How far do you agree that rapid industrial grow was primarily the result of laissez-faire policies? Flashcards
What pair of laissez-faire economic acts ensured that the free market was dominant in the British state?
1799 and 1800 combination acts
Though they were government intervention, what did the 1799 and 1800 acts do that was laissez-faire and promoted economy growth?
made it illegal to form unions
What prompted the 1799 and 1800 combination acts?
weavers in Lancashire organised themselves into a union following declining wages
What does the passage of the 1799 and 1800 combination acts show?
The passage of the act evidences a commitment by government to promote the unhampered development of industry and placed it firmly on the side of the new entrepreneurial employers.
What act made the failure to fulfil a contract of work a crime punishable with imprisonment and when was this act?
1824 Master and Servant Act
What suggests that short term growth may well have been achieved by the Laissez-Faire policies of the government, in the long term legislation was needed by the government to ensure that this was sustainable?
Once businesses were established and settled the government began to regulate them to promote long term stability
What are the three dates that government repealed laws previously promoting government intervention that made the economy less well regulated?
1813
1826
1846
What law promoting government intervention was repealed in 1813 that signalled a more free-market based approach was being adopted?
Repeal of the Statutes of Artificers
What law promoting government intervention was repealed in 1826 and what was the name of the law that repealed it, signalling a more free-market based approach was being adopted?
1720 Bubble act repealed with the 1826 Banking Co-partnership Act
What law promoting government intervention was repealed in 1846 that signalled a more free-market based approach was being adopted?
1846 repeal of the 1815 Corn Laws
What had the statues of artificers done before it was repealed in 1813?
Provided a degree of employment regulation since 1563 to wages and working conditions
What did the 1720 Bubble Act limit before it was repealed with the 1826 Banking Co-partnership act?
The number of Joint Stock Banks and the size of banks
What did the 1846 repeal of the 1815 Corn Laws, reduce?
the amount of protectionism that the government provided
By creating a laissez-faire environment, what did government have to first do?
Get involved in the economic market to creates these conditions
What was the non laissez-faire policy of 1835?
Municipal corporations act
What was the non laissez-faire policy of 1844?
Banking Charter Act
Summarise what the 1835 municipal corporations act did?
removed local councils from the control of oligarchies allowed them to take control of utilities such as sewage and water supplies
What did the Municipal corporations act mean for utility companies?
These companies needed parliamentary permission to operate, using this opportunity, government established fundamental ground rules that governed their practices, notably how companies could infringe upon people’s land and the level of competition that would be allowed.
Due to inconsistent utility services during the mid-1800s what did the government consider and what was the result of this?
Due to inconsistent services in the mid 1800s, government did consider nationalising the water utilities, however this was shelved following a significant and highly influential campaign by water companies.
What did the 1844 Banking charter act do?
1844 Banking Charter Act placed a cap of twenty years on the lifetime of any new Join Stock Bank that was created.
What does the 1844 Banking charter act show?
the government knew that a laissez-fair economic approach could only work in the short term and in the long term a more interventionist strategy needed to be adopted in oder to provide for sustained, strong and stable growth.
What did the railways replace?
The slow canals used before
How were the railways introduced and why is this important?
they were introduced with a partnership between public and private companies and this is important because it was one of the most key components to industrialisation that was done through government intervention rather than laissez faire economics
What fact in the 1820s shows the partnership between government and private business to form railways?
When the Stockton-Darlington line was opened in 1825, it needed an Act of Parliament to Incorporate the company (give legal recognition to) and to allow the acquisition of lands for the project.
What act greatly strengthened government power over the rail companies and what did it give them the option to do if they wished?
1844 Railways act gave them the opportunity to nationalise railways should they wish
What are the 5 possible factors?
1) Laissez faire policies of the government
2) Non-laisse faire policies of the government
3) Growth of the industrial middle classes
4) growth of banking
5) Urbanisation and population growth
It 1784 how many banks were there outside of london and how many had this risen to by 1808?
in 1784 there were 119 banks outside of London, expanding to 800 by 1808
How did paper money come about?
After Charles 1 stole from the royal mint people started to deposit gold with the smiths in return for paper guarantees of exchange.
What did paper money greatly aid?
the ease of transaction for the industrial middle classes
