Meaning: The quote "The corn law was intended to keep wheat at the price of 80s. the quarter; it is now under 40s. the quarter." by John Bright, a British politician, refers to the Corn Laws, a series of British statutes that regulated the import and export of grain. The quote highlights the significant decrease in the price of wheat, indicating that the original purpose of the law to maintain higher prices for domestic grain was not being achieved.

The Corn Laws were first introduced in the 18th century and were designed to protect domestic grain producers by imposing tariffs and restrictions on the import of foreign grain. The laws were highly controversial, as they favored the landed gentry and wealthy landowners who benefited from the higher prices of grain, while increasing the cost of living for the working class and urban population.

John Bright, a prominent advocate for free trade and a vocal opponent of the Corn Laws, used this quote to illustrate the failure of the legislation to achieve its intended goals. The reference to the price of wheat dropping from 80s. to under 40s. per quarter emphasizes the drastic reduction in the cost of grain, which would have been unthinkable under the regulations imposed by the Corn Laws.

The quote is significant in the context of British economic and political history, as it reflects the ongoing debate and conflict surrounding trade policies, agricultural interests, and the impact of government intervention in the market. The repeal of the Corn Laws in 1846, following years of agitation and debate, marked a pivotal moment in British economic policy, leading to a greater emphasis on free trade and the principles of economic liberalism.

By quoting the dramatic decrease in the price of wheat, John Bright aimed to demonstrate the inefficacy of the Corn Laws and the benefits of free trade in lowering prices and increasing access to affordable food for the population. The quote served as a rallying cry for advocates of free trade and as a condemnation of protectionist policies that sought to artificially inflate prices for the benefit of a privileged few.

In modern economic and political discourse, the quote continues to be cited as a powerful example of the consequences of protectionist measures and the potential benefits of open markets and free trade. It serves as a reminder of the historical struggle to balance the interests of domestic producers with the broader economic welfare of the population, and the enduring relevance of these issues in shaping trade policies and economic systems.

In conclusion, John Bright's quote encapsulates the failure of the Corn Laws to maintain high prices for wheat and the subsequent impact on the cost of living. It reflects the historical context of the repeal of the Corn Laws and the broader implications for trade policy and economic ideology. The quote continues to resonate in contemporary discussions on trade and protectionism, highlighting the enduring relevance of these issues in shaping economic policies and societal welfare.