Industrial Growth Causes Flashcards
What approach did Govt. take to industrialisation
Minimalist, selective laissez faire
When were combination acts enacted and what did they do?
1799-1800, made it illegal to form unions
Master and servant act was legislated when and what did it do?
1823, failure to fufill contract punishable by imprisonment
What act passed in 1813?
Repeal of statute of artificiers- regulated wages and working conditions.
Banking copartnership act- when and what did it do?
1826, removed limit on joint stock banks
What were repealed in 1846?
Corn laws
Describe why rail system superseded canals and its relationship with govt.
Canals were slow system (couldn’t match demand), managed by private companies in partnership with government.
When and where was first train line conceived?
Stockton-Darlington, 1820s
When was Glasgow- Edinburgh line built?
1842
How many miles of track in 1838 and 1850?
500 and 6000
How many miles of canals by 1820s
4000
1912 rail network how much larger than 1850
3x
Between 1816-31 middle class grew by what % from what to what?
75%, 160000-214000
What principles did middle class support?
Adam Smith free trade ideas, hard nosed approach to business.
When did Arkwright die and how much was he worth?
1792, £500000 + a knighthood (1786)
Describe how Arkwright achieved success.
Success with water frame allowed him to purchase land in Cromford Derbyshire where he opened a cotton mill.
How many banks in 1784 and 1808
119 and 800
When was 1st joint stock bank established?
1826
How many banks and branches by 1866?
154 joint stock banks, 850 branches
How much did the cotton industry make and employ in 1833?
Importing over £300 million, employing 833000
Why were joint stock banks crucial?
Handled greater sums on national scale, industry depended on strong banking system for capital
