Cobdenism
Encyclopedia
Cobdenism is an economic theory, focusing on the free market
and free trade
named for the British statesman and economist Richard Cobden
.
Whilst the term Cobdenism is largely unused nowadays, Cobdenism traditionally has a stronger focus on international free trade
and a belief that a result of free trade is world peace
.
Free market
A free market is a competitive market where prices are determined by supply and demand. However, the term is also commonly used for markets in which economic intervention and regulation by the state is limited to tax collection, and enforcement of private ownership and contracts...
and free trade
Free trade
Under a free trade policy, prices emerge from supply and demand, and are the sole determinant of resource allocation. 'Free' trade differs from other forms of trade policy where the allocation of goods and services among trading countries are determined by price strategies that may differ from...
named for the British statesman and economist Richard Cobden
Richard Cobden
Richard Cobden was a British manufacturer and Radical and Liberal statesman, associated with John Bright in the formation of the Anti-Corn Law League as well as with the Cobden-Chevalier Treaty...
.
Whilst the term Cobdenism is largely unused nowadays, Cobdenism traditionally has a stronger focus on international free trade
Free trade
Under a free trade policy, prices emerge from supply and demand, and are the sole determinant of resource allocation. 'Free' trade differs from other forms of trade policy where the allocation of goods and services among trading countries are determined by price strategies that may differ from...
and a belief that a result of free trade is world peace
World peace
World Peace is an ideal of freedom, peace, and happiness among and within all nations and/or people. World peace is an idea of planetary non-violence by which nations willingly cooperate, either voluntarily or by virtue of a system of governance that prevents warfare. The term is sometimes used to...
.