Economic Decline Flashcards
1
Q
In Liverpool, how much is it estimated that the cities merchants had lost in the years 1772-1778?
A
£700,000
2
Q
Of the 30 leading merchant houses, how many houses went bankrupt because of the dept owed to them?
A
12 went bankrupt in 1778
3
Q
What did the economic theories of Adam Smith suggest?
A
That slavery was not as efficient nor as cheap as free labour and that people who were happy would do their best work and therefore slaves, who were being forced to do work, would try to avoid the work or work slowly.
4
Q
What did slave owners pay into which ate into their profits?
A
- Structures of enforcement (to avoid riots or escapees)
5
Q
What offered alternative means for economic growth?
A
- Laissez faire industrialisation which abolitionists used to justify their cause and alleviate the fears of business men who were concerned about their income.
