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By Tim Rooth

After greater than three-quarters of a century of loose alternate, Britain re-adopted protectionist guidelines early within the melancholy of the Nineteen Thirties. Tim Rooth's accomplished research examines the forces in the back of the abandonment of unfastened exchange and how that Britain then used defense to discount for alternate merits within the markets of her leader providers of meals and uncooked fabrics. The retreat from multilateral alternate regulations, the expansion of security and the concomitant improvement of neighborhood monetary groupings has noticeable parallels with present advancements on the earth economic system.

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Extra info for British Protectionism and the International Economy: Overseas Commercial Policy in the 1930s

Sample text

190, 191, and 221-28. 5). The deterioration in Britain's position, even from 1913, was very marked and in stark contrast to the experience of competitors. 46 On the basis of such an estimate, a relative deterioration of Britain's competitive position of over 12 per cent between 1913 and 1929 might therefore account for exports being nearly one-fifth below the volume they would otherwise have obtained - and this, if anything, is likely to be an underestimate. To summarise, the geographical distribution of UK exports was not in itself a problem: the least dynamic markets were those of the industrial countries themselves.

Few British Governments have taken office equipped with such thorough and programmatic preparation for a major innovation in public policy. 5 This chapter aims to answer two questions. First, to what extent was the return to protection the consequence of the longer-term pressures associated with the decline of the British economy and to what extent was it the product of the depression of the 1930s? Secondly, if a pre-eminent objective in introducing protection can be identified, was it to stimulate employment, or was it to control the level of sterling and of prices?

Nes = not elsewhere specified. a but also Australian (steel and wire products, glass bottles, paints) and Canadian competition (cars, wire and photographic supplies). Britain suffered very substantial losses in market shares between 1924 and 1929, and in at least three cases (New Zealand, South Africa and Canada) shifts in the pattern of import demand were of major importance. The competitive position varied enormously - from a minor gain in New Zealand, a fairly trivial loss in Canada to a major decline in India.

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