Growth of industrialisation causes Flashcards
Master and Servant Act
1823 failure to fulfil contract punishable, imprisonment
1813 repeal
Statute of Artificers: had regulated wages and working conditions since 1563
What dictated rate of change?
Market forces and entrepreneurialism
Combination Acts
1799/1800 meant growth could not be challenged by workers
‘free trade’ principles
Adam Smith ‘Wealth of Nations’
Influenced attitudes- fulfilling self interest results in societal benefit and argues against government intervention in the market
Richard Arkwright
Died 1792 : £500 000
Built mills across England
Richard Crawshay
Cyfartha Ironworks
Employed 5000 and had wealth over £200 000 by 1830
Middle Class Increase
by 75% 1816-1831
Establish Bank of England
1694
County banks issue bank notes
1797, central fund to pay wages effectively
1866 How many banks
154 joint stock, 800 branches nationwide
1808 banks
800 local banks
What did banking allow people, especially middle class to do?
Invest in developments, long term benefit and infrastructure
Many bought mills to supplement income
National capital invested
Industry trade and transport
5% in 1760
26% in 1860
Steam engine
1769 introduced