Impact of Trade and Commerce on the British Empire Flashcards
What increased due to Britain’s urbanisation?
Reliance on imports
How was Britain the most industrially advanced nation by 1857?
It’s factories were producing iron goods and textiles for global market
What fed and provided Britains workforce?
British colonies
What did Adam Smith argue in ‘The Wealth of Nations’?
Wealth was indefinitely expandable and freedom from commercial restrictions was the only way to maximise prosperity
Result of The Wealth of Nations book
British trade left free from government restrictions
How did the British government support free trade?
By being ready to resort to threats and coercion
Reasons why the colonies were generally happy to continue trading with Britain (3)
They had been used to it
To improve their colonies
For protection against foreign threats
What was London in late part of 19th century?
Financial capital of the world
What is mercantilism / protectionism?
Belief in a controlled and regulated system of trade, monopolised by one superior country
Expectations of colonies
Colonies were expected to send all produce to Britain, buy only British manufactured goods and import and export only through British ships
What type of trade dominated in 19th century?
Free trade
What was free trade inspired by?
Adam Smith’s Wealth of Nations
What was free trade free from?
Any government interference
What grew enormously under free trade?
Imperial investment and trade
Why was infrastructure improved?
In order to cope with huge growth of trade in late half of 19th century
