Chapter 3 - Trade And Commerce Flashcards
What system was the trade and commerce of the Empire?
Mercantilism
What is mercantilism?
A systems of regulations governing trade
What were colonies obliged to do?
Send most of their produce
Buy British manufactured goods
Use British ships
What economic system had been dismantled?
Protectionism
What is protectionism?
Using tariffs to regulate trade
Who advocated free trade?
Adam Smith
What is a Marxist interpretation of the British empires trade?
Expansion is driven by the ‘haves’ against the ‘have nots’
Where was reluctant to grant free trade agreements?
China
Opium wars
Where was non-colonial trade restricted?
America
American civil war
Why was it easier to trade with colonies?
Trading patterns well established
Common language
Tied currency
Common system of commercial law
Borrowing in London capital markets
Who was the most industrially advanced country by 1857?
Britain
What percentage of Britains imports came from the colonies?
20%
What was the worlds financial capital?
London
What was ‘imperial preference’?
Tariffs between two colonial nations was lower
How did the British empire transport goods?
Shipping
Railroads
Canals
What were clipper ships?
Fast ships suited to low volume high profit goods
Tea, Opium, Spices
What does sailing ‘under the British ensign’ mean?
With a British flag
What boat transported a higher cargo capacity?
Steamships
When did steamships become more popular?
After the opening of the Suez canal
Where was ‘railway imperialism’ important?
Self-governing colonies
Where did most investments in railways come from?
Individuals investing in private companies
What is invisible trade?
Investment overseas
Why were rivers important?
Focus of explorers quests
Why were canals built?
To avoid dangerous waterways
What countries exported food cheap foodstuffs and raw materials?
Australia
New Zealand
Canada
What did New Zealand export to Britain?
Wool and gold
What percentage of New Zealand’s exports went to Britain?
75%
What were the main exports from tropical countries?
Cocoa
Coffee
Groundnuts
Sugar
Palm oil
What were the main exports from North America and the Caribbean?
Sugar
Tobacco
What was the main export from India?
Tea
Opium -> China
What was one of the motives behind European expansion?
Discovering precious metals
What was the main export from Nigeria?
Tin
What countries exported gold?
New Zealand
Gold Coast
Rhodesia
South Africa
What was the main export from Sierra Leone and South Africa?
Diamonds
Why was industry in the British empire limited?
Couldn’t compete with manufacturing in Britain
What years were the chartered company revived due to foreign competition?
1870s
What other event supported the revival of chartered companies?
The great depression
What league supported the development of chartered companies?
The imperial federation league
