In 1931, after nearly a century in which Britain had been the principal exponent of the free trade doctrine, a combination of sectional interests and special economic and political circumstances brought about the imposition of a general tariff. However, this momentous policy change was only part of a fundamental reorientation of British economic policy which occurred between September 1931, the abandonment of the gold standard, and June 1932, the War Loan conversion operation which heralded the cheap money policy. The coincidence of changes in exchange rate, trade and monetary policies within such a short period has always created a problem for the analysis of the underlying motives and impact of public policy at this time. However, the tariff poses particular problems because analyses of the effects of protection in a flexible exchange rate regime have...