Industrialisation and Protest Flashcards
What was the main basis that facilitated the Industrial Revolution
Technological advancements and British huge growing empire
When was the BofE established
1694
How many banks in the country by 1784 excluding London
119
How many banks in the country by 1808
800
Who were the first bankers and how did this system work
The goldsmiths in London would accept peoples gold and store it into gold bars, they would exchange receipts for gold which began paper money
How did goldsmiths and paper receipts help industrialisation
financial transactions became safer and easier, so business startups could access funds much more easily, also provided an easy way to pay workers
Why was goldsmith banking safe
Money could be simply moved from one account in the goldsmith to another account
When were county banks permitted bank note use
1797
What limited growth of banking
Bank of England charter denied use of banknotes for banks with over 6 members
joint stock bank
Bank owned by several people each with shares in the capital
When was the cap on joint stock banks lifted
1826
Why were joint stock banks so good
More stable so investors were more confident and would put ore money into the bank, they could manage larger sums of money needed for big industrial projects
What was the first joint stock bank
Lancashire Banking Company
What 1833 act helped banking further
Allowed joint stock banks in London to issue checks which increased the speed of financial transactions
How many joint stock banks and branches were there in 1866
154 joint stock banks with 850 branches
How was Banking significant in growing the economy
- source of capital that allowed men to start businesses
- provided finance to buy new machinery and technology for factories
- Allowed landed aristocracy to invest in many new developments like railways and docks or buy their own mills
What was the imports of cotton in 1761 compared to 1833
1761 - 3 million lbs
1833 - 300 million lbs
How many people did the cotton industry employ by 1833
833,000
What two inventions allowed the cotton and textile industry to grow so big
Richard Arkwrights water frame
Samuel Crompton’s spinning mule
when was the spinning mule invented
1779
when was the water frame invented
1769
What did Earl of Lonsdale do in 1839
He established Whitehaven harbour in Cumberland
why was the agrarian revolution important
More efficient farming due to machinery meant there was a greater supply of food and lower costs, so even the poorest could afford sustainable diet so they could work and population growth could be supported
How did mechanisation in agriculture indadvertedly help industrialisation
less labour was required for farming which pushed more people into urban jobs in factories