230: Trade and Commerce 1890-1914 Flashcards
What was the approximate proportion of imports from the empire in 1913?
25% of imports from empire
What was the approximate percentage of exports to the empire in 1913?
35/40% of exports were to the empire.
Name some economic pro-empire arguments?
- Allows for importation of cheap goods people want.
- Creates markets for British goods, driving domestic production.
- Foodstuff and raw materials could be imported cheaper and power industrial development.
Name some economic anti-empire arguments?
- Empire costs more than it provides benefits, e.g defence costs. (especially for middle class).
- Stops Britain from modernising by relying on imports instead of technological development.
- Undermines domestic production with cheap imports, driving wages down in Britain.
What empire organisation was founded in 1884, but disbanded only 9 years later? Why is this significant?
The Imperial Federation league, shows lack of interest in colonial ties as this period begins.
With which countries/regions was British trade increasing during this period?
Foreign nations (outside the empire), especially USA.
How economically significant was India to Britain during this period?
Took 20% of British exports, and also exported vast quantities of tea and raw cotton to Britain.
What happened to British investment between 1900 and 1913? What does this show?
It doubled from £2 million to £4. A diversification in the way Britain made money.
Why was Britain loaning to and investing in foreign nations more than empire ones?
Empire loans were safer, but foreign ones would provide larger returns. Also wary of loans to empire being used to develop industries that would rival those in Britain.
Which 1899 and 1900 acts promoted infrastructure projects in Africa? Name an example of a project.
Colonial loans act (1899), Colonial stocks act (1900). Rail links to Africa’s interior.
What was the effect of mercantilism on the colonies?
- Huge tariffs forced local people out of business.
- The system encouraged use of cheap labour, damaging to indigenous people.
What was the effect of free trade on the empire?
- Promoted growth and industrialisation as countries could ship their own goods.
- Trade and profit was less guaranteed, trade routes weren’t protected.
- Trade was less controlled but Britain could still use military threat to get its way.
What would the effect of Chamberlains proposed imperial preference have been on the empire?
- Boosted exports and local industrialisation in dominions.
- Could’ve put strain on those communities to produce for exporting to Britain.
- Trade tariffs would be fixed.
What was the significance of mercantilism for Britain?
- Britain was the centre of trade with control over who shipped what where.
- Allowed British businesses, especially merchants, priority.
- Restricted the growth of Britain’s colonies.
What was the significance of free trade for Britain?
- More products available in Britain.
- Less traffic for Britain’s ships and ports.
- More trade from informal empire.
- Britain’s colonies were able to trade with other people.
