Impact of the French Wars - Economic Flashcards
Why kind of warfare did Britain have to resort to during the French Wars?
They had to rely upon coalition warfare as they did not have a large enough army to challenge Napoleon on land.
Why was the economic situation so poor in the buildup to Amiens?
Britain’s trade was in deficit due to the spiralling costs of war furthermore, there was a strong of bad harvests in 1799 and 1800 which led to spiralling prices so the public blamed the war leading to rioting.
How did the Treaty of Amiens alleviate the economic situation?
It led to falling corn prices which led to falling food prices and then resulting in the end of the riots. Income Tax was also dropped which kept business owners happy.
What was the long term economic impact of the French Wars?
National debt increased greatly in the wars meaning that subsequent governments had to help pay it off. It had costed around £1.6 billion most of which was from funding allies.
How did Pitt and his successors try and resolve the financial problems?
They borrowed extensively from merchants and brokers.
Financiers such as Nathan Rothschild helped to fund the swelling national debt and arrange loans. Provincial banks multiplied 119 in 1784 and 800 by the end of the war.
What did the French Wars lead to in regards to taxation?
Taxes were raised and the first income tax was introduced from 1799 - 1802 and again from 1803 - 1816 and took 10% of income over £200. Pitt feared for his life, and was constantly guarded.
They also taxed horses, tobacco, tea, sugar and spirits.
What happened regarding stocks and shares?
Government offered stocks and shares and in turn the number of traders doubled, 432 in 1792 and 726 in 1812 and a New Stock exchange was opened in London 1802.
What were wages like during the French Wars?
Real wages stagnated during the French wars and the lower paid were hit by rising food prices especially of bread.
Why were times hard for families who’s men were at war?
Around 1/6th of the country’s male workforce were in the armed forces. It was especially bad for people who’s husbands who didn’t return from the war or were maimed in conflict and in turn couldn’t work.
What was the New System of Parish Relief Established?
The Speenhamland system was established in 1795 and supplemented workers wages out of Parish funds. This took place in Berkshire where local magistrates decided to base relief on the cost of bread. It was widely adopted and remained in use until 1834.
What impact did the wars have on agriculture?
Farmers benefitted extensively from the wartime prices as demand greatly increased, more food had to be produced as there had been an reduction of imports due to the risk of trade. Wheat prices spiralled and there were poor harvests in 1809 and 1810 which worsened this.
Colonial items such as sugar and tea still had to be imported and there was a shortage of timber which led to concerns regarding ship building.
How did the war impact industry?
The wars stimulated industrial progress extensively, textile mills defied the law and sold goods to France as well as making uniforms for the British Army.
Iron making also boomed due to the increasing demand for cannons and small arms.
Naval dockyards at Chatham, Portsmouth and Devonport were constantly making new ships.
Canals and train lines were also greatly expanded.
What were Luddites and what was Luddism?
- They were textile workers in the 19th century who aimed to secretly destroy industrial machinery.
- They were founded by Ned Ludd and believed that modern technology was destroying jobs in the sector.
- It expanded massively in middle England and was a major threat from 1811 - 1816.
- Mill owners hired mercenaries and yeomenry to hunt down and kill the Luddites and Government encouraged retribution, if captured they were either executed or exiled.
