Analysis Of The British Imperial Preference During The1930s

In the1930s, the strength of the UK was declining. At the same time, the worldeconomic hegemony was moving to the United States day by day. Faced with this situation,the UK was unable to continue the old world economic system which was centered by theUK, and based on the free trade. In order to overcome the crisis and keep the worldeconomic hegemony, the UK began to adjust its foreign economic policy. In1932, the UKlaunched the Imperial Preference formally. The implementation of this imperial tradepreferential system helped the UK from leading the global economy to sticking to theBritish empire market. The Imperial Preference became the important tool used by the UKto consolidate its sphere of influence, and struggle for the world economic hegemony withthe United States. Therefore, this article is to try analyzing the British Imperial Preference,interpreting the two different foreign economic strategies of the UK and the United Statesand their impacts along the trade clude.