10.23 - The Rise and Fall and Rise of International Trade...

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10/23/07 The Rise and Fall and Rise of International Trade The Rise of Free Trade in the 19 th Century -role of Britain -unilateral repeal of “Corn Tariff” opens up trade -1850- Britain is producing 2/3 of the world’s coal and many other industrial materials, along with controlling the world’s naval chokepoints -Britain is crucial to trade internationally -does not impose upon the continent, but is rather a model -results in the unification of countries -Germany and Italy -Liberalization of trade -slowdown in growth of world trade 1860s-90s -influx of cheap grain from US and Russia -US becomes more protectionist, Germany becomes protectionist -only Britain, Holland, and Denmark maintain complete free trade The Interwar Collapse -1920s-30s -early/mid 1920’s are successful, but the underlying structure was fragile -at the end of the 1920’s, agricultural prices drop -usually precedes a depression -“beggar thy neighbor” policy: US becomes protectionist to try and stimulate domestic trade -results in hurting international trade and hurting everyone -The Great Depression -Britain was not strong enough to bring the world out of depression -US was not willing to bring the world out of depression (protectionist)
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