Economic developments 1846-85 Flashcards
What does Peter Mathias say about the strength of the British economy on the world stage by 1851
Never before or since has a country dominated the world economy so much. Given the slow means of tech, the first nation to make this jump enjoyed a lead of two or three generations. As GB assumed this dominant role in the international economy, exploiting the unique advantages of a unique position, the prime dynamic of the economy became the industrial sector, and within that the export industries. A distorted industrial picture developed, with the few giant industries - textiles, coal, ship building and engineering - responding rapidly to the advantages of this very special position, with economy becoming dependent on the ability to sell cheap cloth, iron, machinery and coal, and to provide ships to carry these cargoes to the rest of the world
Give some statistics to show how Britain dominated the world economy at this time
- Produced over 40% of the total traded manufactured goods in the world
25% of the world’s trade passed through British ports
Regarded as the ‘workshop of the world’
Other countries (mostly colonies of the empire or nations financially dependent upon Britain) furnished GB with raw materials and foodstuffs for the growing pop
What was the great exhibition of 1851
Celebrated as a symbol of the inter dependent world economy: it was an international exhibition, with GB taking most of the prizes for industrial products and other nations for foodstuffs and raw materials
How was increased trade one of the spin offs of the 1851 Great Exhibition
Rapid increase in export orders and a growth in overseas markets. The growth in export trade continued almost unrivalled for the next 20 years. Period of unprecedented foreign demand for British goods. In every town and city, producers and manufacturers were working flat out to meet increasing orders.
Why was Britain referred to as the workshop of the world
Because it imported raw materials, manufactured the goods, and exported the finished products around the world
Where were all of these British exports going to
1/3 of all British goods were exported to the British Empire
Coal was exported to Europe
Many goods went to the US because its own industries were not sufficiently developed to cope with the demands of their rapidly increasing pop
When did this industrial and economic dominance on the global stage occur
Became apparent around the middle of the century and lasted until the 1870s
Describe how this economic growth was accompanied by technological advancement
Technological development occured in key industries like coal mining, iron and steel, engineering and the textile industry, leading to a rapid increase in production across the board
New tech and an increase in scientific knowledge led to agricultural improvements, generally referred to as the period of high farming
What economic principle did British governments remain committed to at this time
Laissez faire economics of limited interference in the workings of the market economy. Taxation was low and free trade was encouraged
Explain the Victorian virtue of self help that emerged at this time
The belief that honest hard work brought good results. The middle classes and the skilled working classes in particular enjoyed the results of hard work with higher incomes and increased consumption. Better education and public health. Living standards rose
How does Eric Hobsbawn counter this positive account
He says that ‘the stagnant mass of poverty at the bottom of the social pyramid remained’
Why can 1873 be seen as the end of this period of economic dominance
The economy was growing but at a slower rate
Imports were increasing against exports
Britain was beginning to face competition from newly industrialised nations like the US and Germany
GB needed to adapt to meet the challenge
Why was there fear in the farming community following corn law repeal
Fear that the price of domestic wheat would collapse against competition from foreign imports, and that farmers would be ruined
How did these fears turn out to be misplaced
By 1853 GB had entered a ‘golden age’ of agriculture, during which harvests produced successive high yields, prices were steady, farmers incomes increased and there was scientific and technological innovation and improvements were carried out
What does the expression ‘high farming’ mean
Been used to describe the practises adopted by many farmers during these years. Scottish farmer James Caird is often credited with introducing the term, though historian GE Mingay suggests the term was used by several agricultural writers at the time and probably stemmed from the early 19th century phrase ‘to farm high’ which meant ‘to achieve excellence in farming methods’
In 1849 Caird produced a pamphlet called high farming advising farmers on how to adapt their methods to cope with the possible fall in wheat prices. Called for more intensive farming, taking into account new methods and improvements, such as the drainge and fertilisation of the land.
What was the benefit of many farmers switched from purely arable to mixed farming at this time
It meant that they hedged their bets by growing wheat and root crops as well as keeping cattle, sheep ang pigs. They were therefore cushioned against any potential downfall in the price of either crops of livestock. Surplus crops fed the animals and animals’ manure fed the crops
Describe how livestock proved particularly important at this time
Increasing interest in animal husbandry. Some farmers specialised in breeding specific types of cattle such as Herefords and Aberdeen Angus, which proved excellent beef. Much of the profits in farming at this time came from this livestock rearing
How much was the artificail fertiliser industry worth by 1870
£8 million
Why
Increased scientific knowledge about them, such as the discovery of superphosphates
Guano was imported from Peru in large quantities
How much did the market for animal feedstuffs made from linseed and cotton seed grow
Worth £5 million by 1870
Why was the growth of these two industries beneficial for farmers
Made it easier for farmers to pursue mixed farming and specialise in either arable or livestock farming
What was the problem of poor drainage met with
The construction of clay pipe
The govt introduced loan schemes for farmers to invest in drainage pipe systems
What was the two main factors in the substantial improvement in crop yields at this time
Improved drainage
Increased use of fertilisers
Describe the labour force that farmers had at their disposal
Ready supply of labour as agricultural labourers were amongst the most poorly paid
Introduction of farm machinery was slow
Widespread use of the horse drawn reaper. There were better ploughs, seed drills and steam driven threshing machines to improve efficiency in crop production
