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
how did the landed estate owners deal with the decline in the agricultural industry?
lowered rents to tenant farmers while some invested more money to increase production
what percentage of international trade did Britain have by 1914?
25%
how did invisible exports support the British economy?
services offered were in great demand globally. the capital gained could reinvested overseas.
why did the continuation of free trade negatively impact Britain?
foreign traders had easy access to British markets and Britain was unable to bargain with them
when did Britain introduce primary education for all children?
1870-1881
why did many British farmers have to reduce grain production?
imported cheaply from North America
give 4 reasons for industrial unrest
1912- cost of living 14% higher than 1906
gap between rich and poor widening
1906-trade disputes act
1910- fall in unemployment levels so workers willing to confront employers
Before 1914, what was Britain’s international position in the shipbuilding industry?
owned half the world’s shipping before 1914
what was the overall growth rate of the economy and manufacturing per year before 1914?
economy= 3.8% per year
manufacturing= 2% per year
how was American coal mining ore advanced than British?
only 8% coal cut mechanically in 1914 compared to 25% in America in 1900
