Entrance Exams : consequences of the industrial revolution Flashcards
How was banking a consequence of the IR
Was created on a more national scale with country banks: in 1784 there were 119 country banks compared to 800 in 1808
Banking: when were country banks granted the permission to issue bank notes
1797: allowed for easy transfers in business
When was the first joint bank
October 1826: Lancashire banking company
When could joint stock banks issue checks
1833- which allowed for the speed of commercial transactions to increase
By 1866 how many joint stock banks were there
154
What affect the the IR have on the economy
We moved from a cottage industry to a factory based system
Government policy became laissez afire
A north south divide between agricultural and industrial
Difference in the amounts of towns with a population over 50,000
In 1750 there were 2 cities and by 1851 there 29
Describe the new industrial middle class
Self-made men who earned their wealth from trades , small factory owners and merchants etc.
Between 1816 and 1831 by how much did the middle class grow
By 75% from 160,000 to 214,000
New industrial working class
Living conditions worsened
They became more of a community who lived together in and worked in factories which lead to trade unions .
How did the IR cause protests
The working class were now living and working together so ideas of protest spread easily Mechanisation replaced jobs Worsened living and working conditions
Swing Riots
1830
Protest against the introduction of the threshing machine that could do the work of 15 men
1976 people arrested
Broke threshing machines
These shocked the government due them usually being a docile workforce
Luddites
1811 -16 - handloomers broke into factories and wrote threatening letters
On feb 1812, 1000 frames were destroyed leading the 1812 frame breaking act
Theorists: Adam smith
Published ‘ an enquiry into the nature and causes of the wealth of nations ‘ in 1776
In which he challenged the economic development and suggested free trade economics and laissez faire ideas
Created utilitarianism : Bentham
Who wanted a national unity organisation to deal with the poor and create ‘industry houses’ for indoor relief
