Fascist Oligarchs Attack Cute Cuddly Canadians Message Board

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Strategies & Market Trends : Fascist Oligarchs Attack Cute Cuddly Canadians

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From: E. Charters	12/12/2004 10:45:14 PM
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A Bit on protectionism and economy. ----------------------------------- Peel was convinced that the system of paper currency that had been introduced by Pitt in 1797 had resulted in a depreciated currency. In May he introduced legislation for a return to the gold standard on 1 May 1823. ************************* These (Corn Law Tariffs) laws were intended to stabilise wheat prices at 80/- per quarter. No foreign grain could be imported until domestic grain reached that price. The laws protected the expanded grain farms and failed to solve the problem of high prices: what they did do was to subject food prices to violent fluctuations at high levels and encouraged the hoarding of corn. This in turn had an averse effect on domestic industry and foreign markets and really only served the interests of the landowners. The Lancashire cotton industry was particularly badly hit as it relied on raw imports and on the export market for its finished goods. However, parliament was unreformed and represented only landowners; all MPs had to be landowners to sit in parliament. The high price caused the cost of food to increase and consequently depressed the domestic market for manufactured goods because people spent the bulk of their earnings on food rather than commodities. The Corn Laws also caused great distress among the working classes in the towns. These people were unable to grow their own food and had to pay the high prices in order to stay alive. Since the vast majority of voters and Members of Parliament were landowners, the government was unwilling to reconsider the new legislation in order to help the economy, the poor or the manufacturers who laid off workers in times of restricted trade. ******************* The Anti-Corn-Law League was a plea for more political power and a criticism of the landed, aristocratic parliament. The Corn Laws were the king-pin of protectionism and free trade had been a "stop-go" policy since the days of Pitt. Free trade would only work if a nation was economically supreme or holding a specialist monopoly - or both, as Britain did. ******************** More on Mr. Keynes and the Yankee Dollar -- and the Marshall Plan. Why the US is rich without out producing anyone. EC<°-}

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