Economic Developments Flashcards
Industrialisation
The rapid development of industry and the production of goods. Industries developed from small scale production of goods, often at home, to large scale production in factories
What is industrialisation sometimes referred to as?
The Industrial Revolution
What happened to imports and exports in the 1780’s and 90’s?
There was a sharp rise in them, indicating a increase in economic activity.
What percentage did industrial output grow by in this time?
It increased to 3 or 4 percent from the long term level of 2 percent.
What were the 3 main areas that saw developments as a result of industrialisation?
Iron, coal and cotton
What brought in a growth of trade?
Shipbuilding, exploration, discovery of new overseas markets and colonisation had stimulated banking and finance.
What was the East India Company?
It was the largest English trading company that enjoyed a trade monopoly in India and the Far East
What did the East India trade company trade with?
Spice, silk, cotton and tea
What did fast flowing streams allow for?
The development of water power to be used in industry.
What was Britain’s population in 1801?
10.5 million
How had Britain’s population developed between 1801 and 1841?
1801 - 10.5 million 1811 - 12 million 1821 - 14.1 million 1831 - 16.3 million 1841- 18.5 million
Before industrialisation, how was the cotton industry run?
Small scale wool or linen operations were carried out in homes or small workshops. This process was slow and lacked quality control.
What did the rise in population demand in relation to the cotton industry?
Clothing demand increased as well as textiles. This led to developments in the industry
What did the increasing demand for cotton lead to?
Technological innovations saw the development of large mills in places such as Lancashire and Lanarkshire due to the rivers that could be used to power the machines.
What did the mechanisation of the spinning process cause?
It left the weaving process behind. The industry could not function efficiently with the rapid development in spinning.
