econmy Flashcards
What were Britain’s key industries in 1851?
coal, iron ore, agriculture, textiles, ship building and steel?
Why was 1851-1873 the golden age of agriculture?
high farming methods increased productivity, artificial fertilisers were introduced, development of railways was beneficial to farming, element of good luck because of long cycle of fine dry summers
What was the impact of the golden age of agriculture?
farmers able to expand their farmhouse and live comfortably due to rising prices, accessibility of good home produced food helped to improve heealth of people in britain, farmers producing 90% of home consumption of meat
Why did Britain make expectional progress in industrial sector?
controlled vital sea routes to and from its colonies, had plentiful supply of natural resources, britains population exploded to 35 million in 1881 making a large workforce, britain was the first industrial nation
What impact did exceptional progress in industry have on Britains economy?
drop in the price of coal and increase in demand, use of steel developed in this period so by 1870s many iron rail tracks replace by steel, railway allowed for new industry of tourism, first london underground line opened 1863, development of prosperous railway towns, sued canal owned in 1869 and britains steam ship was perfect size to go down it
How far did agriculture decline between 1873-1900?
wet and cold summers meant poor harvests, by 1886 2/3 of wheat in britain was imported due to USA developing farming machinery, prices and profits for british farmer’s fell
What were the problems with agriculture from 1873-1900?
suffered heavily from external competition:
cheap imports of wheat from USA, canned meat imported from Uruguay and Argentina, perishable goods from Australia and New Zealand could be imported
Why was there a depression in the industry between 1873-1900?
after 1870 british trade and industry faced more competition from USA and Germany, industry still expanding but at a lower rate, USA and Germany had stronger home markets by 1870s and Germany introduced trade tariffs
What were the problems in industry from 1873-1900?
Britain invested money abroad, Germany and USA exploited use of steel more effectively, railway boom slowed and lack of engagement with development of new industries like chemical and electrical engineering
