Post-Napoleonic depression
Encyclopedia
The post-Napoleonic depression refers to a post-war economic depression
experienced by European countries following the end of the Napoleonic wars
.
In England, 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
.
In Scotland
, the depression ended in 1822.
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
.
Depression (economics)
In economics, a depression is a sustained, long-term downturn in economic activity in one or more economies. It is a more severe downturn than a recession, which is seen by some economists as part of the modern business cycle....
experienced by European countries following the end of the Napoleonic wars
Napoleonic Wars
The Napoleonic Wars were a series of wars declared against Napoleon's French Empire by opposing coalitions that ran from 1803 to 1815. As a continuation of the wars sparked by the French Revolution of 1789, they revolutionised European armies and played out on an unprecedented scale, mainly due to...
.
In England, an agricultural depression led to the passage of the Corn Laws
Corn Laws
The Corn Laws were trade barriers designed to protect cereal producers in the United Kingdom of Great Britain and Ireland against competition from less expensive foreign imports between 1815 and 1846. The barriers were introduced by the Importation Act 1815 and repealed by the Importation Act 1846...
(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
English Poor Laws
The English Poor Laws were a system of poor relief which existed in England and Wales that developed out of late-medieval and Tudor-era laws before being codified in 1587–98...
.
In Scotland
Scotland
Scotland is a country that is part of the United Kingdom. Occupying the northern third of the island of Great Britain, it shares a border with England to the south and is bounded by the North Sea to the east, the Atlantic Ocean to the north and west, and the North Channel and Irish Sea to the...
, the depression ended in 1822.
Samuel Jackson of Pennsylvania theorised that the Panic of 1819
Panic of 1819
The Panic of 1819 was the first major financial crisis in the United States, and had occurred during the political calm of the Era of Good Feelings. The new nation previously had faced a depression following the war of independence in the late 1780s and led directly to the establishment of the...
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
Underconsumption
In underconsumption theory in economics, recessions and stagnation arise due to inadequate consumer demand relative to the amount produced. The theory has been replaced since the 1930s by Keynesian economics and the theory of aggregate demand, both of which were influenced by...
.
Further reading
- Fussell, G.E. and Compton, M. 'Agricultural adjustments after the Napoleonic Wars', Economic History, III, no. 14. London, 1939