ABSTRACT
Britain and France seems to have weathered the economic crises of the immediate postwar period. Great Britain feels the first symptoms of depression in 1929 and two years later, when France begins to suffer, Britain was in the throes of a full-blown crisis. The crisis in Britain produced the last major act of cooperation among central banks. In both the Austrian and German banking crises the Bank of England put itself forward as the white knight of capitalist internationalism, extending massive loans to maintain solvency. For Great Britain, the depression represents the continuation of trends that has been going since the war. Herriot's center-left government, willing to march further down the well-traveled road of protectionism especially as the devaluation of sterling threatened France with a wave of lower-priced imports from Britain. Because tariff rates were already high, quota system that limits on the quantity of foreign imports that could be legally sold within the country that are particularly popular.
