1906-1914 Economy Flashcards
In 1914, what was British Industrial Growth in comparison to US Industrial Growth
2.3% - half of the US
In 1910, what did British, German, and US exports make up in world trade?
British- 10%
German- 20%
American- 40%
What were the Staple Industries?
textiles, steel, coal, ship building. these made up 60% of exports in 1913. 1870- 100 million tonnes of coal mined. 1913- 287 million.
What were the new industries?
electrical engineering, chemical engineering, motor manufacturing. Industry expanding 3.8% every year. Tyre industry consumption around £14 521 000. Fuel and oil bill worked out close to £88 500 000. Employs over 375 000.
How was agriculture going?
1850- employed 2 million, 1901- 1.4 million. overseas competition for cheap food. 1870s food price decrease, land decrease, farmers gained less.
How was Trade and Invisible earnings?
1914- 30% goods and services from Britain. 25% exports from Britain. Decrease from 1870 when it was 40%.
what were the economic concerns and external competition?
1870-1914 Britain was overtaken by Germany and US in iron and steel output.
Why was lack of research and investment into new technologies an area of concern?
Britain’s industrial lead had always been cheap textiles and providing iron and steel to make new railways, steamships and machinery. Compared to US, Britain invested few resources into research. Because industries were so established in Britain, equipment was less modern. By 1900, Britain had fallen behind.
why was lack of progress in new industries an area for concern?
By 1906, industries based on advanced science were becoming more important. German chemical industry doubles britains in 1913. Started 10 years later than America in electricity industry
Why was a low-wage economy an area for concern?
America introduced a high-wage economy where workers were payed enough to buy the goals they produced. This ensured huggy demands and encouraged production. Britain- only middle/high class could afford manufactured goods
Why was the issue of free trade an area for concern?
Germany and US used tariffs to keep domestic markets free from competition. Britain used free trade. Lib gov’s free trade meant foreign trades had easy access to British Markets and Britain couldn’t bargain with other countries to reduce tariffs.
why was shortcomings in education and training an area for concern?
worries that schools weren’t teaching sufficient skills in schools, not producing enough inventors, designers, technicians etc. By 1908 fewer than 300 students were taking applied sciences at uni, Germany turning out 400 chemistry graduates a year
Why were problems in agriculture an area for concern?
Late 19th century British farmers suffered the shock of foreign competition. steamships and Railways meant grain from North America sold cheaper than Britain could produce. 1/4 of wheat sold in Britain came from Britain.
what were the key areas of concerns for the economy?
lack of research, lack of progress, a low-wage economy, issues of free trade, shortcomings in education and training, problems in agriculture
