Britain 2-The state of the economy Flashcards
what did the amount of workers in agriculture drop from and to from 1850-1901 and why?
just under 2 million -> 4 million due to mechanization and the British eating more food from abroad
what were tenant farmers?
British land was in large estates which were let out to tenant farmers who payed the rent and profited from the produce
what were estate owners?
they usually owned one of several farms on their estate and profited from the produce
how did successful business owners contribute to agricultural economy and why?
many had bought land large estates as they had more money than traditional landowners and farmers and this was often for social status
what percentage of employment, national income and national investment did agriculture account for between 1906-14?
10%
what caused a change in farmers focus of produce and what did it change to?
long period of agricultural depression and competition from abroad meant farmers changed from wheat growing to dairy farming and beef cattle
what are examples of invisible earnings that were vital to Britain’s economy?
banking, investment, insurance, ‘invisible exports’ (e.g. other companies taking British insurance policies)
what were the consequences of the ‘late-Victorian recession’?
rate of industrial growth = less than USA, Britain overtaken by Germany and USA in iron and steel output, imports grew faster than exports leading to a ‘trade gap’
what did the world’s increase in importing manufactured goods lead to concerns of?
industrialists and politicians were concerned on the standard of education, policy of free trade and failures of the industry to adapt to new tach and ways of working
what was a ‘low-wage’ economy?
when workers aren’t payed enough to afford the goods they produce so only rich and middle class could afford to buy new manufactured goods (like in Britain compared to America which had a ‘high-wage’ economy
what were the key areas of concern for the British economy? (5)
lack of research and investment into new technologies, lack of progress in ‘new’ industries, ‘low-wage economy’, free trade and shortcomings in education and training
give 3 positive aspects of British economy, 1906-14
London remained the commercial centre of the world, world’s largest foreign investor + invisible earnings brought increasing profit, availability of cheaper food= wages increase in value
which economic sectors of employment were increasing for men and women?
retail, transport, banking and education
in which industries did most women find themselves employed within?
domestic service:
-maids
-cooks
-gardeners
what were the main ‘staples’ of industry?
textile,steel, coal and shipbuilding
