ABSTRACT
The Great War inaugurated a new age which lasted until 1945. There is, however, no real reason why the nineteenth century should not be allowed to end in 1899. From then onwards, the debate about Free Trade sharpened, as concern about Britain's industrial base deepened. In economic terms, it is difficult to believe that protection would at this point have solved the problems of industrial obsolescence which afflicted Britain. On the other hand, less reverence for Free Trade as a dogma and a willingness to use tariffs as retaliatory weapons might have led to international tariff reductions though at the risk of disrupting trade. The Cunliffe Committee, set up to consider post-war currency questions, advocated both in 1918 and in 1919 a return to the Gold Standard as soon as it became practicable. The British error lay in failing to grasp the new position of London in world financial markets.
