Economic developments Flashcards
Key Chronology
1780’s Mechanisation of spinning process in cotton industry established
1784 Henry Cort invented a new process for smelting iron
1789 Edward Cartwright invented the Power Loom
1798 Malthus’ Principle of Population published
1801 First offical Census of the population
When was rapid industrialisation generally accepted ?
around 1780
what did Historian Ronald Hartwell state about the industrial revolution
1760-1830 is regarded as the ‘most acceptable revolutionary period’ and that 1780 marks the beginning of a sharp upward production in industrial production
How much industrial growth was there in the 1780s
increased to 3 to 4 percent from the long term level of 2 percent which suggests the 1780s was a crucial turning point
what industries saw the most rapid improvements ?
coal
cotton
iron
What were the likely preconditions for economic growth ?
availability of capital development of trade access to raw materials improvements in agriculture political stability scientific and technological innovation within Britain the free movement of people and goods
what increased growth in trade ?
shipbuilding, exploration,discovery of new overseas markets and colonisation had all brought a growth in trade
what was the East India Company ?
the largest and most influential english trading company, formed in 1600. It enjoyed a trade monopoly in India and in the Far East
Why was an increasing population significant ?
larger work force available and also led to an increased demand for food, clothing, textiles at low prices, thus stimulating agricultural output.
when was the first population census ?
1801
why was this done ?
partly done to settle conflicting views about whether or not the population was growing, and partly, if it was increasing to address the anxiety about sustainability.
Who commented on the debate?
Dr Richard price
Thomas Malthus
Arthur Young
what did Dr Richard price say ?
argued that Britain was weak and that was causing a decline in the population
what did Thomas Malthus say ?
Believed population was growing, and that it would outstrip rate of production of food and cause massive social problems
What did Arthur Young say ?
saw the population was increasing but saw a healthy economy in the ‘flourishing state of our agriculture, our manufacturers, commerce and general wealth.