Fiscal Inquiry - Free Trade versus Protectionism
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Fiscal Inquiry - Free Trade versus Protectionism
Illustration of the political and social argument between Free Trade and Protectionism, which rumbled along in Britain throughout the first decade of the 20th century. The advocate of Free Trade gains the upper hand in this instance. Date: circa 1903
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Media ID 11553150
© Mary Evans / Grenville Collins Postcard Collection
Argument Closed Debate Dispute Economics Export Fiscal Fist Free Hitting Inquiry Potato Protecting Protection Protectionism Protectionist System Bashing Flattening Rights
EDITORS COMMENTS
This illustration from circa 1903 depicts the intense political and social argument between Free Trade and Protectionism that dominated Britain during the first decade of the 20th century. The advocates of Free Trade, represented by the figure on the left, are shown triumphantly hitting the Protektionist, or Protectionist, on the head with a flattening fist and a hat in hand. The Protektionist, with a dejected expression, is shown with his fists clenched and his rights as a worker under threat. The Free Trade versus Protectionism debate was a hot potato in British politics, with both sides making compelling arguments. Free Trade proponents believed in an open economic system that allowed for the import and export of goods without tariffs or other barriers, leading to increased competition, lower prices for consumers, and economic growth. Protectionists, on the other hand, argued for the use of tariffs and other protective measures to shield domestic industries from foreign competition, thereby protecting jobs and supporting domestic industries. The Fiscal Inquiry, a commission established in 1892 to investigate the economic effects of tariffs, was a significant catalyst for this debate. The commission's findings, which favored Free Trade, were seen as a victory for those advocating for an open economic system. However, the issue remained contentious, with Protectionists continuing to make their case and even gaining ground in some areas. This illustration provides a fascinating glimpse into the political and economic debates of the past, reminding us of the complex and often contentious nature of economic policy and its impact on workers, industries, and consumers.
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