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Cobdenism is an economic ideology (and the associated popular movement) which perceives international
free trade Free trade is a trade policy that does not restrict imports or exports. It can also be understood as the free market idea applied to international trade. In government, free trade is predominantly advocated by political parties that hold eco ...
and a non-interventionist foreign policy as the key requirements for prosperity and world peace. It is named after the British statesman and economist Richard Cobden and had its heyday of political influence in the
British Empire The British Empire was composed of the dominions, colonies, protectorates, mandates, and other territories ruled or administered by the United Kingdom and its predecessor states. It began with the overseas possessions and trading posts esta ...
during the mid-19th century, amidst and after the endeavour to abolish the Corn Laws. Based on
Adam Smith Adam Smith (baptized 1723 – 17 July 1790) was a Scottish economist and philosopher who was a pioneer in the thinking of political economy and key figure during the Scottish Enlightenment. Seen by some as "The Father of Economics"——� ...
's assertion that full employment and economic growth require access to foreign markets, Cobden perceived the expansion of foreign trade as the main means of increasing global prosperity and emphasized the importance of the international division of labour for economic progress. Akin to his ideal of Britain as an industrial society of small cooperating property owners, he believed in an international order of small, independent nations attaining shared prosperity through international trade. As Cobden saw Britain's involvement in empire as an unwelcome distraction of domestic investment into its industrial capacity, his writings became influential in
anti-imperialist Anti-imperialism in political science and international relations is a term used in a variety of contexts, usually by nationalist movements who want to secede from a larger polity (usually in the form of an empire, but also in a multi-ethnic so ...
circles, being picked up by e.g.
John A. Hobson John Atkinson Hobson (6 July 1858 – 1 April 1940) was an English economist and social scientist. Hobson is best known for his writing on imperialism, which influenced Vladimir Lenin, and his theory of underconsumption. His principal and ea ...
. Moreover, it influenced the economic thinking of
John Maynard Keynes John Maynard Keynes, 1st Baron Keynes, ( ; 5 June 1883 – 21 April 1946), was an English economist whose ideas fundamentally changed the theory and practice of macroeconomics and the economic policies of governments. Originally trained in ...
, who was a staunch adherent of Richard Cobden's theories prior to the First World War, after which he abandoned Cobdenism in favor of "insular capitalism". Rarely used today and already in decline by the end of the 19th century, Cobdenism was revived by some academics during the 1980s to support the liberalization of the British economy.Castorina, C. (1985). “Cobdenism for the 1980s”. ''Economic Affairs'', 5(2), pp. 58–60.


See also

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Manchester Liberalism Manchester Liberalism (also called the Manchester School, Manchester Capitalism and Manchesterism) comprises the political, economic and social movements of the 19th century that originated in Manchester, England. Led by Richard Cobden and John ...


References

{{reflist Schools of economic thought Eponymous political ideologies Non-interventionism