economic developments 1851-1886 Flashcards
high farming
switch to intensive farming to increase yields and profit
benefits of high farming
developments of railways mixed farming animal husbandry scientific farming artificial fertilisers machinery
mercantile ventures
Mercantile trade means the trade of wholesale or retail selling of commodities
invisible trade
the exchange of non-physically intangible items between countries.
visible trade involves the export, import, and reexport of physically tangible goods.
what was the great exhibition
demonstrated British wealth
exhibited successes: Lancashire cotton, Nottingham lace and steam machines
challenges in agriculture
repeal of the corn laws by Lord Derby introduced by Peel
depression 1873
value of international trade in 1800 compared to 1870
£300M -> £2000M
value of abroad investment 1840 compared to 1873
£160M -> £1000M
balance of payments
the difference b between revenue from exports and spending on imports
can be a surplus - revenue greater than spending
can be deficit - spending greater than revenue
during 1851-1868 why was there a negative balance of payment
due to surplus of imports carried on British ships, insured by British firms
railways effect on iron and steel industry
production of track and rolling stock
used in Crewe and Swindon repair centres
exports rose from 2,900,000 tons 1850-54 to 4,000,000 tons 1870-75
railways effect on the coal industry
aided distribution
enabled new coalfields to develop
railways effect on agriculture
enabled rapid transport of produce over greater distances
railways effect on manufacturing
enabled rapid transportation of gapped around the country and to ports for exports
exports of railroad machinery rose from 8600 tons 1850-54 to 44,100 tons 1870-75
what is an ironclad
highly advanced new type of battleship making earlier warships obsolete
why did cotton imports from US drop during the American civil war?
cotton was grown on the slave plantations of the Confederacy
the union blocked southern ports to cut off the confederacy exports
resulted in cotton famine in Lancashire
results of cotton famine
reduced production
loss of jobs
mill workers supported unions aim to end slavery
why was coal so important in the industrial revolution
industry being based on steam power
demand from increasing population
industries reliant on coal
powering trains and steamships
iron and steel
cotton industry
growth of coal production in tons 1855-70
60M -> 109M
with growth of demand and usage of coal resulting in what development?
new coalfields
ex South Wales
differences between Germany & USA and Britain
G and USA were mechanising
B was primarily using manual labour - hand extraction mining