factors affected by industrialisation
- Created by: lucy._.hart
- Created on: 26-10-20 14:22
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- Factors Impacted By Industrialising
- N + S Divide
- N most industry
- NE - mining + shipbuilding
- NW - textile, wool + cotton manufacturing
- S less industry
- woolen in London
- agriculture
- N most industry
- laissez faire government
- water supply
- Municipal Corporations Act of 1835 nationalised but private cmplained
- railways
- 1844 Railway Regulation Act - government had power over railways + option to nationalise them
- Stockon + Darlington needed Act of Parliament to incorporate company + use land
- repeal of laws
- repeal of Statue of Artificers 1813 (provided regulation of wages + working conditions)
- repeal 1720 Bubble Act (limiting number of joint stock banks)
- argueably government promoting industrialisation + legislation was a hindrance
- repeal of corn law
- Master Servant Act 1823 - failure to fulfill contract of work punishable
- introduced legislation
- 1844 Banking Charter Act
- water supply
- banking
- 1826 Banking Co-partnership Act - joint stock banks allowed to form
- 1833 Bank Charter Act - joint stock banks form in London
- 1844 Banking Charter Act - power of note giving given to Bank of England
- 1866 - 154 joint stock banks within 850 branches nationwide
- why significant for economy?
- source of capital
- allowed men with a vision to establish themselves
- emerging technology established
- Spinning Jenny expensive so use loan
- united rural + urban
- united gentleman farmers by investing e.g. in railways
- infrastructure built by people for own interests but increased development
- encouraged middle class investment
- helped their concerns + developed the industry
- confidence in Britain's development (patriotic)
- source of capital
- growing middle class
- self made men who earned their money through trade + industry
- bridging gap between poor + gentry
- high competition between businessmen
- focused on profits
- created a 'master worker' identity which emphasized class divide
- Adam Smith (1723-90) - 'free trade' 'laissez faire' more effective to promote economic growth
- self made men who earned their money through trade + industry
- N + S Divide
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