economic developments 1851-1873 Flashcards
what evidence is there to show that Britain dominated the world economy in 1851?
Britain produced over 40% of the total traded manufactured goods in the world
25% of the world trade passed through British ports
Great Exhibition of 1851 was a symbol of international economic cooperation but Britain was calling the shots
what was the great Exhibtion
1851
showcased the variety, inventiveness and skill of Britain’s manufacturing industries
what evidence was there to show increase in export orders and growth in overseas markets? from 1851-1873
britain had the world’s largest merchant navy, increasingly built in iron, built by British shipbuilding firms
produced 40% of total manufactured global goods
25% of world trade passed through Brit ports
The staple industries were export industries therefore it led export growth- textiles were 50% of GB exports
what was the evidence of steam and technology?
Brit economy produced 1m horsepower compared to combined total of 700k belgium, Germany and france
tonnage of steam ships grew from 319k to 3m
Nasymth’s steam hammer helped 2x iron production
how did staples (industrial capitalism) advance British growth?
coal production rose from 56m tons in 1845-9 to 123 tons in 1870-74
the dowlais ironworks near Merthyr Tydfil was once the biggest in the world
the railway network in GB was equal to combined mileage of 5 continental countries
by 1850s GB produced over 50% of the global output of iron
how did free trade affect GB in 1851-1873
revenue from tariffs declined from 32% in 1840s to 5% in 1890s
imports of cheap food in GB– allowed Brit capital to be directed towards industry rather than domestic agriculture
rising real incomes
how did the City of London (financial capitalism) affect British economics?
centre of global finances
British investment abroad rose from 195m in mid 1850s to 700m by 1873
the Bank Charter Act 1844 restricted the ability of banks to print money
the pound was fixed to gold making stable and the currency of the world trade
how did agriculture impact economic reform?
good weather produced bumper crops, the growth of a growung urban market linked to farms by railways increased market penetration and livestock and diary prices rose by 20-50%
guano imports rose from 2,000 to 300,000 in 1847
imported wheat
what were the downsides of high farming?
the golden age of farming was not due to high farming.
high global transport cost meant the prices of foreign grain did not fall to levels that threatened Brit arable farmers
it only suited farms of 300 acres or bigger but such farms amounted to 1/3 of acreage and average farms were 111 acres
60% of farms were 5 to 100 acres
most farming done by small and medium size farms and most farms constrained by a lack of capital, lack of education, high rents.
many thought improvements would lead to higher rents so they avoided high farmings
EP: What caused the British boom?
- Railway invention:
Total miles of track 2x from 6000 to 13,500 (!850s-60s)
300 tons of steel needed per 1 mile of track
Freight carried on trains from 17m tons (1846) to 115m tons (1865)
250,000 employed in rail industry in 1847 - High Farming
Use of technology, imported fertilisers (£8m guano imported in 1870), McCormick reaping machine, steam threshers
£20m spent on clay-pipe drainage systems in 1850s
By 1870, British farmers produce 50% of wheat and 90% of meat consumed in Britain - Britain’s Unique Position
Britain was the first industrial nation: responsible for 41% of manufacturing by 1851, Germany 19%, USA just 3%
Strength of Royal Navy; trade secure and protected
Natural resources abundance of coal in Britain needed for every aspect of industrialisation
Britain had the world’s largest merchant navy at the time
US fighting civil war, Germany not unified
Growth of population: 43% worked in manufacturing, mining and building; population rose from 27m in 1851 to 35m in 1881
EP- Evaluation
Staple Industries
Unique position
