We examine the case of an important outsider to the Cobden-Chevalier network of bilateral treaties in the second half of the nineteenth century. We attempt to explain this through a study of the structure of Danish trade and protection. We demonstrate, in contrast to previous accounts that have considered Danish trade policy somewhat irrational, that Denmark was right to remain outside. She had little to gain from concluding treaties, since her main trading partners offered free trade for her

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... ports, agricultural goods, and she needed her own tariffs for revenue purposes. JEL codes: N7 1 We would like to thank Ingrid Henriksen and seminar participants for valuable comments and suggestions.