The 1849 repeal, considered alongside the repeal of the Corn Laws, completed a reversal from mercantilist protection to freer trade. Britain by then possessed an overwhelming merchant-shipping position, the largest producing economy, and a rich domestic market. Large numbers of ordinary cargo steamers moving continually between ports mattered more to this advantage than the famous ocean-liner race. Liberalized trade could broaden markets for everyone while benefiting the largest producer and carrier most of all. Commercial doctrine changed with Britain's relative maritime strength.
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1849 repeal and the power of free trade
The 1849 repeal came after Britain had become the dominant trading and shipping power that earlier protection had sought to build.