Chapter Three Flashcards
What was there a rise of in the decades of 1780s and 90s?
Rise in both imports and exports, indicating a rise in economic activity.
What were the reasons for economic growth?
Development in trade, availability of capital, raw materials, agricultural improvements, political stability, scientific and technological invention, free movment of people and goods, growth in population.
What brought a growth in trade?
Shipbuilding, exploration, discovery of new overseas markets and colonization. Stimulated development of banking and finance. English Trading Company East India Company enjoyed a trade monopoly in India.
What was a result of the thriving trade industry?
Capital was available at low rates of interest to set up new enterprises.
What was a result of the population growth?
Large labour force available, increased demand for food, clothing, housing and other commodities.
Where was the growth of the Cotton Industry most profond?
Lancashire and Lanarkshire
What was the domestic system of production?
Small scale operation, carried out in homes using spinning wheel and hand loom. Process was slow, lacked quality control, production was limited.
What was developed in 1769?
Arkwright’s Water Frame, heralded start of factory system of production.
What was developed in 1779?
Samuel Crompton’s Mule, cross between the water frame and Hargreaves’ ‘Spinning Jenny’. Produced high quality yarn. Widespread by 1820s, most important spinning invention.
What was developed in 1789?
Edmund Cartwright’s power loom, operated by steam power.
How were cotton, iron, coal, and canals linked?
Cotton mills required iron to run the machines, and iron foundries needed coal to run them. Canals distributed raw materials to factories, and the finished goods to the population.
What did the canal industry enable?
Heavy and bulky goods to be transported cheaply and easily, new areas opened up, entrepreneurial businessmen could transport their own goods.
What were the drawbacks of canals?
They were difficult and expensive to construct, only followed a limited route, froze in the winter and were slow to operate. The railways replaced them.
What were the main sources of power before the late eighteenth century?
Man, horse, wind and water. Water meant the manufacturer had to build their factory close to the source of power.
Which new power source was found?
Steam. Allowed a massive increase in the volume of goods produced in almost every area of manufacturer