economy 1851-1885 Flashcards
what industry dominated the British economy in the beginning of this period?
agriculture
Hobsbawn “a place where plants grew and animals feed”
250,000 farmers employed over 1 million people
how did repealing the corn laws impact British farmers?
had protected British farmers against cheap imported corn
no had to face foreign competition
how did James Caird want to change agriculture?
high farming
wanted farmers to mix crops and animal farming
use chemicals and machinery to increase yield eg Guano fertiliser from Peru
Royal Agricultural society of England helped farmers use new technology
were James Caird’s ideas successful?
golden age of agriculture 1853-1873
farmers who adopted new techniques incomes doubled
which agricultural products were in high demand and why?
meat and dairy
couldn’t be imported
high demand from towns with growing population
what was the population in towns at the time?
51%
which agricultural products were in low demand and why?
wheat
faced competition from USA and Russia
USA wheat was better for making bread
crystal palace exhibition
1851
showed foreign visitors what Britain could achieve
showed Lancashire cotton, steampower…
presented Britain as the “workshop of the world”
was the crystal palace exhibition successful?
6 million visitors in 5 months
huge amounts of orders causing a huge increase in exports - 20 year period of prosperity
kicked off boom
exports increased from £60 million in 1845 - £190 mil in 1869
made profit of £186,000
growth in staple industries
growing by 2-3%/year due to increased demand abroad as other countries were industrialising
exceeding domestic demand
employment grew
profits used fro investment - mainly in overseas banks - helps foreign countries expand
new coalfields opened - eg South Wales
industrial developments
ahead in design engineering…
produce more for cheaper - bigger markets
90% of British steel made in Sheffield
50% of European steel made in Sheffield
1/3 of European coal made in Britain
expansion of railways
development of railways increased demand for coal and steel
every town was now linked to sea port via railway
fresher goods imported quicker
growing markets
9500 km in 1850 to 22,000km in 1875
employed a lot of people
export of railway iron
rose from 2 million tonnes in 1854 to 4 million tonnes 1870
growth of shipping
1850 - 300,000 tonnes of ship
1880- 3 million tonnes of ships
Britain dominated
invisible trade - other countries used British ships
suez canal opened in 1869 - only British ships were narrow enough to fit - reduced foreign competition
problems in the coal industry
Germany and USA were mechanising coal industry but Britain were still extracting by hand
mines were run by private businesses who were reluctant invest in mechanised equipment
