Economic developments 1851-1886 Flashcards
How did the repeal of the Corn Laws (1846) affect agriculture
British farmer now had to face competition from abroad as Britain entered a period of free trade
What improvements were made to pedigree breeds
Aberdeen Angus cattle was developed, which had a better quality of meat
How did farming methods improve
Moved to high farming methods through the ideas of James Caird
How did population growth help agriculture
It increased demand
How did development of railways help agriculture
They improved distribution
22,000km of railway was built by 1875
How much ddi the number of agricultural labourers fall by between 1851-75
Half a million
What was the hardest hit industry during the depression
Agriculture
What happened to cheap imports during this period
They increased with faster methods of transporting them being developed such as using steam powered and refrigerated ships
How did agriculture wages do during this period
They fell, increasing the gap between the living standards of the industrial and agricultural workers
Where did British wheat face competition
Russia and US
How did mixed farming help
Farmers grew crops and livestock so spread their risk of crop prices
Perhaps shows the extent to which crops were affected by free trade
How was international trade advanced
The advancements of the steamships and the railway
Why was Britain helped by being the first industrialised nation
They dominated international trade, with Germany un-united and USA in a civil war
What type of trade made a breakthrough during this period
Invisible trade (finance, banking, insurance and shipping)
What was the value of International trade in 1870
£2000 million
What was the value of British investment abroad
£1000 million
How much of world trade was made up by British trade
25%
Export of railway iron and steel in 1870-1875
4 million tons
How did shipping benefit Britain
Shipbuilding created large amounts of work in areas such as Glasgow, Belfast and Liverpool
Increased international trade like the opening of the Suez Canal where only narrow British ships could pass through
How did the cotton industry benefit before the depression
The average annual production of cotton textiles almost doubled
International trade with the US led to cotton being shipped over
How did the civil war impact cotton for Britain
Led to drop in imports of cotton
Led to cotton famine impacting Lancashire where there was a loss of many jobs
Coal production before the depression
60 million in 1855 to 109 million in 1870
How was coal mining in Britain less effective than in the US
Britain was still extracting it via hand whereas the US was using mechanised methods
Coal industry was still run privately and they were reluctant to spend money of mechanisation
Output of British iron 1855-75
2.9 million to 5.9 million
What city in Britain produced the most steel
Sheffield produced 90% pop Britain’ steel, accounting for half of Europe’s production
Examples of innovation for shipping
In 1884 Sir Charles Parsons invented the steam turbine
Example of innovation in steel industry
Henry Bessemer’s converted system in 1856 meant that steel could be produced at 3 tons an hour
What style of trade did Britain move to as a result of the repeal of the corn laws (1846)
Free trade
Which party supported free trade
Radicals in the Liberal party such as Cobden
Conservative party as they moved away from their traditional support of protective tariffs
Coal production from 1856-70
65 million to 110 million
Iron production 1856-70
2 million to 6 million
Steel production 1856-70
60,000 - 2 million
Growth of the British population
Grew by almost 6 million in 20 years
Aiding growth in demand
The Limited Liabilities Act 1855 and 1862
Encouraged the buying of shares in firms as the level of risk was limited to the value of investment
What was Britain refereed to as
The ‘Workshop of the world’
How much higher were imports during 1871-75
62.5 million
How was the US and Germany’s economies more encouraging
Larger populations More resources Better research Invested in new technologies Larger firms
What was male illiteracy in Britain and Germany
Britain had a male illiteracy of 17% and Germany had one of 2%
What technologies did the US mass produce
Guns and sowing machines
Arguments that there was a depression from 1873
Profits and prices were falling Unemployment increased Relative decline on Britain's economy Lack of investment in new technology Lack of tariffs
Arguments that there wasn’t a depression from 1873
Unemployment wasn’t always low, 2% for trade unions in 1875-95
Economy grew at 1% a year
Production of coal, iron and steel increased
Failure to invest was the fault of the private businesses not the depression’s
There were still positive innovations
Cost of living fell so real wages rose
How were tariffs signifcant during the depression
Europe and the US introduced protective tariffs
Britain still occupied free trade so there was less demand for the British products, as they could get them cheaper somewhere else
