Explain the contention between U. S. Pres. McKinley's economics and British economics excluding opinion or argument.
The economic contention between U.S. President William McKinley and the British government centered on two conflicting economic systems: American Protectionism and British Free Trade. During the late 19th and early 20th centuries, these systems clashed over two major issues: import tariffs and the international monetary standard.
1. Trade Policy: High Tariffs vs. Free Trade The primary point of economic conflict was the use of import taxes (tariffs) to control trade.
The British Economic Position The British Empire operated on a policy of Free Trade. Because the UK was a mature industrial power with a vast global empire, its economic strategy relied on: • Eliminating or minimizing import duties. • Securing open, unrestricted access to foreign consumer markets for British manufactured exports. • Importing cheap raw materials and food to sustain its domestic population and factories.