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Lecture 14

Lecture 14.docx

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Department
Political Science
Course Code
POL208Y1
Professor
Lilach Gilady

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Lecture 14 The Repeal of the Corn Laws cont 1846 First significant shift towards free trade Urbanization Industrialization Electoral shift more capitalists voting Irish potato famine The UK does not create a conference to discuss policies towards corn and grains they unilaterally decided to not charge tariffs even though they didnft produce a lot of grains They allowed other grains to enter the UK without charging tariffs but british goods being exported were charged tariffs Unfairness unilateralism exploitation Why Industrialization transportation potential shift towards free trade in Europe Belief that B repealed the laws and other countries followed Very rapid growth of trade that happened suddenly at the end of 19th century What caused the peaks in trade at the end of 19th century and end of 20th century Trade prospers at times of British hegemony and visible political stability thanks to hegemony When there is no hegemon trade declines and countries resort to protectionism deflect scenario of Prisonerfs Dilemma Theoretical argument in order to have free trade and escape prisonerfs dilemma we need a hegemon we are going to have an increase in the amount of free trade When there is no hegemon countries resort to protectionism Why was Britain moving to free trade Thanks to the Industrial Revolution Britain comes at the top of the world and has an interest in diversifying their products and once they repealed their corn laws other countries followed with no agreement because it made economic sense In between both world wars there was no hegemon as US was succeeding Britain The Kindleberger Spiral It shows us the volume of trade starting in 1929 great depression and ending in 1933 Throughout the GD The volume of trade continues to contract and the depression gets worse and worse What creates the decline in trade More and more countries adopting protectionism because under the recession we have a lot of domestic
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