It is noted as being the most important piece of economic legislation of the Third Republic .
It is marked a return to earlier protectionist policies effectively ending the period of free trade associated with the 1860 Cobden -- Chevalier Treaty .
It is noted as being the most important piece of economic legislation of the Third Republic and marked a return to earlier protectionist policies effectively ending the period of free trade associated with the 1860 Cobden -- Chevalier Treaty .