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Ottoman free trade policies were praised by British economists advocating free trade such as J. R. McCulloch in his Dictionary of Commerce (1834), but criticized by British politicians opposing free trade such as Prime Minister Benjamin Disraeli, who cited the Ottoman Empire as "an instance of the injury done by unrestrained competition" in the ...
On the Principles of Political Economy and Taxation (19 April 1817) is a book by David Ricardo on economics. [1] The book concludes that land rent grows as population increases. It also presents the theory of comparative advantage , the theory that free trade between two or more countries can be mutually beneficial, even when one country has an ...
Free trade (with no tariffs and few trade barriers) was introduced in the 1840s. Protected by the overwhelming power of the Royal Navy, the economic empire included very close economic ties with independent nations in Latin America. The informal economic empire has been called "The Imperialism of Free Trade." [134] Singapore docks in the 1890s
Commonwealth free trade is the process or proposal of removing barriers of trade between member states of the Commonwealth of Nations. [1] The preferential trade regime within the British Empire continued in some form amongst Commonwealth nations under the Imperial Preference system, until that system was dismantled after World War II due to changes in geopolitics and the pattern of global ...
He criticized Ricardian comparative advantage theory (the foundation of free trade), considering the theory's initial assumptions unrealistic, and became definitively protectionist. [ 11 ] [ 12 ] [ 13 ] He detailed these ideas in his magnum opus, The General Theory of Employment, Interest and Money , published in early 1936.
Ricardian theory of international trade challenges the mercantilism concept of accumulating gold or silver by promoting industry specialization and free trade. Ricardo introduced the concept of "comparative advantage," suggesting that nations should concentrate resources only in industries where they have the greatest efficiency of production ...
According to Dartmouth College economic historian Douglas Irwin, Peel was influenced by economic ideas in his shift from protectionism to free trade in agriculture: "Economic ideas, and not the pressure of interests, were central to Peel's conversion to favor repeal of the Corn Laws."
Protection or Free Trade is a book published in 1886 by the economist and social philosopher, Henry George. Its sub-title is An Examination of the Tariff Question with Especial Regard to the Interests of Labor.