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POLI 354 (26)

Britain Trade Policies - Power Money and Trade

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McGill University
Political Science
POLI 354
Mark Brawley

Britains refusal to retaliate on tariffsth All countries moved away from trade liberalization in the late 19 century Britain however maintained the policies of free trade refusing to retaliate Why did Britain not retaliateThe system level view Britains hegemonic position in the international system Britains pound was widely used to finance trade British ships carried a vast amount of world tradeBritish firms dominated the international insurance industry Britains balance of paymentsBritain had been running a trade deficit in tangible goodsbut making a great surplus in invisiblesespecially in terms of interest earned on overseas investments Its economic welfare rested with its continuation Retaliations by Britain might have sparked tariff warswith others retaliating in kind and the hole system closing down This would destroy the competitive services and investments British supremacy rested onMarxist PerspectiveImmanuel Waller stein Apply coreperiphery models
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