intervention to a greater extent than Cobden cared to admit. The cotton industry
had developed within a system of protection against Asian textiles, and its
markets in Asia were secured by Britain's ability to shape trade policy in India. Cobden supported free trade as a means towards international peace and
understanding, as the benefits of comparative advantage increased prosperity; it
would, he hoped, lead to a reduction in expenditure on the armed forces.
However, British hegemony in trade and the liberal economy of the nineteenth
century were political creations as a result of investment in war and empire in the
eighteenth and early nineteenth centuries. Free trade was, at least in part, the
result of the success of the 'fiscal-military state'.
N. McCord, Free Trade: Theory and Practice from Adam Smith to Keynes
(Newton Abbot, 1970), 73-4.
A. Smith, An Inquiry into the Nature and Causes of the Wealth of Nations (repr. 1937), 424
(book iv, ch. ii).
Ibid. 438 (book iv, ch. ii).
Ibid. 418 (book iv, ch. i).
J. M. Keynes, The General Theory of Employment, Interest and Money ( 1936), 333, 339.
L. Gomes, Foreign Trade and the National Economy: Mercantilist and National Perspectives
(Basingstoke, 1987), 29.
W. E. Clark, Josiah Tucker, Economist: A Study in the History of Economics
( New York, 1903), 190.
P. J. Cain and
A. G. Hopkins, British Imperialism: Innovation and Expansion, 1688-1914
( 1993), which is an expansion of "'Gentlemanly Capitalism and British Expansion
Overseas, I: The Old Colonial System, 1688-1850'", Economic History Review, 2nd ser. 39
R. Blake, The Conservative Party from Peel to Churchill ( 1970), 15.
The Works of T. R. Malthus, vii: Essays in Political Economy, ed.
E. A. Wrigley and
( 1986), The Grounds of an Opinion on the Policy of Restricting the Importation of
Foreign Corn ( 1815), 174.
B. Hilton, Corn, Cash and Commerce: The Economic Policies of the Tory Governments,
1815-30 ( Oxford, 1977), 21.
J. Blow Williams, British Commercial Policy and Trade Expansion, 1750-1850 ( Oxford, 1972), 458.
L. Brown, The Board of Trade and the Free-Trade Movement, 1830-42 ( 1958), 9.
McCord, Free Trade, 84.
N. Gash, Sir Robert Peel: The Life of Sir Robert Peel after 1830 ( 1972), 590.
R. Stewart, The Politics of Protection: Lord Derby and the Protectionist Party, 1841-52
( Cambridge, 1971), 46.
Questia, a part of Gale, Cengage Learning. www.questia.com
Book title: Progress and Poverty:An Economic and Social History of Britain, 1700-1850.
Contributors: M. J. Daunton - Author.
Publisher: Oxford University Press.
Place of publication: Oxford.
Publication year: 1995.
Page number: 557.
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