eco developments 1851-86 - 'workshop of the world'

Question 1

growth of Coal in tons 1856 - 1870

Answer 1

65M tons - 110M tons

Question 2

growth of Iron in tons 1850 - 1875

Answer 2

2M tons - 6M tons

Question 3

growth of Steel in tons 1850 - 1875

Answer 3

60,000 tons - 2M tons

Question 4

how much was industrial growth in 1950s

Answer 4

3.5% per year

Question 5

how much did trade grow in exports and imports between 1850-1875

Answer 5

20%-25%

Question 6

social stats during boom

Answer 6

living standards increased
unemployment fell
wages increases quicker than prices

Question 7

impacts on public as a result of boom

Answer 7

wealth increased

consumption increased which fulled the boom

Question 8

what happened in agriculture due to the boom

Answer 8

agricultural labours fell by almost half a million 1851-71 simultaneously to increase in key industries

Question 9

how much did the British population grow by

Answer 9

6 million in 20 years

Question 10

what was the difference between Britain and foreign competitors at this time?

Answer 10

Britain had been fairly unaffected by war

Question 11

which choice made to Britains economy helped feed the boom?

Answer 11

free trade and laissez-faire economics

Question 12

what did the limited liabilities act 1855-62 encourage

Answer 12

• firms and individuals were encouraged to show initiative and enterprise
• buying of shares in firms as the level of risk was limited to the value of the investment

Question 13

evidence that Britain wasn’t the workshop of the world

Answer 13

• Britain were importing goods of higher total value than it was exporting
• the balance of commodity trade was providing positive feedback

Question 14

1846-50 stats on balance of commodity trade

Answer 14

£88M net imports
£61M exports of UK
balance of commodity £-27M

Question 15

1851-55 stats on balance of commodity trade

Answer 15

£116M net imports
£89M exports
BofCt £-28M

Question 16

1871-75 stats on balance of commodity trade

Answer 16

£302M net imports
£240M UK exports
£-63M balance of commodity trade

Question 17

what is the increase decline of balance of commodity trade 1851-1875

Answer 17

1851 = £-28M 
1875 = £-63M

Question 18

which industries made balance of trade positive

Answer 18

incomes of services: shipping, insurance and banking - invisible trade
incomes from interest and dividends from investments abroad

Question 19

what was the main reason for workshop of the world to be inappropriate title

Answer 19

Britains lack of ability to compete with foreign competition

Question 20

foreign competition within the economy

Answer 20

• larger populations and greater resources of materials
• outperformed Britain in education
• more investment in technologies
• despite Britains industrialising earlier Germany and USA started with the latest technology
• Britain industry made up of smaller firms than in Germany and USA = less likely to have the capital available to invest in new machinery

Question 21

how were USA and Germany outperforming Britain in education

Answer 21

• male illiteracy was 17% in Britain VS 2% in Germany 1875
• British universities produced fewer scientists and engineers than USA
• from 1850 German Realschule pioneered technically focused secondary education opposed to classical British syllabus

Question 22

technology differences between Britain and USA & Germany

Answer 22

• US’s mass production of guns, clocks and sewing machines
• Germany and USA industries were being started up with newest technology, British industries now had outdated machinery and techniques
• 1873 production increased but prices and profits fell in B