Corn Laws
From Wikipedia, the free encyclopedia
The Corn Laws, in force between 1815 and 1846, were import tariffs designed to support and protect domestic British corn prices against competition from less expensive foreign-grain imports.
The tariffs were introduced by the Importation Act 1815 (55 Geo. 3 c. 26) and repealed by the Importation Act 1846 (9 & 10 Vict. c. 22).
These laws are often viewed as a cornerstone of British mercantilism. According to David Cody, they:
... were designed to protect English landholders by encouraging the export and limiting the import of corn when prices fell below a fixed point. They were eventually abolished in the face of militant agitation by the Anti-Corn Law League, formed in Manchester in 1839, which maintained that the laws, which amounted to a subsidy, increased industrial costs. After a lengthy campaign, opponents of the law finally got their way in 1846—a significant triumph which was indicative of the new political power of the English middle class.[1]
Britain at the time was the most economically developed country in the world—there were no other rivals other than off-land British companies.[citation needed] The "protection" thus was used not against foreign imports, but against cheap rival British imports that would have severely cut into the profit margins of British farmers and landowners. The repeal of the Corn Laws reduced not only the income generated by crops, but also the political power that land ownership had historically represented.
Note that in proper English, the term "corn" means "grain" (the kernel), and implies the primary grain crop of a country, which in England was wheat, whereas maize is the predominant North American meaning of "corn".
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[edit] Debate and Repeal
The debate over the Corn Laws split the Conservatives and Whigs. The Conservatives had until then traditionally represented the landed interests, who greatly benefited from the agricultural protections offered by the Corn Law, with the laws enacted to keep prices high after the Napoleonic War amidst a growing fear of a substantial drop in corn prices. The Whigs, as the representatives of the business and industrial interests, followed the teachings of David Ricardo and believed a decrease in the price of grain would allow general food prices to fall, allowing business owners to in turn lower costs (including wages), and increase profits. The Manchester Anti-Corn Law League was formed by men such as Richard Cobden, John Bright, Sir David Roche and Charles Pelham Villiers who battled for free trade in and out of Parliament.
The debate was hastened by the first appearance of the potato blight in Ireland. Sir Robert Peel, Conservative Prime Minister, responded to the crisis by purchasing cheap American maize and proposing to remove all import duties on grain. It was hoped that these actions would lower the price of bread enough to put it within the reach of the Irish peasantry. By late 1845 Peel had become convinced that the Corn Laws had to be repealed, which put him at odds with a considerable section of his own party. The struggle for repeal began on 22 January 1846, when Benjamin Disraeli, then a rather unknown figure, delivered a devastating polemic against Peel, his own party leader. Disraeli, along with another relative unknown, Lord George Bentinck, a younger son of the Duke of Portland, led the protectionist wing of the Conservative Party against repeal. Opposing them was an alliance of pro-Peel Conservatives, Whigs, and radicals (Cobden, Bright, and their followers).
The debate, which made Disraeli's reputation, lasted until 16 May 1846, when the bill to repeal passed by 98 votes. Some twelve days later it cleared the House of Lords thanks to the help of the Duke of Wellington. Embittered, Disraeli and Bentinck organized a combination of protectionists, Whigs, Radicals, and Irish members to defeat government's Irish Coercion Bill on 25 June. The Conservative Party was thus split, the government fell, and Peel resigned. Those who sided with Peel became known as Peelites, numbering among them almost every Conservative of ministerial experience (Gladstone, Lord Aberdeen, among others). They eventually combined with the Whigs and Radicals to form the modern Liberal party in the 1860s. Disraeli, along with Lord Stanley, eventually fashioned the modern Conservative Party.
[edit] Other
The Economist was founded in September 1843 by James Wilson with help from the Anti-Corn Law League; his son-in-law Walter Bagehot later became the editor of this newspaper.
[edit] Books
- Schonhardt-Bailey, Cheryl (2006). From the Corn Laws to Free Trade : Interests, Ideas, and Institutions in Historical Perspective. The MIT Press. ISBN 978-0-262-19543-0.
[edit] References
- Blake, Robert. Disraeli. 1967.
- http://www.number-10.gov.uk/output/Page151.asp - the UK's official Peel page
