ABSTRACT
The British abandonment of free trade in 1932 was a significant event in international economic affairs. As we have noted, Britain was the birthplace and, since the 1840s, effectively the principal upholder and exporter of the free trade doctrine. She was also, of course, still one of the world’s leading trading nations. When she then became the last major trader to capitulate to the protectionist pressure (both domestic and international), this signalled an important turning point.
