David Ricardo was a British political economist, politician, and member of Parliament. He is recognized as one of the most influential classical economists, alongside figures such as Thomas Malthus, Adam Smith and James Mill.
The Embargo Act of 1807 was a general trade embargo on all foreign nations that was enacted by the United States Congress. As a successor or replacement law for the 1806 Non-importation Act and passed as the Napoleonic Wars continued, it represented an escalation of attempts to persuade Britain to stop any impressment of American sailors and to respect American sovereignty and neutrality but also attempted to pressure France and other nations in the pursuit of general diplomatic and economic leverage.
The Walker Tariff was a set of tariff rates adopted by the United States in 1846. Enacted by the Democrats, it made substantial cuts in the high rates of the "Black Tariff" of 1842, enacted by the Whigs. It was based on a report by Secretary of the Treasury Robert J. Walker.
Free trade is a trade policy that does not restrict imports or exports. In government, free trade is predominantly advocated by political parties that hold economically liberal positions, while economic nationalist and left-wing political parties generally support protectionism, the opposite of free trade.
The Corn Laws were tariffs and other trade restrictions on imported food and corn enforced in the United Kingdom between 1815 and 1846. The word corn in British English denoted all cereal grains, including wheat, oats and barley. The laws were designed to keep corn prices high to favour domestic farmers, and represented British mercantilism. The Corn Laws blocked the import of cheap corn, initially by simply forbidding importation below a set price, and later by imposing steep import duties, making it too expensive to import it from abroad, even when food supplies were short. The House of Commons passed the corn law bill on 10 March 1815, the House of Lords on 20 March and the bill received royal assent on 23 March 1815.
Protectionism, sometimes referred to as trade protectionism, is the economic policy of restricting imports from other countries through methods such as tariffs on imported goods, import quotas, and a variety of other government regulations. Proponents argue that protectionist policies shield the producers, businesses, and workers of the import-competing sector in the country from foreign competitors and raise government revenue. Opponents argue that protectionist policies reduce trade, and adversely affect consumers in general as well as the producers and workers in export sectors, both in the country implementing protectionist policies and in the countries against which the protections are implemented.
The Navigation Acts, or more broadly the Acts of Trade and Navigation, were a long series of English laws that developed, promoted, and regulated English ships, shipping, trade, and commerce with other countries and with its own colonies. The laws also regulated England's fisheries and restricted foreign—including Scottish and Irish—participation in its colonial trade. While based on earlier precedents, they were first enacted in 1651 under the Commonwealth.
Charles Pelham Villiers was a British lawyer and politician from the aristocratic Villiers family. He sat in the House of Commons for 63 years, from 1835 to 1898, making him the longest-serving Member of Parliament (MP). He also holds the distinction of the oldest candidate to win a parliamentary seat, at 93. He was a radical and reformer who often collaborated with John Bright and had a noteworthy effect in the leadership of the Anti-Corn Law League, until its repeal in 1846. Lord Palmerston appointed him to the cabinet as president of the Poor-Law Board in 1859. His Public Works Act of 1863 opened job-creating schemes in public health projects. He progressed numerous other reforms, most notably the Metropolitan Poor Act of 1867. Florence Nightingale helped him formulate the reform, in particular, ensure professionalisation of nursing as part of the poor law regime, the workhouses of which erected public infirmaries under an Act of the same year. His political importance was overshadowed by his brother, the Earl of Clarendon, and undercut by the hostility of Gladstone.
The Anti–Corn Law League was a successful political movement in Great Britain aimed at the abolition of the unpopular Corn Laws, which protected landowners’ interests by levying taxes on imported wheat, thus raising the price of bread at a time when factory-owners were trying to cut wages. The League was a middle-class nationwide organisation that held many well-attended rallies on the premise that a crusade was needed to convince parliament to repeal the corn laws. Its long-term goals included the removal of feudal privileges, which it denounced as impeding progress, lowering economic well-being, and restricting freedom. The League played little role in the final act in 1846, when Sir Robert Peel led the successful battle for repeal. However, its experience provided a model that was widely adopted in Britain and other democratic nations to demonstrate the organisation of a political pressure group with the popular base.
The 1852 United Kingdom general election was a watershed in the formation of the modern political parties of Britain. Following 1852, the Tory/Conservative party became, more completely, the party of the rural aristocracy, while the Whig/Liberal party became the party of the rising urban bourgeoisie in Britain. The results of the election were extremely close in terms of the numbers of seats won by the two main parties.
Sir James Robert George Graham, 2nd Baronet was a British statesman, who notably served as Home Secretary and First Lord of the Admiralty. He was the eldest son of Sir James Graham, 1st Baronet, by Lady Catherine, eldest daughter of the 7th Earl of Galloway.
The Iron Act, also called the Importation, etc. Act 1749, was an Act of the Parliament of Great Britain, which was one of the legislative measures introduced within the system of Trade and Navigation Acts. The Act sought to increase the importation of pig and bar iron from its American colonies and to prevent the building of iron-related production facilities within these colonies, particularly in North America where these raw materials were identified. The dual purpose of the Act was to increase manufacturing capacity within Great Britain itself, and to limit potential competition from the colonies possessing the raw materials.
Manchester Liberalism comprises the political, economic and social movements of the 19th century that originated in Manchester, England. Led by Richard Cobden and John Bright, it won a wide hearing for its argument that free trade would lead to a more equitable society, making essential products available to all. Its most famous activity was the Anti-Corn Law League that called for repeal of the Corn Laws that kept food prices high. It expounded the social and economic implications of free trade and laissez-faire capitalism. The Manchester School took the theories of economic liberalism advocated by classical economists such as Adam Smith and made them the basis for government policy. It also promoted pacifism, anti-slavery, freedom of the press and separation of church and state.
A commercial treaty is a formal agreement between states for the purpose of establishing mutual rights and regulating conditions of trade. It is a bilateral act whereby definite arrangements are entered into by each contracting party towards the other—not mere concessions. According to Britannica, a treaty is a binding formal agreement, contract, or other written instrument that establishes obligations between two or more subjects of international law, primarily states and international organizations. The rules governing treaties between states are outlined in the Vienna Convention on the Law of Treaties (1969), while those pertaining to treaties between states and international organizations are specified in the Vienna Convention on the Law of Treaties Between States and International Organizations or Between International Organizations (1986). In essence, a treaty is a legally binding document that creates rights and responsibilities among parties. It is expected to be executed in good faith, adhering to the principle of pacta sunt servanda, which is arguably the oldest principle of international law.
The grain trade refers to the local and international trade in cereals such as wheat, barley, maize, and rice, and other food grains. Grain is an important trade item because it is easily stored and transported with limited spoilage, unlike other agricultural products. Healthy grain supply and trade is important to many societies, providing a caloric base for most food systems as well as important role in animal feed for animal agriculture.
A corn exchange is a building where merchants trade grains. The word "corn" in British English denotes all cereal grains, such as wheat and barley; in the United States these buildings were called grain exchanges. Such trade was common in towns and cities across the British Isles until the 19th century, but as the trade became centralised in the 20th century many such buildings were used for other purposes. Several have since become historical landmarks.
The Sugar Duties Acts 1846 were statutes of the United Kingdom which equalized import duties for sugar from British colonies. They were passed in 1846 at the same time as the repeal of the Corn laws by the Importation Act 1846. The acts, combined with the recent abolition of slavery, had a devastating effect on the profits of the Caribbean plantocracy, which had previously enjoyed reduced import duties. The Sugar Duties Act 1846 was a replacement for the Sugar Duties Act 1846.
Importation Act may refer to:
The great depression of British agriculture occurred during the late nineteenth century and is usually dated from 1873 to 1896. Contemporaneous with the global Long Depression, Britain's agricultural depression was caused by the dramatic fall in grain prices that followed the opening up of the American prairies to cultivation in the 1870s and the advent of cheap transportation with the rise of steamships. British agriculture did not recover from this depression until after the Second World War. Other countries in Western Europe such as the Netherlands experienced the same agricultural crisis (1878–1895) as a result of the market being flooded by cheap grain from the United States and Canada.
The 1766 food riots took place across England in response to rises in the prices of wheat and other cereals following a series of poor harvests. Riots were sparked by the first largescale exports of grain in August and peaked in September–October. Around 131 riots were recorded, though many were relatively non-violent. In many cases traders and farmers were forced by the rioters to sell their wares at lower rates. In some instances, violence occurred with shops and warehouses looted and mills destroyed. There were riots in many towns and villages across the country but particularly in the South West and the Midlands, which included the Nottingham cheese riot.
