Description
Hegemonic Stability Theory (HST) remains one of the most influential systemic theories of international relations. Given the United States’ relative decline, the rise of China and the Sino-American trade war, HST is more relevant than ever. As a structural theory, however, HST glosses over those pivotal individuals who drive domestic policy back into alignment with the dictates of the evolving systemic structures. This paper demonstrates the significance of Joseph Chamberlain (1836-1914) who led that realignment at international and domestic levels in the economic case of the British hegemonic decline a century ago. Inspired by the British Historical Economists, he sought to revert the UK’s loss of competitiveness to its rising challengers Germany and the United States by raising protectionist tariffs. Chamberlain thus made a first, crucial step to reorient Britain’s commercial policy towards the economic and political consolidation of the Empire through mutual preferential trade until this inter-generational effort was accomplished politically when Britain departed from free trade and adopted Tariff Reform and Imperial Preference in 1932. Drawing on extensive archival research, the paper examines how this pivotal individual and his decades-long campaign drove Britain’s trade policy back to mercantilism. It highlights the contingency involved in economic policymaking and deepens our understanding of the contemporary relevance of this crucial IPE case.
