Time Line

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1799 The Dutch East India company, formerly the world's largest company goes bankrupt, partly due to the rise of competitive free trade.

•1815 The British Corn Laws are introduced, preventing grain imports.

•1817: James Mill, Robert Torrens, and David Ricardo showed that free trade might benefit the industrially weak as well as the strong, in the famous theory of comparative advantage.

·1840 Opium War- Britain invades China to overturn the Chinese bar on opium imports. The British case was argued in Ricardian terms against the import barriers the Chinese wished to impose; parliament argued that the trade in opium should not be restrained.

•1848 The Infant Industry Scenario developed by J.S Mill

•1860 Free trade agreement finalized between Britain and France under the presidency of Napoleon III

•1868 The Japanese Meiji Restoration leads the way to Japan opening its borders and quickly industrializing through free trade

•1892 France introduces the Meline Tariff, ushering in an era of protectionist measures.

•1897 In the Dingley Tariff, U.S. import duty is raised to a 46.5% average.

•1930 The most famous trade restriction in history the Smoot Hawley Tariff Act roughly doubled the U.S. tariff levels from those set in 1913.

•1933 Bertil Ohlin publishes Interregional and International Trade, giving conditions under which a comparative advantage can exist despite identical technologies internationally (the Heckscher-Ohlin Model).