag('render'.freeze, Render)
+end
diff --git a/test/integration/tags/render_tag_test.rb b/test/integration/tags/render_tag_test.rb
new file mode 100644
index 0000000..a31d018
--- /dev/null
+++ b/test/integration/tags/render_tag_test.rb
@@ -0,0 +1,149 @@
+require 'test_helper'
+
+class RenderTagTest < Minitest::Test
+  include Liquid
+
+  def test_render_with_no_arguments
+    Liquid::Template.file_system = StubFileSystem.new('source' => 'rendered content')
+    assert_template_result 'rendered content', '{% render "source" %}'
+  end
+
+  def test_render_tag_looks_for_file_system_in_registers_first
+    file_system = StubFileSystem.new('pick_a_source' => 'from register file system')
+    assert_equal 'from register file system',
+      Template.parse('{% render "pick_a_source" %}').render!({}, registers: { file_system: file_system })
+  end
+
+  def test_render_passes_named_arguments_into_inner_scope
+    Liquid::Template.file_system = StubFileSystem.new('product' => '{{ inner_product.title }}')
+    assert_template_result 'My Product', '{% render "product", inner_product: outer_product %}',
+      'outer_product' => { 'title' => 'My Product' }
+  end
+
+  def test_render_accepts_literals_as_arguments
+    Liquid::Template.file_system = StubFileSystem.new('snippet' => '{{ price }}')
+    assert_template_result '123', '{% render "snippet", price: 123 %}'
+  end
+
+  def test_render_accepts_multiple_named_arguments
+    Liquid::Template.file_system = StubFileSystem.new('snippet' => '{{ one }} {{ two }}')
+    assert_template_result '1 2', '{% render "snippet", one: 1, two: 2 %}'
+  end
+
+  def test_render_does_not_inherit_parent_scope_variables
+    Liquid::Template.file_system = StubFileSystem.new('snippet' => '{{ outer_variable }}')
+    assert_template_result '', '{% assign outer_variable = "should not be visible" %}{% render "snippet" %}'
+  end
+
+  def test_render_does_not_inherit_variable_with_same_name_as_snippet
+    Liquid::Template.file_system = StubFileSystem.new('snippet' => '{{ snippet }}')
+    assert_template_result '', "{% assign snippet = 'should not be visible' %}{% render 'snippet' %}"
+  end
+
+  def test_render_sets_the_correct_template_name_for_errors
+    Liquid::Template.file_system = StubFileSystem.new('snippet' => '{{ unsafe }}')
+
+    with_taint_mode :error do
+      template = Liquid::Template.parse('{% render "snippet", unsafe: unsafe %}')
+      context = Context.new('unsafe' => (+'unsafe').tap(&:taint))
+      template.render(context)
+
+      assert_equal [Liquid::TaintedError], template.errors.map(&:class)
+      assert_equal 'snippet', template.errors.first.template_name
+    end
+  end
+
+  def test_render_sets_the_correct_template_name_for_warnings
+    Liquid::Template.file_system = StubFileSystem.new('snippet' => '{{ unsafe }}')
+
+    with_taint_mode :warn do
+      template = Liquid::Template.parse('{% render "snippet", unsafe: unsafe %}')
+      context = Context.new('unsafe' => (+'unsafe').tap(&:taint))
+      template.render(context)
+
+      assert_equal [Liquid::TaintedError], context.warnings.map(&:class)
+      assert_equal 'snippet', context.warnings.first.template_name
+    end
+  end
+
+  def test_render_does_not_mutate_parent_scope
+    Liquid::Template.file_system = StubFileSystem.new('snippet' => '{% assign inner = 1 %}')
+    assert_template_result '', "{% render 'snippet' %}{{ inner }}"
+  end
+
+  def test_nested_render_tag
+    Liquid::Template.file_system = StubFileSystem.new(
+      'one' => "one {% render 'two' %}",
+      'two' => 'two'
+    )
+    assert_template_result 'one two', "{% render 'one' %}"
+  end
+
+  def test_recursively_rendered_template_does_not_produce_endless_loop
+    Liquid::Template.file_system = StubFileSystem.new('loop' => '{% render "loop" %}')
+
+    assert_raises Liquid::StackLevelError do
+      Template.parse('{% render "loop" %}').render!
+    end
+  end
+
+  def test_includes_and_renders_count_towards_the_same_recursion_limit
+    Liquid::Template.file_system = StubFileSystem.new(
+      'loop_render' => '{% render "loop_include" %}',
+      'loop_include' => '{% include "loop_render" %}'
+    )
+
+    assert_raises Liquid::StackLevelError  do
+      Template.parse('{% render "loop_include" %}').render!
+    end
+  end
+
+  def test_dynamically_choosen_templates_are_not_allowed
+    Liquid::Template.file_system = StubFileSystem.new('snippet' => 'should not be rendered')
+
+    assert_raises Liquid::SyntaxError do
+      Liquid::Template.parse("{% assign name = 'snippet' %}{% render name %}")
+    end
+  end
+
+  def test_include_tag_caches_second_read_of_same_partial
+    file_system = StubFileSystem.new('snippet' => 'echo')
+    assert_equal 'echoecho',
+      Template.parse('{% render "snippet" %}{% render "snippet" %}')
+              .render!({}, registers: { file_system: file_system })
+    assert_equal 1, file_system.file_read_count
+  end
+
+  def test_render_tag_doesnt_cache_partials_across_renders
+    file_system = StubFileSystem.new('snippet' => 'my message')
+
+    assert_equal 'my message',
+      Template.parse('{% include "snippet" %}').render!({}, registers: { file_system: file_system })
+    assert_equal 1, file_system.file_read_count
+
+    assert_equal 'my message',
+      Template.parse('{% include "snippet" %}').render!({}, registers: { file_system: file_system })
+    assert_equal 2, file_system.file_read_count
+  end
+
+  def test_render_tag_within_if_statement
+    Liquid::Template.file_system = StubFileSystem.new('snippet' => 'my message')
+    assert_template_result 'my message', '{% if true %}{% render "snippet" %}{% endif %}'
+  end
+
+  def test_break_through_render
+    Liquid::Template.file_system = StubFileSystem.new('break' => '{% break %}')
+    assert_template_result '1', '{% for i in (1..3) %}{{ i }}{% break %}{{ i }}{% endfor %}'
+    assert_template_result '112233', '{% for i in (1..3) %}{{ i }}{% render "break" %}{{ i }}{% endfor %}'
+  end
+
+  def test_increment_is_isolated_between_renders
+    Liquid::Template.file_system = StubFileSystem.new('incr' => '{% increment %}')
+    assert_template_result '010', '{% increment %}{% increment %}{% render "incr" %}'
+  end
+
+  def test_decrement_is_isolated_between_renders
+    Liquid::Template.file_system = StubFileSystem.new('decr' => '{% decrement %}')
+    assert_template_result '-1-2-1', '{% decrement %}{% decrement %}{% render "decr" %}'
+  end
+end
diff --git a/test/test_helper.rb b/test/test_helper.rb
index 210333d..27a2434 100755
--- a/test/test_helper.rb
+++ b/test/test_helper.rb
@@ -121,3 +121,17 @@ class ErrorDrop < Liquid::Drop
     raise Exception, 'exception'
   end
 end
+
+class StubFileSystem
+  attr_reader :file_read_count
+
+  def initialize(values)
+    @file_read_count = 0
+    @values = values
+  end
+
+  def read_template_file(template_path)
+    @file_read_count += 1
+    @values.fetch(template_path)
+  end
+end
diff --git a/test/unit/context_unit_test.rb b/test/unit/context_unit_test.rb
index fab19b8..9252eb5 100644
--- a/test/unit/context_unit_test.rb
+++ b/test/unit/context_unit_test.rb
@@ -468,11 +468,79 @@ class ContextUnitTest < Minitest::Test
     assert_equal 'hi filtered', context.apply_global_filter('hi')
   end
 
+  def test_static_environments_are_read_with_lower_priority_than_environments
+    context = Context.build(
+      static_environments: { 'shadowed' => 'static', 'unshadowed' => 'static' },
+      environments: { 'shadowed' => 'dynamic' }
+    )
+
+    assert_equal 'dynamic', context['shadowed']
+    assert_equal 'static', context['unshadowed']
+  end
+
   def test_apply_global_filter_when_no_global_filter_exist
     context = Context.new
     assert_equal 'hi', context.apply_global_filter('hi')
   end
 
+  def test_new_isolated_subcontext_does_not_inherit_variables
+    super_context = Context.new
+    super_context['my_variable'] = 'some value'
+    subcontext = super_context.new_isolated_subcontext
+
+    assert_nil subcontext['my_variable']
+  end
+
+  def test_new_isolated_subcontext_inherits_static_environment
+    super_context = Context.build(static_environments: { 'my_environment_value' => 'my value' })
+    subcontext = super_context.new_isolated_subcontext
+
+    assert_equal 'my value', subcontext['my_environment_value']
+  end
+
+  def test_new_isolated_subcontext_inherits_resource_limits
+    resource_limits = ResourceLimits.new({})
+    super_context = Context.new({}, {}, {}, false, resource_limits)
+    subcontext = super_context.new_isolated_subcontext
+    assert_equal resource_limits, subcontext.resource_limits
+  end
+
+  def test_new_isolated_subcontext_inherits_exception_renderer
+    super_context = Context.new
+    super_context.exception_renderer = ->(_e) { 'my exception message' }
+    subcontext = super_context.new_isolated_subcontext
+    assert_equal 'my exception message', subcontext.handle_error(Liquid::Error.new)
+  end
+
+  def test_new_isolated_subcontext_does_not_inherit_non_static_registers
+    registers = {
+      my_register: :my_value
+    }
+    super_context = Context.new({}, {}, registers)
+    subcontext = super_context.new_isolated_subcontext
+    assert_nil subcontext.registers[:my_register]
+  end
+
+  def test_new_isolated_subcontext_inherits_static_registers
+    super_context = Context.build(static_registers: { my_register: :my_value })
+    subcontext = super_context.new_isolated_subcontext
+    assert_equal :my_value, subcontext.static_registers[:my_register]
+  end
+
+  def test_new_isolated_subcontext_inherits_filters
+    my_filter = Module.new do
+      def my_filter(*)
+        'my filter result'
+      end
+    end
+
+    super_context = Context.new
+    super_context.add_filters([my_filter])
+    subcontext = super_context.new_isolated_subcontext
+    template = Template.parse('{{ 123 | my_filter }}')
+    assert_equal 'my filter result', template.render(subcontext)
+  end
+
   private
 
   def assert_no_object_allocations
diff --git a/test/unit/partial_cache_unit_test.rb b/test/unit/partial_cache_unit_test.rb
new file mode 100644
index 0000000..29f1144
--- /dev/null
+++ b/test/unit/partial_cache_unit_test.rb
@@ -0,0 +1,91 @@
+require 'test_helper'
+
+class PartialCacheUnitTest < Minitest::Test
+  def test_uses_the_file_system_register_if_present
+    context = Liquid::Context.build(
+      registers: {
+        file_system: StubFileSystem.new('my_partial' => 'my partial body')
+      }
+    )
+
+    partial = Liquid::PartialCache.load(
+      'my_partial',
+      context: context,
+      parse_context: Liquid::ParseContext.new
+    )
+
+    assert_equal 'my partial body', partial.render
+  end
+
+  def test_reads_from_the_file_system_only_once_per_file
+    file_system = StubFileSystem.new('my_partial' => 'some partial body')
+    context = Liquid::Context.build(
+      registers: { file_system: file_system }
+    )
+
+    2.times do
+      Liquid::PartialCache.load(
+        'my_partial',
+        context: context,
+        parse_context: Liquid::ParseContext.new
+      )
+    end
+
+    assert_equal 1, file_system.file_read_count
+  end
+
+  def test_cache_state_is_stored_per_context
+    parse_context = Liquid::ParseContext.new
+    shared_file_system = StubFileSystem.new(
+      'my_partial' => 'my shared value'
+    )
+    context_one = Liquid::Context.build(
+      registers: {
+        file_system: shared_file_system
+      }
+    )
+    context_two = Liquid::Context.build(
+      registers: {
+        file_system: shared_file_system
+      }
+    )
+
+    2.times do
+      Liquid::PartialCache.load(
+        'my_partial',
+        context: context_one,
+        parse_context: parse_context
+      )
+    end
+
+    Liquid::PartialCache.load(
+      'my_partial',
+      context: context_two,
+      parse_context: parse_context
+    )
+
+    assert_equal 2, shared_file_system.file_read_count
+  end
+
+  def test_cache_is_not_broken_when_a_different_parse_context_is_used
+    file_system = StubFileSystem.new('my_partial' => 'some partial body')
+    context = Liquid::Context.build(
+      registers: { file_system: file_system }
+    )
+
+    Liquid::PartialCache.load(
+      'my_partial',
+      context: context,
+      parse_context: Liquid::ParseContext.new(my_key: 'value one')
+    )
+    Liquid::PartialCache.load(
+      'my_partial',
+      context: context,
+      parse_context: Liquid::ParseContext.new(my_key: 'value two')
+    )
+
+    # Technically what we care about is that the file was parsed twice,
+    # but measuring file reads is an OK proxy for this.
+    assert_equal 1, file_system.file_read_count
+  end
+end