The British Empire Economic Conference (also known as the Imperial Economic Conference or Ottawa Conference) was a 1932 conference of British colonies and the autonomous dominions held to discuss the Great Depression. It was held between 21 July and 20 August in Ottawa.
The conference saw the group admit the failure of the gold standard and abandon attempts to return to it. The meeting also worked to establish a zone of limited tariffs within the British Empire, but with high tariffs with the rest of the world. This was called "Imperial preference" or "Empire Free-Trade". This abandonment of open free trade led to a split in the British government.
The conference was especially notable for its adoption of Keynesian ideas such as lowering interest rates, increasing the money supply, and expanding government spending.
The United States was annoyed by the implementation of Imperial Preference as it affected them economically.
Famous quotes containing the words british, empire, economic and/or conference:
“I’m a bad son. Is it the chromosomes, do you think, or is it England?”
—David Mercer, British screenwriter, and Karel Reisz. Morgan (David Warner)
“Without the Empire we should be tossed like a cork in the cross current of world politics. It is at once our sword and our shield.”
—William Morris Hughes (1864–1952)
“... business training in early life should not be regarded solely as insurance against destitution in the case of an emergency. For from business experience women can gain, too, knowledge of the world and of human beings, which should be of immeasurable value to their marriage careers. Self-discipline, co-operation, adaptability, efficiency, economic management,—if she learns these in her business life she is liable for many less heartbreaks and disappointments in her married life.”
—Hortense Odlum (1892–?)
“The peace conference must not adjourn without the establishment of some ordered system of international government, backed by power enough to give authority to its decrees. ... Unless a league something like this results at our peace conference, we shall merely drop back into armed hostility and international anarchy. The war will have been fought in vain ...”
—Virginia Crocheron Gildersleeve (1877–1965)