Question

Economics

What were the Corn Laws? How were they finally repealed? What were the major provisions of the Cobden-Chevalier (Anglo-France) Treaty?

Answer 1

Soln. Corn Laws - Corn laws are the restrictions imposed on grain imports in United Kingdom in the year 1815 to 1846, in form of tariffs. These restriction on the import of food and grains were imposed to favor domestic producers by keeping the prices of grains high.

Corn Laws repealed - The major reason for the Corn Laws was the supporter of free trade and the Great Famine in Ireland in 1845 and 1846. The Great Famine, leads to decease in the food supplies to a great extent, which forced Prime Minister Peel to call for repeal, even though most of his conservative party were against his decision. The Anti-Corn Law, has also helped in the passage of the repeal proposal of Corn-Law. In 1846, Peel declared that Corn-law would be abolished on 1st February, 1849, after three years of gradual reduction in trade tariffs from 1846 to 1849.Finally, Peel achieved repeal after being backed by Whigs in the parliament's debate.

Major provisions of the Cobden-Chevalier -

• Tariffs on French would be completely abolished except alcohols' (wine & brandy) tariffs
• French abolished the restrictions on import of goods from Britain and also reduced tariffs to a great extent on wide range of goods being imported from Britain.