competitiion from us and germany, new tech supply>demand
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impact on commodity prices?
30-40% fall
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counter to this?
price of imports fell more than exports, leading to a net BOP benefit
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businessmen response to falling prices/profits?
prioritise profit over output, so make people unemployed
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1886 unemloyment stat?
10%, rest pof GD avg 5%
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what was the new industry focus on?
coal, machinery and shipping
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long term issue of this?
low barriers to entry in all of these (don't need skill to mine etc), mean face a lot of compettion in future
9 of 29
Britain technology?
critiscised with not updating technology/ production methods, means fall behind germany by 1880 technologically
10 of 29
example of this?
gilchrist- thomas technique of steel production, uk invention but did not adopt widely unlike us and germany
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what industries faced a lot of competition from USA?
coal, iron and steel
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criticism of investors?
british investors essentially invested in foreign companies to make quick profit rather than investing in machinery etc domestically= fall behind furhter
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further fall in demand of steel?
railway boom wore off
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theo barker quote?
owners showed a n "unwilling counterance to change"
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canning process effect on agriculture?
meant beef from argentina could keep until it got to britain, drove down prices
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refrdigeration?
methods developed so meats could be imported from places like australia
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result of this?
by 1899 40% of meat consumed brtitish
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effect on amount of agricultural labourers?
1871= 1 million 1901= 600,000
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significance of foreign comp?
canning and refridgeration meant could be imported
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reasons for rise in foeign competition?
politial stability (gemran unification 1871), natural resources (by 1896 germ and us produce more steel), us railway ,germany education
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effect of this industry and agriculture problems on bop?
negative vsible, but saved by invisible
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invisible trad esources?
income from loans, shipping industry 1/3 of world total
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1886-1890 visible vs invisble?
vis= -89m invis= +177m
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when did us and germany impose protectionism/tarrifs on uk?
1890 and 1879
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why did uk not respond?
still beleived in laissez faires, also the imposing of tax would make goods more expensive= bad on wc lvinig standards
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what were two responses to this?
fair trade league 1881, joe chamb imperial preference
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1902 budget?
1902 budget one shilling tarrif imposed on imported wheat to fund boer war
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chamberlains response?
wanted this to be removed for members of cabinet= retrun from tories to protectionism, denied but did split cabinet
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