The Economic Consequences of Sir Robert Peel: A Quantitative Assessment of the Repeal of the Corn Laws

Abstract This paper provides a quantitative general equilibrium evaluation of the repeal Britain's Corn Laws in 1846. Using detailed input-output matrix British economy 1841, we find abolition tariff on imported grain left overall welfare roughly unchanged as static efficiency gains are offset by terms-of-trade losses. Labourers and capital owners gained slight amount at expense landowners. Combining these changes factor payments with different consumption patterns across income groups, that top 10% earners lost while bottom 90% gained.