Impact of Empire on British Economy Flashcards
How did Britain gain control of the Suez Canal? When did this last until?
Through the taking of Egypt in 1882. This lasted through Egyptian Independence (1922) and the Anglo-Egyptian Treaty (1936) until 1954.
What key imports did Britain gain from India?
Silk, cotton, cash crops (rice)
What key import did Britain gain from the Caribbean?
Sugar
Where in the empire did Britain acquire its cotton?
South Africa and Australia
What proportion of British imports came from the empire by 1914? What proportion of exports went there?
- 9%
37. 2%
Between 1915-1919, what was the value of goods which Britain imported each year from the empire? How did this compare to the five previous years?
£1161m compared to £714m previously
When was the Kirkuk-Haifa Oil Pipeline built?
1932-34
When was the Anglo-Persian Oil Company founded? What share of the company was bought out by the British government in 1914?
1909
51%
When was the Ottawa Trade Agreement?
1932
By 1914, what proportion of Britain’s imports didn’t come from the empire?
75.1%
Which historian argues that British consumers paid competitive prices for products regardless of its origins?
Patrick O’Brien
How much did Britain’s share of world trade fall between 1914-1938? How is the empire partially responsible for this?
From 17% to 14%. Because Britain’s economy was so axed upon empire, when they couldn’t provide the goods which the colonies needed (like at the end of the wars), the colonies turned to the USA who could provide the goods.
What was the average annual rate of returns from the empire 1860-1884? What was this for domestic investment?
Imperial investment = 9.7% return rate
Domestic = 5.8% return rate
How did empire have a positive impact on British investment in the colonies?
Since it protected and secured the investment there e.g. Dual-Economic control in Egypt ensured that the returns were protected
Why did Bevin want to invest in African colonies after WW2?
Because he saw them as possessing the raw materials and foodstuffs required to boost Britain’s economy and meet its consumption needs. This would help bring Britain up to superpower status.
What proportion of British investible funds went to the empire 1865-1914?
1/4
What was the average annual rate return on imperial investment 1885-1912? Domestic?
Imperial = 3.3% Domestic = 5.5%
Which historian argues that British returns from imperial investments were ineffecient and divested investment away from Britain?
Hobson
When did McKinnon’s company fail? Goldie’s?
1896 and 1900
Who has shown that overseas investment outside the empire produced larger returns than inside the empire?
Edelstein
What was the problem of investment under the Colonial Development and Welfare Act for the British economy?
Much of the money went to be spent on social infrastructure (schools and health) rather than economic development which would have had a more direct benefit to Britain
How did informal empire in Argentina help government finance?
It meant the government could force Argentina to adopt policies to be able to keep paying the yields on the bonds held by british citizens e.g. deflationary policies at the end of the C19th
How much money did the government hold belonging to the colonies at the end of WW2?
£600m
Between 1946-1951, how large a dollar surplus did the colonies generate for Britain?
$1.83bn
Which colonies pegged their currencies to the pound at the end of WW2? Which didn’t?
Australia, New Zealand and South Africa did
Canada and Newfoundland didn’t
For the period 1846-1914, how much would British taxes have been reduced by if colonies shouldered their own costs for defense?
20%
How did the empire contribute to America’s growing influence over Britain economically?
The cost of maintaining and sustaining empire forced Britain to grow more reliant on American finance and accept agreements such as Bretton Woods
When was the Cost-Benefit analysis? What did it show?
1957- showed that the Empire cost more to maintain and own than it economically gave back to Britain
Which sector had the highest rate of growth of employment 1870-1945 according to Cain and Hopkins? How does this relate to empire?
The financial service sector in London
Significant amounts of investment went into the empire and this fuelled the growth of the sector
Which act facilitated much labor migration to Britain from the colonies?
1948 British Nationality Act
Where did most of London Transport’s 4000 new employees in 1956 come from?
Barbados
How many expats went to live in the commonwealth, causing a drain on the source of British labour?
10m
When was copper discovered in Northern Rhodesia, a vital commodity?
1928
Between 1870-1914, how much did Britain invest abroad? How much went to the formal empire?
£4.1bn abroad
40% went to the formal empire
Despite possessing an empire, what did the Booth Report discover 1889-1903?
That 30% of London was living in extreme poverty
What were imports from Britain/ exports to Britain in the empire in 1856-59? Compared to 1896-99?
1856-59: 46.5% of imports from Britain, 57% of exports to Britain
1896-99: 32.5% of imports from Britain, 34.9% of exports to Britain
What had Britain’s share of World Trade originally been in 1860?
25%
How much less were overseas investments valued in 1930 after lots having been sold off during the war?
£1000m
What were Britain’s capital exports to the empire 1950-54?
65%
Post-WW2, what proportion of oil did Britain derive from the Middle East? What proportion of non-ferrous metals came from SA and Canada?
82% of oil from the Middle East
50% of non-ferrous metals from SA and Canada
