Britain's Trade Liberalization in the 1840s: A Defensive Neoclassical Realist Explanation

In: Foreign policy analysis, Band 18, Heft 4

Abstract

AbstractIn the 1840s, Britain engaged in a series of trade liberalizations, with important consequences for itself and the international system. Many have tried to explain the central piece, Repeal of the Corn Laws, using liberal arguments from international political economy. Few find these arguments persuasive. Applying defensive neoclassical realism, I demonstrate how fluctuations in external threats to Britain—in particular posed by France—drove reassessments of trade policy. British leaders judged both the Corn Laws and the Navigation Acts in terms of their contributions to security. Reassessments were also shaped by new information, such as the potato blight in Ireland. While defensive neoclassical realism highlights when a state may seek change to attain greater security, liberalism indicates how strongly constituents may defend existing policies. I use both to explain why tariffs remained popular, but Cabinets overrode protectionism's domestic supporters in this decade.