Name: Industrial Relocation to Developing Nations
Uploaded: 2019-07-19
Duration: 5 min 49 s
Description: Was the MNCs’ migration to low-wage countries from the mid-1970s a boon or a curse to these countries? Watch this video to unravel the story.

Question

What were the Corn Laws? How did their repeal affect the British people?

Accepted Answer

The Corn Laws can be described as follows:

Between $1815 - 1846$ , tariffs and other trade restrictions were imposed on imported grain and corn in the United Kingdom, known as the Corn Laws. They represented the interests of British mercantilism and were aimed to keep corn prices high in order to benefit domestic producers.

The Corn Laws restricted the importation of low-cost corn, first by prohibiting importation below a certain price, then by imposing high import tariffs, making it costlier to import it from outside, even when food supplies were scarce.

Corn imports have been prohibited due to pressure from large landowners. However, when such restrictions resulted in high food grain prices, the government repealed the Corn Laws.

The effects of the abolition of corn laws were as follows:

Free food grain imports had a negative impact on local production. Local production couldn't come anywhere close to the imported grains. Agriculture has become unprofitable. In quest of work, farmers deserted their villages and came to industrial centres. Others moved abroad from England.

Increased demand for food grains in the United Kingdom benefited countries, such as Australia, America, Russia, and Eastern Europe. By clearing land and converting it to farmland, these countries increased their food output. It also led to the development of transportation networks through railways and roads.

What were the Corn Laws? How did their repeal affect the British people?

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