Post-Napoleonic Depression

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The post-Napoleonic Depression was an

economic depression in Europe and the United States after the end of the Napoleonic Wars in 1815. In England and Wales, an agricultural depression led to the passage of the Corn Laws (which were to polarize British politics for the next three decades), and placed great strain on the system of poor relief inherited from Elizabethan times.[1]

After the end of the

d by 1818.[3] The industrialists, who were cutting wages without offering relief, blamed market forces generated by the aftershocks of the Napoleonic Wars.[3]

At the same time, the Corn Laws (the first of which was passed in 1815) exacerbated the situation. They imposed a tariff on foreign grain in an effort to protect English grain producers (agricultural landowners). The cost of food for working people rose as people were forced to buy the more expensive and lower quality British grain, and periods of famine and chronic unemployment ensued, increasing the desire for political reform both in Lancashire and in the country at large.[4][5]

In Ireland, wheat and other grain prices fell by half, and alongside continued population growth, landlords converted cropland into rangeland by securing the passage of tenant farmer eviction legislation in 1816, which led, because of the Irish workforce's historic concentration in agriculture, to a greater subdivision of remaining land plots under tillage and increasingly less efficient and less profitable subsistence farms.[6][7]

In Scotland, the depression ended in 1822.[8] Samuel Jackson of Pennsylvania theorised that the Panic of 1819 and resulting depression in the United States were caused by the post-Napoleonic depression, holding that the end of the Napoleonic wars had led to the collapse of export markets and resulting underconsumption.[9]

See also

References

  1. ^ Lord Ernle, English Farming Past and Present. Fifth Edition. (London: Longmans, Green & Co., Ltd. 1936), Chapter XV: Agricultural Depression and the Poor Law 1813-37
  2. ISBN 978-0-7158-1203-7
  3. ^
    ISBN 978-0-7453-2538-5
  4. ^ Farrer, William; Brownbill, John (2003–2006) [1911]. "The city and parish of Manchester: Introduction". The Victoria history of the county of Lancaster. – Lancashire. Vol.4. University of London & History of Parliament Trust. Retrieved 27 March 2008.
  5. ISBN 0-7099-1103-3
  6. OCLC 1038430174
    .
  7. OCLC 1038430174
    .
  8. ISBN 978-0-7486-0757-0
    . Retrieved 9 March 2011.
  9. ^ Murray N. Rothbard, The Panic Of 1819: Reactions and Policies, p.213

Further reading

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