peel

What were the main arguments made by Peel's government for free trade?

1. Concern for feeding Britain's growing population (80% increase from 1810 to 1841) necessitated relaxing food import restrictions. 2. Free trade and tariff reduction were essential for importing goods from Europe and the US. 3. It was key to the success of the British economy. 4. Cheaper goods would increase consumption and government tax revenue.

Why was removing the Corn Laws difficult for Peel?

Many members of Peel's own party were part of the landowning class and opposed free import of foreign corn, fearing it would harm their wealth.

What were the political arguments for removing the Corn Laws?

1. The Great Reform Act expanded the franchise, requiring the Conservatives to appeal to the industrial and commercial classes to avoid electoral defeat. 2. The Corn Laws fueled opposition from the Whig Party, which could leverage public anger against the Conservatives. 3. Peel used the Irish famine in 1845 as a rationale for ending the Corn Laws.

What significant legislation did Peel abolish in 1846 besides the Corn Laws?

The Sugar Duties Act, which removed tariff protection for sugar from the West Indies, causing a split in the Conservative Party and leading to Peel's resignation.

What were the consequences of the repeal of the Corn Laws?

1. Allowed foreign ships to carry grain into Britain. 2. By 1913, Britain accounted for 25% of world imports and saw growth in exports. 3. Encouraged other countries to adopt free trade.

How did the repeal of the Navigation Acts in 1849 represent a change?

It improved the situation for the poor in Ireland, who were unable to afford grain by 1846.

How did trade with the Americas change during this period?

Britain exported manufactured goods and expertise to Latin America, with 7% of British exports going there in exchange for food, especially from Argentina. The economies of Argentina and Uruguay boomed due to frozen meat and grain exports from the 1870s onward.

What was the significance of Britain and the US as trading partners?

By 1914, Britain and the US were each other's largest trading partners, with 40% of US imports coming from Britain, primarily consisting of primary produce like cotton.

What impact did the abolishment of the slave trade have on the West Indies?

The West Indies transitioned to free labor and faced competition from foreign plantations, leading to a 75% drop in sugar prices and a significant reduction in sugar plantations in Jamaica.

What raw materials did India provide for British industry?

Initially cotton goods, but by 1900 included iron, steel, engineering products, jute, raw cotton, rice, tea, oil seed, wheat, and hides.

What was Britain's trade relationship with East Asia?

Britain imported tea, silk, and porcelain from China, and dealt with trade imbalances by exporting Indian-grown opium to China.

How much tea was consumed in Britain by the 1830s?

30,000,000 lbs of tea were consumed annually.

What was the British response to the trade imbalance with China?

The British exported Indian-grown opium to China to pay for the tea.