Chapter Twenty-Two Flashcards
What was the Great Exhibition of 1851?
An international exhibition, with Britain taking most of the prizes for industrial products; and other nations for foodstuffs and raw materials. It was celebrated as a symbol of an inter-dependent world economy. Never before, nor since, has one country so dominated the world economy. Britain’s dominant role.
Result- rapid increase in export orders, and a growth in overseas markets, one third of all British goods were exported to the British Empire. Growth in export trade continued for next 20 years.
What statistics are estimated regarding the amount of total traded manufactured goods Britain produced?
Britain produced over 40% of the total traded manufactured goods in the world and approximately 25% of the world’s trade passed through British ports.
Why were many goods exported to the US?
Because its own industries were not sufficiently developed to cope with the demands of a rapidly increasing population.
What was the result of the growth in export trade on Britain?
In every town and city in Britain, producers and manufacturers were working flat out to meet the increasing orders- Britain was called the ‘workshop of the world’, importing raw materials, manufacturing the goods and exporting the finished products around the world.
What impact did the government’s laissez-faire policy have on the country?
Limited interference in the workings of the market economy, thus taxation was low and free trade was encouraged.
How did the middle and skilled working classes prosper?
Middle and skilled working classes- rewards of hard work with higher incomes and increased consumption. There was better education and public health and the standard of living rose.
What occurred however, after 1873?
There were signs that, although the economy was still growing, it was at a slower pace. Imports were increasing against exports and Britain was beginning to face competition from newly industrialising nations, such as Germany and the USA. Britain needed to adapt to meet the challenge.
What happened to agriculture by 1853?
Britain had entered a ‘golden age’ of agriculture, during which harvests produced successive high yields, prices were steady, farmers’ incomes increased, there was scientific and technological innovation and improvements were carried out.
What is ‘High Farming’?
Expression used to descire the farming practices adopted by many farmers during these years. James Caird, farmer from Wigtownshire in South West England is credited with introducing the term. High farming methods increased productivity, many farmers moved from purely arable to mixed farming. This meant that could grow wheat and root crops as well as stocking cattle, sheep and pugs- they could be cushioned against a sudden downturn in price of either crops or livestock.
Which two developments eased the pressure on farmers to pursue mixed farming and made it easier for them to specialise in either arable or livestock?
1) Increase in scientific knowledge meaning that artificial fertilisers, such as superphosphates were marketed and guano was imported in large quantities from Peru
2) Growing market in animal feedstuffs made from linseed and cotton seed.
What was the solution to the problems of poor drainage?
Manufacture of clay pipes- Government introduced loan schemes for farmers to invest in drainage pipe systems. Improved drainage together with use of fertilisers made substantial improvements in crop yield.
Why was the growth of farm machinery slow?
There was a ready supply of cheap labour- agricultural labourers were among the most poorly paid. However, there was widespread use of the horse-drawn reaper. There were better ploughs, seed drills and steam-driven threshing machines to improve efficiency in crop production.
What did the steady growth of the population, rising prosperity and general rise in wages and prices mean for agriculture?
It increased the demand for food and other produce of the land. The demand was met by agricultural improvements. The development of the railways was beneficial to farming, as food could be transported quickly to the growing towns, where there was a ready and increasing market for fresh produce.
What agricultural areas did not benefit from this prosperity?
In the remote North and West of Scotland, farming was under-resourced and ploughing and harvesting was still carried out by hand. But for most of the country, the accessibility of plenty of good, cheap, home-produced food helped to improve general health and raise the standard of living in Britain.
Evaluation of Britain’s prosperity
Not difficult to achieve success in a market that lacked competitors
In spite of the development f steam ships, many mercantile ships remained under sail and transporting goods by sea was still comparatively slow and when this changed, Britain could no longer compete.
Also element of good luck in the golden age- exceptional run of hgh yielding harvests between 1850 and 1873 and when this came to an end the competition came along. Rains fell and British farmers were faced with a fall in prices. Farming industry entered economic downturn 1873.
