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'the wealth of nations' book out= change to free trade
this was written by Adam smith, said that wealth was indefinitely expandable and free trade only way to achieve it. -
'imperialism of free trade'
Gov was helping keep free trade around the world, but in British favour and with force.
force and coercion to achieve trade agreements. where they refused- 'gunboat diplomacy' was introduced. -
Period: to
mercantilism period 1858-1890
this time period was marked by mercantilism- or preferential trade with empire, where the empire had to use british ships for imports and exports -
empire = 20% british imports
in the last quater of the century -
1/3 brit ecprts went to emp
1/3 of brit exports went to emp in the last quater of the century.