Analyse the impact of the policy of Free Trade introduced by the british in India.
Answers
TRADE POLICY, 1800–1947 Defined either narrowly or broadly, the trade policy of the British government of India did not promote the interests of most Indian producers or consumers. Narrowly defined, trade policy refers to government rates of tariffs, duties, quotas, trade agreements, and other policy instruments that affect the price and quantities of goods exported and imported. Broadly defined, trade policy incorporates all government policies that influence a country's terms of trade, defined as the price of its exports relative to its imports. Such policies would include those targeting changes in exchange and interest rates, investment incentives, taxation and expenditure policies on tradable commodities, and nontariff barriers to trade, such as preferential treatment in government purchases