Javascript must be enabled to continue!

The Long Wave and Turning Points in British Industrial Capitalism: a Neo-Schumpetarian Apporach

Category: Ionian History
Type: Article
Book Title: Η ασφάλιση των γαλαξειδιώτικων πλοίων
Author: Lloyd-Jones Roger and Lewis J. M.
Editor: Kiraly K. Bela
Journal: The Journal of European Economic History
Pages: 359-401
Issue: 2-3
Volume: 29
Library catalog: Wilson Library, University of Minnesota
Date: 2000
Language: English

Abstract:

[368] ... It is clear that the Corn Laws and free trade represented different perceptions of the appropriate structural balance of the economy, between manufacturing and agriculture. As the boom of the mid-1830s gave way to economic downturn from 1837, so the opposition against agricultural protection gained momentum, and the Corn Laws became a higly visible issue of British political economy. If we return to Tylecote's notion of mixed crisis, this may allow us to unfold the story. In a mixed crisis the existing mode of development partly blocks the new technological style. The pace of diffusion is such as to 'cause a build up of socio-poltical tensions', but is not enough to avoid the consequential economic difficulties. The crisis that finally errupts is then of a mixed socio-political and economic origin. We contend that Britain experienced such a mixed structural crisis between 1837 and 1842. The severe economic downturn in this period coincided with socio-political protest in the form of the Chartist movement and the Anti Corn Law League. The Liberal Tory consensus was shattered when a Tory government, the guardians of the landed interest and the defenders of agricultural protection, abandoned the Corn Laws in 1846 and ushered in a policy of unilateral free trade.


The research project is implemented within the framework of the Action “Supporting Postdoctoral Researchers» of the Operational Program "Education and Lifelong Learning" (Action’s Beneficiary: General Secretariat for Research and Technology), and is co-financed by the European Social Fund (ESF) and the Greek State.