Economic Developments 1851-1886

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  • Created by: evekav
  • Created on: 16-04-21 14:36
When did Britain dominate the world economy?
Mid nineteenth century
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How much did Britain produce of the total traded manufactured goods in the world?
Over 40%
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How much of the world's trade passed through British ports?
25%
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What was Britain acknowledged as?
The Workshop of the World
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What was the Great Exhibition 1851?
Took place in Hyde Park, it showcased the variety, inventiveness and skill of Britain's manufacturing industries, other competitor countries were involved to show the commitment to free trade.
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What was one of the spin-offs of the Great Exhibition?
Was a rapid increase in export orders and a growth in overseas market.
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Where did some British goods go?
*1/3 of all goods exported to the British Empire
*Coal exported to Europe
*Many goods went to the US
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What was Britain's economic and industrial power accompanied by?
Technological developments- coal mining, iron and steel, engineering and textiles.
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What helped the boost in agriculture?
New technology and increase in scientific knowledge- it generally is referred to as the period of High Farming.
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What were the main principles of British Government?
*Laissez faire
*Free trade
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What happened after 1873?
There were signs of a slowing down of the rate of growth in the economy- imports were increasing exports and rivals were beginning a slow overtake of Britain.
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By 1850 what had Britain entered?
A golden age of agriculture- harvests produced high yields, prices were steady, incomes increased and there had been scientific/technological innovation.
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Why did many farmers move to fixed farming?
They grew wheat and root crops as well as stocking cattle/pigs/sheep so they could be cushioned by a downturn of prices.
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What was there an increase in?
Stock farming- some specialised in specific breeds of cattle such as Angus or Herefords which produced excellent beef.
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What was imported from an increase in scientific knowledge?
Artificial fertilisers-superphosphates and guano was imported from Peru.
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By 1870, what was the industry worth?
£8 million a year, with animal feedstuffs worth £5 million a year too.
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What did the problems of poor drainage lead the government to do?
They introduced loan schemes for farmers to invest in drainage pipe systems-this led to substantial improvements in crop yields.
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How was cheap labour beneficial to farmers?
Agricultural workers were poorly paid and machinery was slow to introduce so workers were cheap to employ which kept costs down.
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What farm developments were made?
*Widespread use of the horse-drawn reaper
*Better ploughs
*Seed drills
*Steam-driven threshing machine
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What helped with the ease of agricultural developments?
There was a steady population, prosperity, rise in wages, price increase with a demand for food, development of railways.
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By the 1850s, what were British farmers producing in terms of wheat, meat and dairy?
*50% wheat
*90% meat
*dairy farmers supplied the home market with butter, milk and cheese.
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What did the farmers benefit from?
The rising price of their produce-they built themselves farmhouses and had a comfortable lifestyle.
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For most of the country, what was life like?
The accessibility of plenty of good, cheap, home produced food helped improve health and raise the standard of living.
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How was luck involved in the 'golden age of agriculture'?
There was an exceptional good run of high yields between 1850 and 1873 from long, dry summers.
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What happened when the dry summers came to an end?
Rains fell and foreign competition came to attack Britain's trade, farmers were faced with a fall in prices and by 1873, the farming industry fell into an economic downturn.
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What industries were Britain able to set up?
The staple industries of coal, iron and steel, engineering, shipbuilding and textiles.
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What rate of economic growth did these industries produce?
2-3% per year
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What did the industries create a boom in?
In Britain's export market and accounted for almost all of their exports.
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What did their profits provide?
A capital for further investments at home and overseas.
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What did international trade aid Britain with?
Influencing its influence abroad
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What did Gladstone's reduction to taxation allow?
Individual entrepreneurs and businessmen to build up their private fortunes as well as their wealth of the nation by investing the large sums of available capital in industrial enterprises at home and abroad.
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What had those in work created a demand in?
The economy-because their wages had risen and their newly acquired spending power and desire for consumer goods helped create further prosperity.
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What were the reasons for Britain's exceptional industrial progress?
*First industrial nation
*Controlled the sea routes
*Plentiful supply of natural resources
*Huge rise in population
*Extensive rail routes
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What did Britain's population rise to?
From 27 million in 1851 to 35 million in 1881.
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How did free trade help with industry?
It encouraged overseas trading and stimulated British industry.
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Where did profits from sales and exports go?
They were often ploughed back into existing businesses and used for further enterprises, such as building railways abroad.
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What were the key industries in Britain?
Coal and iron, textiles also remained a staple industry. All manufactured goods relied on coal and iron.
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What was the growth of coal?
In 1850, coal output was 50 million tons
In 1875, coal output was 130 million tons
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What helped stimulate coal production?
A drop in the price of coal and an increase in demand.
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What were the two major developments responsible for an increase in iron output?
John Neilson's hot blast (1827)
James Nasmyth's steam-hammer (18446)
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What were dependent on the continuous production of iron?
*Railways
*Bridges
*Iron steam ships
*Textile machinery
*Tools
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What did iron ore production increase to?
From 9 million tons in 1855 to 15 million tons in 1875.
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How did railways develop?
There was an expansion of an already established network in England, Wales and South of Scotland, new rail track was laid to set up branch lines, linking seaside resorts to larger towns or setting up suburban railways.
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What did railway companies become concerned with?
Producing better, faster and more reliable engines which led to the development of precision engineering.
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What were companies set up to develop?
More modern rolling stock locomotives.
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What did the railway industry lead to the development of?
Prosperous railway towns such as Crewe, Doncaster and Derby
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When was the first London Underground line opened?
1863 - carried 10 million passengers in its opening year.
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What did British shipping dominate?
The world
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What allowed Britain to forge ahead in the development of steam ships?
Increase in the production of cheap iron and later steel.
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What canal opened in 1869?
HINT: in Egypt
Suez Canal
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Between 1850 and 1880, what was the tonnage increase of steam ships registered in Britain?
From 319,000
To over 3 million tons
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What fraction of Britain's exports did textiles account for in 1851?
2/3
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When did the cotton industry market fall?
1860s
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What was laissez faire?
Limited government intervention, mainly in the economy.
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What was laissez faire supposed to achieve in the economy?
Price would keep supply and demand in a state of equilibrium.
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What was the general feeling around laissez faire?
It was broadly accepted and people expected little interference in the economy.
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What did Gladstone think of laissez faire?
He was a firm believer in it and applied it to free trade.
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What did the adoption of free trade lead to?
A massive increase in the volume of trade and provided a stimulus for further economic growth.
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How had free trade influenced Britain by 1860?
Almost all trade restrictions had been removed.
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What was the view on free trade by the 1880s?
Some were beginning to speak against it - Fair Trade League formed in 1881
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When did the economy experience a downturn?
1853 onwards
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What evidence is there of the downturn in the economy after 1853?
*Rate of production in major industries slowed
*Fall in prices=smaller profit margins
*Periods of unemployment
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Who were Britain's biggest foreign competition?
USA and Germany
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What was another problem for Britain in 1879?
HINT what did Germany impose?
Germany introduced trade tariffs
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How had Britain fallen behind?
In the latest tech - the country's machinery was either old or obsolete and there was a reluctance to invest new capital.
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What signalled the start of the depression in agriculture?
A spate of wet summers and poor harvests.
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What was the most damaging to the industry?
Import of cheaper grains from overseas (USA)
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By 1886, what fraction of wheat consumed was imported?
2/3
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By the time the time the agricultural depression occured, who was PM?
Disraeli
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Is it argued a combination or a single factor was responsible for the economic problems after 1873?
Combination
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How much did Britain produce of the total traded manufactured goods in the world?

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Over 40%

Card 3

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How much of the world's trade passed through British ports?

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Card 4

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What was Britain acknowledged as?

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Card 5

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What was the Great Exhibition 1851?

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