Pax Britanica and eroision of the regime

Pax Britanica and eroision of the regime - Pax Britanica...

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Pax Britanica : why does not free trade last? The characteristics of the free trade regime : It was created in this ad hoc fashion : Britain lowered its tariffs unilaterally only after 15 years the Cobden Chevalier treaty and the ripple effect of the bilateral treaties took place Implicit regime : we talk about it free trade, because countries lower their tariffs but the fall it is different. Britain for example kept some tariffs on luxury goods and alcohol , it was not complete trade. The exceptions vary from one place to another. Nothing spelled out in paper and the obligations are not explicit If you violate the principle of the free trade , what happens depends on the reaction of the other actors The grain prices dropped , this is good if you are a worker but it is very bad if you are a farmer, some other prices likes Canada became more competitive and better on the market, what happens then? The Regime begins to Erode : 1. The Meline Tariff in France : it had a lot of support. Meline is associated with agricultural interests and people in the cities and industrial interest. HE got them to
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Pax Britanica and eroision of the regime - Pax Britanica...

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