House of Lords
The House of Lords known as the House of Peers, is the upper house of the Parliament of the United Kingdom. Membership is else by heredity or official function. Like the House of Commons, it meets in the Palace of Westminster; the full name of the house is the Right Honourable the Lords Spiritual and Temporal of the United Kingdom of Great Britain and Northern Ireland in Parliament assembled. Unlike the elected House of Commons, members of the House of Lords are appointed; the membership of the House of Lords is drawn from the peerage and is made up of Lords Spiritual and Lords Temporal. The Lords Spiritual are 26 bishops in the established Church of England. Of the Lords Temporal, the majority are life peers who are appointed by the monarch on the advice of the Prime Minister, or on the advice of the House of Lords Appointments Commission. However, they include some hereditary peers including four dukes. Membership was once an entitlement of all hereditary peers, other than those in the peerage of Ireland, but under the House of Lords Act 1999, the right to membership was restricted to 92 hereditary peers.
Since 2008, only one of them is female. While the House of Commons has a defined number of seats membership, the number of members in the House of Lords is not fixed; the House of Lords is the only upper house of any bicameral parliament in the world to be larger than its lower house. The House of Lords scrutinises bills, it reviews and amends Bills from the Commons. While it is unable to prevent Bills passing into law, except in certain limited circumstances, it can delay Bills and force the Commons to reconsider their decisions. In this capacity, the House of Lords acts as a check on the House of Commons, independent from the electoral process. Bills can be introduced into the House of Commons. While members of the Lords may take on roles as government ministers, high-ranking officials such as cabinet ministers are drawn from the Commons; the House of Lords has its own support services, separate from the Commons, including the House of Lords Library. The Queen's Speech is delivered in the House of Lords during the State Opening of Parliament.
In addition to its role as the upper house, until the establishment of the Supreme Court in 2009, the House of Lords, through the Law Lords, acted as the final court of appeal in the United Kingdom judicial system. The House has a Church of England role, in that Church Measures must be tabled within the House by the Lords Spiritual. Today's Parliament of the United Kingdom descends, in practice, from the Parliament of England, though the Treaty of Union of 1706 and the Acts of Union that ratified the Treaty in 1707 and created a new Parliament of Great Britain to replace the Parliament of England and the Parliament of Scotland; this new parliament was, in effect, the continuation of the Parliament of England with the addition of 45 MPs and 16 Peers to represent Scotland. The House of Lords developed from the "Great Council"; this royal council came to be composed of ecclesiastics and representatives of the counties of England and Wales. The first English Parliament is considered to be the "Model Parliament", which included archbishops, abbots, earls and representatives of the shires and boroughs of it.
The power of Parliament grew fluctuating as the strength of the monarchy grew or declined. For example, during much of the reign of Edward II, the nobility was supreme, the Crown weak, the shire and borough representatives powerless. In 1569, the authority of Parliament was for the first time recognised not by custom or royal charter, but by an authoritative statute, passed by Parliament itself. During the reign of Edward II's successor, Edward III, Parliament separated into two distinct chambers: the House of Commons and the House of Lords; the authority of Parliament continued to grow, during the early 15th century both Houses exercised powers to an extent not seen before. The Lords were far more powerful than the Commons because of the great influence of the great landowners and the prelates of the realm; the power of the nobility declined during the civil wars of the late 15th century, known as the Wars of the Roses. Much of the nobility was killed on the battlefield or executed for participation in the war, many aristocratic estates were lost to the Crown.
Moreover, feudalism was dying, the feudal armies controlled by the barons became obsolete. Henry VII established the supremacy of the monarch, symbolised by the "Crown Imperial"; the domination of the Sovereign continued to grow during the reigns of the Tudor monarchs in the 16th century. The Crown was at the height of its power during the reign of Henry VIII; the House of Lords remained more powerful than the House of Commons, but the Lower House continued to grow in influence, reaching a zenith in relation to the House of Lords during the middle 17th century. Conflicts between the King and the Parliament led to the English Civil War during the 1640s. In 1649, after the defeat and execution of King Charles I, the Commonwealth of England was declared, but the nation was under the overall control of Oliver Cromwell, Lord Protector of England, S
International trade is the exchange of capital and services across international borders or territories. In most countries, such trade represents a significant share of gross domestic product. While international trade has existed throughout history, its economic and political importance has been on the rise in recent centuries. Carrying out trade at an international level is a complex process when compared to domestic trade; when trade takes place between two or more nations factors like currency, government policies, judicial system and markets influence the trade. International economic and trade organizations address the process of trade as the political relations between two countries influences the trade between them and the obstacles of trading affect the mutual relationship adversely. To smoothen and justify the process of trade between countries of different economic standing, some international economic organisations were formed; these organisations work towards the growth of international trade.
A product, transferred or sold from a party in one country to a party in another country is an export from the originating country, an import to the country receiving that product. Imports and exports are accounted for in a country's current account in the balance of payments. Trading globally gives consumers and countries the opportunity to be exposed to new markets and products; every kind of product can be found in the international market: food, spare parts, jewellery, stocks and water. Services are traded: tourism, banking and transportation Advanced technology, industrialisation and multinational corporations have major impact on the international trade system. Increasing international trade is crucial to the continuance of globalisation. Nations would be limited to the goods and services produced within their own borders without international trade. International trade is, in principle, not different from domestic trade as the motivation and the behavior of parties involved in a trade do not change fundamentally regardless of whether trade is across a border or not.
Carrying out trade at an international level is a more complex process than domestic trade. The main difference is that international trade is more costly than domestic trade; this is due to the fact that a border imposes additional costs such as tariffs, time costs due to border delays, costs associated with country differences such as language, the legal system, or culture. Another difference between domestic and international trade is that factors of production such as capital and labor are more mobile within a country than across countries. Thus, international trade is restricted to trade in goods and services, only to a lesser extent to trade in capital, labour, or other factors of production. Trade in goods and services can serve as a substitute for trade in factors of production. Instead of importing a factor of production, a country can import goods that make intensive use of that factor of production and thus embody it. An example of this is the import of labor-intensive goods by the United States from China.
Instead of importing Chinese labor, the United States imports goods that were produced with Chinese labor. One report in 2010 suggested that international trade was increased when a country hosted a network of immigrants, but the trade effect was weakened when the immigrants became assimilated into their new country; the history of international trade chronicles notable events that have affected trading among various economies. There are several models which seek to explain the factors behind international trade, the welfare consequences of trade and the pattern of trade; the following table is a list of the 21 largest trading nations according to the World Trade Organization. Source: International Trade Centre President George W. Bush observed World Trade Week on May 18, 2001, May 17, 2002. On May 13, 2016, President Barack Obama proclaimed May 15 through May 21, 2016, World Trade Week, 2016. On May 19, 2017, President Donald Trump proclaimed May 21 through May 27, 2017, World Trade Week, 2017.
World Trade Week is the third week of May. Every year the President declares that week to be World Trade Week. Lists List of countries by current account balance List of countries by imports List of countries by exports List of international trade topics Jones, Ronald W.. "Comparative Advantage and the Theory of Tariffs". The Review of Economic Studies. 28: 161–175. Doi:10.2307/2295945. McKenzie, Lionel W.. "Specialization and Efficiency in World Production". The Review of Economic Studies. 21: 165–180. Doi:10.2307/2295770. Samuelson, Paul. "A Ricardo-Sraffa Paradigm Comparing the Gains from Trade in Inputs and Finished Goods". Journal of Economic Literature. 39: 1204–1214. Doi:10.1257/jel.39.4.1204. Data on the value of exports and imports and their quantities broken down by detailed lists of products are available in statistical collections on international trade published by the statistical services of intergovernmental and supranational organisations and national statistical institutes; the definitions and methodological concepts applied for the various statistical collections on international trade differ in terms of definition and coverage.
Metadata providing information on definitions and methods are published along with the data. United Nations Commodi
Protective tariffs are tariffs that are enacted with the aim of protecting a domestic industry. They aim to make imported goods cost more than equivalent goods produced domestically, thereby causing sales of domestically produced goods to rise. Tariffs are imposed in order to raise government revenue, or to reduce an undesirable activity. Although a tariff can protect domestic industry and earn government revenue, the goals of protection and revenue maximization suggest different tariff rates, entailing a tradeoff between the two aims. A tariff is a tax added onto goods imported into a country. For example, if similar cloth for sale in America cost $4 in for a version imported from Britain and $4 for a version originating in the United States, the American government may wish to impose a protective tariff to make the price of British cloth higher for Americans; the underlying goal for a protective tariff is to protect domestic industry from foreign competition. This political issue relies with the purchasing power parity between the currencies of countries involved, with the parallel currency substitution in the domestic countries.
Alexander Hamilton was the first American to propose the use of protective tariffs to promote industrialization in his "Report on Manufactures." Hamilton thought that a tariff on textile imports would subsidize American efforts to establish manufacturing facilities to compete with those of the British. Heeding Hamilton's advice, president George Washington signed the Tariff Act of 1790 into law, as America's second piece of legislation, he stated tariffs were necessary for national security reasons:A free people ought not only to be armed, but disciplined. Congress set a tariff in 1816 in order to prevent some of these British goods from entering the United States, followed by another in 1824 and culminating with the controversial Tariff of Abominations in 1828. President John Quincy Adams approved the Tariff of Abominations after it received a majority vote in the House of Representatives; this 1828 tariff's goal was to protect Northern and Western agricultural products from foreign competition, but in doing so sparked a national debate over the constitutionality of placing tariffs on imports without the intent to raise duty revenue.
The earmarked items in this case included iron, distilled spirits and other finished goods. Opposition to this tariff came predominantly from the South since this region lacked a manufacturing sector, leaving it dependent on the North and foreign trade to supply its manufactures. In addition to artificially elevating import costs, the so-called "Tariff of Abominations" afflicted the South by hampering its cotton trade to England, the region's primary source of income; this 1828 tariff was so unpopular that it played a significant role in the failure of John Quincy Adams' reelection bid in 1828. The Confederate Constitution prohibited protective tariffs but allowed tariffs for providing domestic revenue. In present day, the International Trade Commission reports over 12,000 specific tariffs on imports to the United States, including those on agricultural and manufactured items. Tobacco has a 350% tariff duty. Domestic sectors for these same products depend on tariffs. Tariffs retaliatory tariff Protectionism Protectionism in the United States World Trade Organization Atack, Peter Passell, Susan Lee.
A New Economic View of American History: From Colonial Times to 1940. 2nd ed. New York: Norton, 1994. 125. Bianco, David. "Trade Barriers." Reference for Business. Boundless Open Textbook."Protective Tariffs." Collins English Dictionary - Complete & Unabridged 10th Edition, "protective tariff." HarperCollins Publishers. "History, Art & Archives, U. S. House of Representatives. "The Tariff of Abominations." "25 American Products That Rely on Huge Protective Tariffs To Survive." Business Insider, Sept. 2010. McNamara, Robert. "Definition of Tariff of Abominations." About.com. Van Duyne. "How a Protective Tariff Works." Mrvanduyne.com
After the collapse of Lord Derby's minority government, the Whigs and Peelites formed a coalition under the Peelite leader Lord Aberdeen. The government resigned in early 1855 after a large parliamentary majority voted for a select committee to enquire into the incompetent management of the Crimean War; the former Home Secretary, Lord Palmerston formed his first government. † After June 1854 office became Secretary of State for War. Lord John Russell served as Leader of the House of Commons from December 1852 to February 1855. February 1853: Lord John Russell becomes Minister without Portfolio, remaining Leader of the Commons. Lord Clarendon succeeds him as Foreign Secretary. June 1854: Lord Granville becomes Chancellor of the Duchy of Lancaster. Lord John Russell succeeds him as Lord President, remaining Leader of the Commons; the Secretaryship of State for War and the Colonies is split up. The Duke of Newcastle stays on as Secretary of State for War, while Sir George Grey becomes Secretary of State for the Colonies.
Members of the Cabinet are indicated by bold face. C. Cook and B. Keith, British Historical Facts 1830–1900'’
Free trade is a trade policy that does not restrict imports or exports. In government, free trade is predominantly advocated by political parties that hold liberal economic positions while economically left-wing and nationalist political parties support protectionism, the opposite of free trade. Most nations are today members of the World Trade Organization multilateral trade agreements. Free trade is additionally exemplified by the European Economic Area and the Mercosur which have established open markets. However, most governments still impose some protectionist policies that are intended to support local employment, such as applying tariffs to imports or subsidies to exports. Governments may restrict free trade to limit exports of natural resources. Other barriers that may hinder trade include import quotas and non-tariff barriers, such as regulatory legislation. There is a broad consensus among economists that protectionism has a negative effect on economic growth and economic welfare while free trade and the reduction of trade barriers has a positive effect on economic growth.
However, liberalization of trade can cause significant and unequally distributed losses, the economic dislocation of workers in import-competing sectors. Free trade policies may promote the following features: Trade of goods without taxes or other trade barriers. Trade in services without taxes or other trade barriers; the absence of "trade-distorting" policies that give some firms, households, or factors of production an advantage over others. Unregulated access to markets. Unregulated access to market information. Inability of firms to distort markets through government-imposed monopoly or oligopoly power. Trade agreements which encourage free trade. Two simple ways to understand the proposed benefits of free trade are through David Ricardo's theory of comparative advantage and by analyzing the impact of a tariff or import quota. An economic analysis using the law of supply and demand and the economic effects of a tax can be used to show the theoretical benefits and disadvantages of free trade.
Most economists would recommend that developing nations should set their tariff rates quite low, but the economist Ha-Joon Chang, a proponent of industrial policy, believes higher levels may be justified in developing nations because the productivity gap between them and developed nations today is much higher than what developed nations faced when they were at a similar level of technological development. Underdeveloped nations today, Chang believes, are weak players in a much more competitive system. Counterarguments to Chang's point of view are that the developing countries are able to adopt technologies from abroad whereas developed nations had to create new technologies themselves and that developing countries can sell to export markets far richer than any that existed in the 19th century. If the chief justification for a tariff is to stimulate infant industries, it must be high enough to allow domestic manufactured goods to compete with imported goods in order to be successful; this theory, known as import substitution industrialization, is considered ineffective for developing nations.
The chart at the right analyzes the effect of the imposition of an import tariff on some imaginary good. Prior to the tariff, the price of the good in the world market is Pworld; the tariff increases the domestic price to Ptariff. The higher price causes domestic production to increase from QS1 to QS2 and causes domestic consumption to decline from QC1 to QC2; this has three main effects on societal welfare. Consumers are made worse off. Producers are better off; the government has additional tax revenue. However, the loss to consumers is greater than the gains by the government; the magnitude of this societal loss is shown by the two pink triangles. Removing the tariff and having free trade would be a net gain for society. An identical analysis of this tariff from the perspective of a net producing country yields parallel results. From that country's perspective, the tariff leaves producers worse off and consumers better off, but the net loss to producers is larger than the benefit to consumers. Under similar analysis, export tariffs, import quotas and export quotas all yield nearly identical results.
Sometimes consumers are better off and producers worse off and sometimes consumers are worse off and producers are better off, but the imposition of trade restrictions causes a net loss to society because the losses from trade restrictions are larger than the gains from trade restrictions. Free trade creates winners and losers, but theory and empirical evidence show that the size of the winnings from free trade are larger than the losses. According to mainstream economics theory, the selective application of free trade agreements to some countries and tariffs on others can lead to economic inefficiency through the process of trade diversion, it is economically efficient for a good to be produced by the country, the lowest cost producer, but this does not always take place if a high cost producer has a free trade agreement while the low cost producer faces a high tariff. Applying free trade to the high cost producer and not the low cost producer as well can lead to trade diversion and a net economic loss.
This is why many economists place such high importance on negotiations for global tar
Liberal Party (UK)
The Liberal Party was one of the two major parties in the United Kingdom with the opposing Conservative Party in the 19th and early 20th centuries. The party arose from an alliance of Whigs and free trade Peelites and Radicals favourable to the ideals of the American and French Revolutions in the 1850s. By the end of the 19th century, it had formed four governments under William Gladstone. Despite being divided over the issue of Irish Home Rule, the party returned to government in 1905 and won a landslide victory in the following year's general election. Under Prime Ministers Sir Henry Campbell-Bannerman and H. H. Asquith, the Liberal Party passed the welfare reforms that created a basic British welfare state. Although Asquith was the party's leader, its dominant figure was David Lloyd George. Asquith was overwhelmed by the wartime role of coalition Prime Minister and Lloyd George replaced him as Prime Minister in late 1916, but Asquith remained as Liberal Party leader; the pair fought for years over control of the party.
Historian Martin Pugh in The Oxford Companion to British History argues: Lloyd George made a greater impact on British public life than any other 20th-century leader, thanks to his pre-war introduction of Britain's social welfare system. Furthermore, in foreign affairs, he played a leading role in winning the First World War, redrawing the map of Europe at the peace conference, partitioning Ireland; the government of Lloyd George was dominated by the Conservative Party, which deposed him in 1922. By the end of the 1920s, the Labour Party had replaced the Liberals as the Conservatives' main rival; the party went into decline after 1918 and by the 1950s won no more than six seats at general elections. Apart from notable by-election victories, its fortunes did not improve until it formed the SDP–Liberal Alliance with the newly formed Social Democratic Party in 1981. At the 1983 general election, the Alliance won over a quarter of the vote, but only 23 of the 650 seats it contested. At the 1987 general election, its share of the vote fell below 23% and the Liberal and Social Democratic parties merged in 1988 to form the Liberal Democrats.
A splinter group reconstituted the Liberal Party in 1989. It was formed by party members opposed to the merger who saw the Liberal Democrats diluting Liberal ideals. Prominent intellectuals associated with the Liberal Party include the philosopher John Stuart Mill, the economist John Maynard Keynes and social planner William Beveridge; the Liberal Party grew out of the Whigs, who had their origins in an aristocratic faction in the reign of Charles II and the early 19th century Radicals. The Whigs were in favour of increasing the power of Parliament. Although their motives in this were to gain more power for themselves, the more idealistic Whigs came to support an expansion of democracy for its own sake; the great figures of reformist Whiggery were Charles James Fox and his disciple and successor Earl Grey. After decades in opposition, the Whigs returned to power under Grey in 1830 and carried the First Reform Act in 1832; the Reform Act was the climax of Whiggism, but it brought about the Whigs' demise.
The admission of the middle classes to the franchise and to the House of Commons led to the development of a systematic middle class liberalism and the end of Whiggery, although for many years reforming aristocrats held senior positions in the party. In the years after Grey's retirement, the party was led first by Lord Melbourne, a traditional Whig, by Lord John Russell, the son of a Duke but a crusading radical, by Lord Palmerston, a renegade Irish Tory and a conservative, although capable of radical gestures; as early as 1839, Russell had adopted the name of "Liberals", but in reality his party was a loose coalition of Whigs in the House of Lords and Radicals in the Commons. The leading Radicals were John Bright and Richard Cobden, who represented the manufacturing towns which had gained representation under the Reform Act, they favoured social reform, personal liberty, reducing the powers of the Crown and the Church of England, avoidance of war and foreign alliances and above all free trade.
For a century, free trade remained the one cause. In 1841, the Liberals lost office to the Conservatives under Sir Robert Peel, but their period in opposition was short because the Conservatives split over the repeal of the Corn Laws, a free trade issue; this allowed ministries led by Russell and the Peelite Lord Aberdeen to hold office for most of the 1850s and 1860s. A leading Peelite was William Ewart Gladstone, a reforming Chancellor of the Exchequer in most of these governments; the formal foundation of the Liberal Party is traditionally traced to 1859 and the formation of Palmerston's second government. However, the Whig-Radical amalgam could not become a true modern political party while it was dominated by aristocrats and it was not until the departure of the "Two Terrible Old Men", Russell and Palmerston, that Gladstone could become the first leader of the modern Liberal Party; this was brought about by Palmerston's death in 1865 and Russell's retirement in 1868. After a brief Conservative government, Gladstone won a huge victory at the 1868 election and formed the first Liberal government.
1847 United Kingdom general election
The 1847 United Kingdom general election saw candidates calling themselves Conservatives win the most seats, in part because they won a number of uncontested seats. However, the split among the Conservatives between the majority of Protectionists, led by Lord Stanley, the minority of free traders, known as the Peelites, led by former prime minister Sir Robert Peel, left the Whigs, led by Prime Minister Lord John Russell, in a position to continue in government; the Irish Repeal group won more seats than in the previous general election, while the Chartists gained the only seat they were to hold, Nottingham's second seat, held by Chartist leader Feargus O'Connor. The election witnessed the election of Britain's first Jewish MP, the Liberal Lionel de Rothschild in the City of London. Members being sworn in were however required to swear the Christian Oath of Allegiance, meaning Rothschild was unable to take his seat until the passage of the Jews Relief Act in 1858. Craig, F. W. S. British Electoral Facts: 1832–1987, Dartmouth: Gower, ISBN 0900178302 Rallings, Colin.
British Electoral Facts 1832–1999, Ashgate Publishing Ltd Spartacus: Political Parties and Election Results