Economic Change 1812-1832 Flashcards
Main industrialised growth
Cola, iron growth of workers export of goods
Development of steam power
Age of consumerism and new technological innovations
Increasing workforce
Growth in production of cotton goods between 1815 and 1830 export of cotton also increased
By 1830 estimated 30 percent of industrial workforce was engaged in cotton industry and 70 percent in textile industry able to keep up with high demand of goods, by 1821 14 million people 1830 16.3 million regrow hit of industrial area greater than rural
More migration to industrial towns for works , higher incidences of earlier marriages and births in overcrowded areas.
Iron industry
At beginning of century took 8 tons of of coal to produce 1 ton of pig iron by 1830 figure down to three tons method of production became more efficient - hot air blast furnace
Better quality of iron could be obtained and raw coal could be used instead of coke making process cheaper and more efficient
Coal -
Between 1815 and 30 coal production rose form 16 million to 30 million tons about half of coal produced used in iron industry . But little innovation of coal industry
Coal was cut form coal seams by manual labourers 1813 safety lamp with gauze around naked flame prevented explosion air pump devised to help ventilation increased human labour force meet demand of coal needed
Steam power and power loom
More factories powered by steam rather than water allowed increasing variety of products to be available for home markets and to be exported to abroad markets.
1780 power loom wooden invention was clumsy and inefficient importance lay on a I,it’s to produce large quantities of cloth under one roof , William horrock and Richard Roberts by 1822 devised cast iron power loom extensively used in textile industry and revolutionised cloth production 1803 2,400 power looms to 100,000 30 years later
Age of consumerism
Increasing demand for pottery and China I. Domestic market particularly by middle class whom new houses on outskirts of towns needed to be equipped with
Ship building
1820 tonnage registration. Of boats in Britain was 66,700 by 1830 increased to 75,000 acted as a link to keep industrialisation growing imported raw materials that were in high demand , and exported goods to wider markets making profits
Rail ways
New transport system needed to move coal form Pitt to foundries factories and other markets Stockton to Darlington railway opened in 1825 passenger railway from Manchester to Liverpool in 1825 industrialisation spread to parts of country previously untouched by process more existing factories could get access to new technological innovations
Marked beginning of large scale pub,if railways got economy moving. Transporting goods and propel at high speed and low cost increased level of employment greet boost to iron and coal industry
Agricultural change -
1812- large tenant farmers set up business hiring seasonal agricultural labourers and producing goods for commercial market
1820 enclosure acts - passed during wars quickened the pace of agricultural change rent for enclosed land charged at higher price less wastage of land, more control over soil fertilisation .
Encouraged system of crop rotations more mixed farming when rain spiked crips cattle thrived huger profits for expansion
Agriculture especially stimulated by war wheat prices rose. High demand of self sufficient food production
After war foreign grains as cheaper products fell had to cut wages and and jobs of hirer hands
Although corn law was introduced not all farmers got benefits from it landowners borrowed large sums of money to stimulate enclosure new farm building new drainage system s couldn’t keep up with their debts farming bankruptcy durning 1820
Lack on uniformity in agricultural change
Progress was very slow innovations would occur in one region but could be years before take by another e.g threshing machine
1778 Andrew Meikle doe de on local landowners to promote his product not until 1820 came into general use Meikle was dead
Government response to free trade measures
Lassies fare government be,ever that it was not role of government to regulate wages or prices would naturally settle at a level that was suitable and effecient for market , were only willing to intervene when corn prices fell willing to protect own interests
Huskies son and robisnons fre trade measures
Freeing of trade from tariffs and regulations and encouraging expansion of trade
Custom duties lowered on raw materials used in textile industries , prohibitions on manufactured goods entering Britain were abolished and protective duties reduced, etc 1823 reciprocatory act encouraged trade treaties with other countries on basis of mutual tariff reduction
Stimulated industry and trade bringing lower price in manufactured goods and increasing volume of British exports
Limitation of free trade measures and government reaction
Commercial upturn ended in 1825 optimism had failed banks collapse usual distressing of labouring class whose wages were reduced speculators confident in buoyant economy bought assets at home and abroad fell in value due to over production and over subscription Government response- warned going beyond all bounds and likely to bring the greatest mischief ' Bank act 1826 legal for banks other than Bank of England to become joint stock banks would produce more robust foundation than small private banks would be less likely to collapse in wall of crisis