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history > 2: state of economy BRT > Flashcards

2: state of economy BRT Flashcards

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1
Q

what were the main staple industries in Britain 1914

A

textiles, steel, coal and shipbuilding

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2
Q

what percentage of exports came from staple industries in 1913

A

60%

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3
Q

what were the main industrial areas which produced the staples

A

coal mines in south wales, northern England and scotland

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4
Q

what had allowed Britain to lead in staple industries throughout the 19th century

A

it was the first country to have an industrial revolution

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5
Q

which countries were seen as a threat to britains dominant position in staple industries 1913

A

Germany and USA

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6
Q

between when was Britain key shipbuilding nation

A

1870-WW2

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7
Q

why was there little worry about Germany and USA making faster progress in staple industry

A

britains output of iron and steel continued to increase and Germany and USA had considerable advantages over britain

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8
Q

what advantages did Germany and USA have over Britain in staple industries

A

more access to raw materials and larger home markets

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9
Q

which other staple industries grew

A

coal industry continued to be profitable

cotton trade maintained strong exports

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10
Q

3 most prominent new industries

A

electronic engineering, chemical and motor vehicle production

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11
Q

what was new industry growth like in comparison to economy

A

were expanding faster than economy as a whole: 3.8% compared with 2% overall

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12
Q

how many people were working in agriculture by 1850

A

2 million

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13
Q

how many people working in agriculture by 1901

A

1,400,000

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14
Q

why had number of agricultural workers fallen by 1901

A

mechanisation

more imported food eaten

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15
Q

how much did farming account for employment, national income and national investment

A

10% 1906-1914

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16
Q

how was most british land arranged

A

in large estates let out to tenant farmers

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17
Q

how did tenant farmers gain profit

A

selling what they produced

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18
Q

how did landlords respond to agricultural prices lowering in the 1870s

A

lowered rents as farmers gained less from selling their products

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19
Q

why did some landowners invest more capital in their land mid19th cent

A

to get higher production in hope of more profit

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20
Q

why did many businessmen buy large estates

A

had more money than traditional farmers- wanted to gain social status as country gentlemen

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21
Q

why did farmers have to change their focus of production by 1914

A

agricultural depression late 19th cent and competition from abroad

22
Q

what did farmers change their focus of production to by 1914

A

dairy farming and beef cattle

23
Q

why was dairy farming and beef cattle more profitable than arable crops

A

crops vulnerable to overseas competition

24
Q

what made britain leading trading nation in 19th century

A
  • 30% goods and services produced in britain sold abroad
  • 25% of world trade was Britain’s
  • dominated worlds shipping
25
Q

how did invisible exports continue to grow in 20th century

A
  • world leader in banking, investment and insurance
  • London remained commercial centre of the world
  • reliability of bank of England encouraged many foreigners to invest in british enterprises
26
Q

what did britains earnings from invisible exports help to ensure

A

britain maintained healthy balance of payments despite value of imports rising and value of exports declining

27
Q

what percentage of total national wealth was in investment overseas by 1913

A

32%

28
Q

what occurred between 1870-1914 that became known as the late Victorian recession

A
  • britain overtaken by Germany and America in iron and steel output
  • rate of industrial growth less than USA
  • share of worlds exports declined
  • imports grew faster than exports- trade gap
  • former workshop of world? now imported manufactured goods
29
Q

what did the late Victorian recession case industrialists and politicians to raise questions about

A

standards in education, free trade policy and failures of industry to adapt quickly enough to new technologies and ways of working

30
Q

why was britain struggling to keep the lead in cheap textiles, iron and steel

A

they invested few resources into researching new methods of improving the production of these goods than america

31
Q

what was the reason for the lack of innovation

A

industries were so established in britain, factory and plant equipment was less modern than that of its rivals and so changing was an expensive option

32
Q

how were coal mines lagging behind

A

they were labour intensive as oppose to mechanical methods overseas

33
Q

who had britain fallen behind in 1900 and in what industries

A

America and Germany- steel

America- coal

34
Q

why were manufacturing areas also failing

A

firms failed to develop the organisational skills and techniques necessary for the type of mass production seen by the USA

35
Q

evidence of lack of progress in new industries

A
  • german chemical industry 2x size of british 1913
  • british army used german dyes for uniforms
  • large scale development of electrification for tramway’s and factories began 10 years after usa
36
Q

why did America have a high wage economy

A

workers were paid enough to buy the goods they produced

high demand and encouraged production

37
Q

what was the problem with britains low wage economy

A

only rich and middle class could afford new manufactured goods- small domestic market

38
Q

how did Germany and USA keep their domestic markets free from competition

A

used tariffs

39
Q

what did liberals free trade policy mean

A

foreign traders had easy access to british markets and britain could not bargain with other countries to reduce their tariffs

40
Q

what did concerns over economic decline lead to the fear of

A
  • workers not learning sufficient skills in schools

- britain not producing enough qualified inventors and designers and technicians

41
Q

evidence to prove britain was behind in education

A

usa and Prussia (n Germany) introduced primary education for all in early 10th cent

britain only did 1870-1881`

42
Q

how were steamships and railways a problem

A

grain from north American prairies sold more cheaply than british farmers could produce it and farmers forced to reduce their production

43
Q

refrigerated ships in 1880s meant…

A

cheap meat could be brought from aus, nz and south america

44
Q

staple industries profitable and in some areas…

A

increasing production

45
Q

what did it mean to Britain that world trade was expanding rapidly

A

British goods were selling in greater quantities than before in absolute terms

46
Q

how did London remain the commercial centre of the world

A

its dominance was unchallenged

47
Q

what did invisible earnings help to compensate for

A

the growing trade gap between visible exports and imports

48
Q

what did cheaper imports of cereals mean for livestock farmers

A

cheaper foodstuffs

49
Q

home demand for which products within agriculture remained strogn

A

fresh milk and high-quality meat

50
Q

what did the census of 1911 show

A

increase in number of farm labourers

51
Q

what did the availability of cheaper food mean

A

the value of wags was consistently rising in real terms

history (44 decks)

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