British trade policy in the 19th century: a review article

Abstract

Students of international economic history have long been aware of the many strong parallels between the century just ending and its immediate predecessor. In Ž both cases, a prolonged period of warfare and autarky the Napoleonic Wars, and . the period between 1914 and 1945 was succeeded by a lengthy boom, and a move towards greater globalization. While late 19th century globalization was driven more by transport cost declines than trade liberalization, in contrast to the late 20th Ž . century experience O’Rourke and Williamson, 1999 , reductions in tariff barriers Ž were an important part of both experiences, and the hegemons of the day the . United Kingdom in the 19th century, and the United States in the 20th were active in promoting free trade. However, in both countries initial unqualified enthusiasm for free trade gave way to alarm regarding its consequences, as foreign Ž competitors gained market share and converged on the economic leaders Bhag. wati and Irwin, 1987 . Ž . Cheryl Schonhardt-Bailey’s excellent The Rise of Free Trade RFT gathers together speeches, contemporary writing and extracts from parliamentary debates Ž relating to British trade policy between 1815 and 1906 the year in which free