Laissez-faireLaissez-faire (ˌlɛseɪˈfɛər ; from laissez faire lɛse fɛːʁ, let do) is a type of economic system in which transactions between private groups of people are free from any form of economic interventionism (such as subsidies or regulations). As a system of thought, laissez-faire rests on the following axioms: "the individual is the basic unit in society, i.e. the standard of measurement in social calculus; the individual has a natural right to freedom; and the physical order of nature is a harmonious and self-regulating system.
United Kingdom of Great Britain and IrelandThe United Kingdom of Great Britain and Ireland was a sovereign state in Northwestern Europe that comprised the entirety of the British Isles between 1801 and 1922. It was established by the Acts of Union 1800, which merged the Kingdom of Great Britain and the Kingdom of Ireland into a unified state. The establishment of the Irish Free State in 1922 led to the remainder later being renamed the United Kingdom of Great Britain and Northern Ireland in 1927.
Robert PeelSir Robert Peel, 2nd Baronet (5 February 1788 – 2 July 1850), was a British Conservative statesman who served twice as Prime Minister of the United Kingdom (1834–1835 and 1841–1846), simultaneously serving as Chancellor of the Exchequer (1834–1835), and twice as Home Secretary (1822–1827 and 1828–1830). He is regarded as the father of modern British policing, owing to his founding of the Metropolitan Police Service. Peel was one of the founders of the modern Conservative Party.
Victorian eraIn the history of the United Kingdom and the British Empire, the Victorian era was the period of Queen Victoria's reign, from 20 June 1837 until her death on 22 January 1901. Slightly different definitions are sometimes used. The era followed the Georgian era and preceded the Edwardian era, and its later half overlaps with the first part of the Belle Époque era of continental Europe. Various liberalising political reforms took place in the UK including expanding the electoral franchise.
IrelandIreland (ˈaɪərlənd ; Éire ˈeːɾjə; Ulster-Scots: Airlann ˈɑːrlən) is an island in the North Atlantic Ocean, in north-western Europe. It is separated from Great Britain to its east by the North Channel, the Irish Sea, and St George's Channel. Ireland is the second-largest island of the British Isles, the third-largest in Europe, and the twentieth-largest in the world. Geopolitically, the island of Ireland is divided between the Republic of Ireland (officially named Ireland), an independent state covering five-sixths of the island, and Northern Ireland, which is part of the United Kingdom.
Free tradeFree trade is a trade policy that does not restrict imports or exports. In government, free trade is predominantly advocated by political parties that hold economically liberal positions, while economic nationalist and left-wing political parties generally support protectionism, the opposite of free trade. Most nations are today members of the World Trade Organization multilateral trade agreements. Free trade was best exemplified by the unilateral stance of Great Britain who reduced regulations and duties on imports and exports from the mid-nineteenth century to the 1920s.
ProtectionismProtectionism, sometimes referred to as trade protectionism, is the economic policy of restricting imports from other countries through methods such as tariffs on imported goods, import quotas, and a variety of other government regulations. Proponents argue that protectionist policies shield the producers, businesses, and workers of the import-competing sector in the country from foreign competitors.
World War IWorld War I or the First World War, often abbreviated as WWI or WW1, known contemporaneously as the Great War, was a major global conflict lasting from 1914 to 1918. It was fought between two coalitions, the Allies and the Central Powers. Fighting took place throughout Europe, the Middle East, Africa, the Pacific, and parts of Asia. The first decade of the 20th century saw increasing diplomatic tension between the European great powers.
William Ewart GladstoneWilliam Ewart Gladstone (ˈglædstən ; 29 December 1809 – 19 May 1898) was a British statesman and Liberal politician. In a career lasting over 60 years, he served for 12 years as Prime Minister of the United Kingdom, spread over four non-consecutive terms (the most of any British prime minister) beginning in 1868 and ending in 1894. He also served as Chancellor of the Exchequer four times, for over 12 years. Gladstone was born in Liverpool to Scottish parents.
Comparative advantageIn an economic model, agents have a comparative advantage over others in producing a particular good if they can produce that good at a lower relative opportunity cost or autarky price, i.e. at a lower relative marginal cost prior to trade. Comparative advantage describes the economic reality of the work gains from trade for individuals, firms, or nations, which arise from differences in their factor endowments or technological progress.
