Routledge Dictionary of Economics, Second Edition
The series of English laws dating from the reign of Edward IV which protected English agriculture by imposing tariffs on the import of corn to maintain its price; also export bounties (subsidies) were granted to farmers. CLASSICAL ECONOMISTS such as SMITH objected to this interference with FREE TRADE; RICARDO viewed it as an encouragement to production which would expand agriculture, a form of production subject to the LAW OF DIMINISHING RETURNS, and bring about a decline in the rate of profit and a STATIONARY STATE in the economy. The growing manufacturing interest also opposed these laws as PROTECTION kept up food prices and wages.
The laws were repealed by the government led by Sir Robert Peel in 1846.
References
Kadish, A. (ed.) (1996) The Corn Laws: The formation of popular economics in Britain, London: Pickering.
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