Issues Over Tariff Reform Flashcards
What is Tariff Reform?
The economic theory that the best way to domestically produce products is to introduce taxes on imported goods.
What is free trade?
The economic theory that countries should be able to trade freely with each other with no taxation.
Who was Joseph Chamberlain?
A conservative MP that was dissatisfied with the state of affairs within the Unionist government .
Why did Chamberlain support tariffs?
He believed they were necessary in order to strengthen Britain’s revenue and trading position.
What did Chamberlain think the revenue raised from tariffs could go towards?
Social reforms and the modernisation of British industry
What did Chamberlain believe British industry needed protection from?
Cheap imports from government subsidised producers abroad
Which league was set up in favour of tariffs and when?
Tariff Reform League, set up in 1903.
Which league was set up by free trade unionists and when?
Unionist Free Food league, set up in 1903.
What was the system of tariffs also referred to as?
Protectionism
What were the drawbacks of protectionism?(3)
-Prices of everyday necessities would increase whilst the working class were still struggling and would be on the same low wage
-Would unite the liberals in fierce opposition
-Risk of division between the Unionists/Conservatives
What and when was Chamberlain’s infamous speech in Birmingham?
In May 1903, Chamberlain declared himself in favour of an imperial preference tariff system.The speech initiated a debate that completely split the Unionists.
When did Churchill defect to the Liberals over the issue of tariffs?
May 1903
