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The Corn Laws and English wheat prices, 1815–1846

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  • Tony Ward

Abstract

The British Corn Laws of the nineteenth century are the classic example of a trade barrier. This paper evaluates their importance to English society by analyzing the effects of the Corn Laws on wheat markets. Import supply elasticities are estimated for all of England's major grain supply markets, using data on prices, quantities, and freight costs from each country. A partial equilibrium trade arbitrage model is then constructed. In the absence of the Corn Laws, prices would have been 9 percent lower and consumption about 1.5 percent greater. The Corn Laws were, therefore, of great social and economic importance as England moved into the period of industrialization. Copyright International Atlantic Economic Society 2004

Suggested Citation

  • Tony Ward, 2004. "The Corn Laws and English wheat prices, 1815–1846," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 32(3), pages 245-255, September.
    • Handle: RePEc:kap:atlecj:v:32:y:2004:i:3:p:245-255
    DOI: 10.1007/BF02299442
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    References listed on IDEAS

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    1. Wray Vamplew, 1980. "The Protection of English Cereal Producers: The Corn Laws Reassessed," Economic History Review, Economic History Society, vol. 33(3), pages 382-395, August.
    2. Engle, Robert & Granger, Clive, 2015. "Co-integration and error correction: Representation, estimation, and testing," Applied Econometrics, Russian Presidential Academy of National Economy and Public Administration (RANEPA), vol. 39(3), pages 106-135.
    3. Irwin, Douglas A, 1988. "Welfare Effects of British Free Trade: Debate and Evidence from the 1840s," Journal of Political Economy, University of Chicago Press, vol. 96(6), pages 1142-1164, December.
    4. Williamson, Jeffrey G., 1990. "The impact of the Corn Laws just prior to repeal," Explorations in Economic History, Elsevier, vol. 27(2), pages 123-156, April.
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