Origins
During 1813, a House of Commons Committee recommended excluding foreign-grown corn until the price of corn grown domestically increased to 80 shillings (£4) (2010 equivalent: £202.25) per quarter (1 quarter = 480 lb / 218.8 kg). The political economist Thomas Malthus believed this to be a fair price, and that it would be dangerous for Britain to rely on imported corn because lower prices would reduce labourers' wages, and manufacturers would lose out due to the decrease of purchasing power of landlords and farmers. Nevertheless, 80 shillings a quarter was so high a price that domestic grain never attained it between 1815 and 1848. David Ricardo, however, believed in free trade, so that Britain could use its capital and population to its comparative advantage. With the advent of peace during 1814, corn prices decreased, and the Tory government of Lord Liverpool passed the 1815 Corn Law to keep bread prices high. This resulted in serious rioting in London.
Read more about this topic: Corn Laws
Famous quotes containing the word origins:
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