British economy 1851 - 1973 Flashcards
1
Q
growth
A
- 1856-1873 : british GDP increased by 3% per annum
- highest income per head in the world economy in 1851
- responsible for 41% of all manufacturing in world trade compared to Germany on 19% and USA on 3%
- 25% of world trade passed through British ports
- 1/3 of GB exports to empire and USA
2
Q
exports
A
- exports on 1846 - 1873 higher than they were in 1814- 1846
- world largest merchant navy, built in iron by british shipbuilding firms
- exported machinery worth £10m in 1873
- 1805 - 1879 textiles were 50% of GB exports
- cotton was 30%
- iron and steel amounted to 16%
- coal increased to 40% (drove domestic growth)
3
Q
steam and technology
A
- produced over 1m steam horsepower compared to the combined total of 700,000 of belgium, germany and france
- by 1841 and 1870 steam power increased in GB by 329%
- steam used in textiles coal iron and engineering
- steam ships first sailed in 1851 dominated shipping by 1900
- 1890 tonnage of steam ships grew to 3m tons
- neilsons hot blast, nasmyth stream hammer heleed 2x iron production to 15 m tonnes per day
- bessaimer process improved steel for railways at home and abroad
- steel used in steam ship building
4
Q
staples
A
- coal production rose from 56m tones in 1840s to 123 tons in 1870s
- by 1850 GB produced over 505 of global output of iron
- 1850 : 18 blast furnace burning over 1,500 tons of coal a week
- merthyr tydfil (home of the largest ironworks) had a life expectancy of 3 in 1851
- 80% of the world shipping was made in GB
- railway stimulated demand for iron steel and coal
- facilitated urbanisation, movement of industrial material nand oood to port for exports
5
Q
free trade
A
- revenue from taxes on imports declined form 32% of value of imports in 1840s to 11% o 1860s and 5% by q890
- free trade facilitated exports
- allowed imports of cheap food to britain
- allowed the British capital to be directed towards industry rather than domestic agriculture
- cheap food meant rising real wages
6
Q
city of london (financial capitalism)
A
- centre of global finances ‘0 british investment abroad rose from £195m in the mid 1850s to £ 700m by 1873
- foreign investment brought returns to british investors
- bank charter act 1844 restricted the ability of the bank to print money and the pound was fixed to gold making it stable and the currency of world trade
7
Q
algricultre
A
- high farming organise and modernised british farming could survive the challenge of cheap imports
- fertilisers (guano) mixed farming, drainage improvements all combined with cheap labour, seed drills and steam plough were intended to increase agricultural productivity
- golden age of arming (1851 -73) was not because of high farming
