Golden Age: Free Trade and Economic Policies

These flashcards cover key terms related to the economic concepts discussed in the lecture on free trade, specifically focusing on the historical context of the Corn Laws, the Gold Standard, and their implications in British policies.

Free Trade

A policy to allow traders to trade goods and services without government restrictions such as tariffs.

Corn Laws

British laws imposed high tariffs on imported grain to protect domestic producers, repealed in 1846.

Cobden-Chevalier Treaty

An 1860 trade agreement between Britain and France that established mutual tariff reductions.

Comparative Advantage

The ability of a country to produce a good at a lower opportunity cost than another country.

Gold Standard

A monetary system where the value of currency is directly linked to gold.

Malapportionment

A situation in which the electoral representation is uneven, favoring rural areas over urban areas.

Pax Britannica

A period of relative peace in Europe following the defeat of Napoleon, allowing for economic expansion.

Proximate Cause

An event that is closest in time or in a sequence of events related to a particular outcome.

Reform Act of 1832

Legislation that reformed electoral representation in England by redistributing seats from rural to urban areas.

Long Depression

An economic downturn that lasted from 1873 to 1878 marked by prolonged deflation and stagnation.