Chapter 22 - Economic developments 1846-85 Flashcards
What percentage of total traded manufactured goods in the world did Britain produce by the mid-19th century?
Over 40%
What percentage of world trade passed through British ports by the mid-19th century?
25%
What were 2 economic effects of the Great Exhibition?
Rapid increase in export orders and a growth in overseas markets
When was the Great Exhibition?
1851
What proportion of British goods were exported to the Empire by the mid-19th century?
1/3
What was the main export market for British coal?
Europe
Why was the USA such a good export market for Britain in the mid-19th century?
Because its own industries were not sufficiently developed to cope with the demands of a rapidly increasing population
For how long did the growth of the export trade in Britain continue unchallenged in the mid-19th century?
20 years
Why were exhibits from competitor countries allowed at the Great Exhibition?
To outline Britain’s commitment to free trade, and to highlight the superior quality of British goods
How many people visited the Great Exhibition?
6 million
How did many travel to the Great Exhibition?
Via train
What accompanied the boom in British exports of the mid-19th century?
Technological developments, and a rapid increase in production across the board
Who coined the phrase ‘High Farming’?
James Caird
When was the phrase ‘High Farming’ coined?
1849
What 3 principles did British governments generally adhere to throughout the economic boom of the mid-19th century?
- Low taxation
- Laissez-Faire
- Free trade
In what year did British economic growth significantly slow, ending the mid-19th century economic boom?
1873
What were 2 reasons for the economic boom of the mid-19th century ending?
- Increasing competition from nations such as Germany and the USA
- Increase in imports against exports
What were 5 features of the golden age of agriculture in Britain?
- Successive high yielding harvests
- Steady prices
- Increase in farmers’ incomes
- Scientific and technological improvement
- Improvements carried out
By what year had the golden age of agriculture begun?
1853
What did ‘High Farming’ describe?
The farming methods which were used during the agricultural golden age
What was mixed farming?
Where farmers grew crops and had animals
There was a shift with many farmers from purely arable farming to what during the golden age of agriculture?
Mixed farming
What were two advantages of mixed farming over arable farming?
- Protection against sudden downturn in livestock or crop prices
- Surplus crops could be used to feed animals, and manure could be used as fertiliser for crops
How did High Farming methods affect productivity?
They increased it
Where did much of the profits in farming lie during the golden age of farming?
Livestock rearing
What was imported in large quantities from Peru during the golden age of farming?
Guano
What was the guano industry worth by 1870?
£8 million
What industry was worth £5 million by 1870?
Animal feedstuffs made from cotton seed or linseed
What did the developments in animal feedstuffs and fertilisers by 1870 do for farmers?
Eased pressure on farmers to pursue mixed farming and allowed them to specialise better in either arable or livestock
How was the problem of poor drainage dealt with during the golden age of farming?
Clay pipes were manufactured and the Government introduced loan schemes for drainage pipe systems
What two factors helped improve crop yields during the golden age of farming?
Better drainage and use of fertilisers
What factor meant that introduction of farm machinery was slow during the golden age of farming?
Ready supply of cheap labour
What technological advancements in agriculture occured during the golden age of farming?
Use of the horse-drawn reaper, better ploughs, better seed drills and introduction of steam-driven threshing machines
What 3 factors increased the demand for agricultural products during the golden age of farming?
- Steady population growth
- Rising prosperity
- General rise in wages and prices
What met the greater demand for food during the golden age of farming?
Agricultural improvements
How did the railways benefit farming?
Meant that fresh food could be transported quickly to growing towns
How much of home consumption of wheat were British farmers producing by the early 1870s?
Around 50%
How much of home consumption of meat were British farmers producing by the early 1870s?
Around 90%
