Industrialisation and Protest Flashcards
When was the Bank of England established?
1694
What inventions helped industrialisation?
Watt’s steam engine (1769)
Arkwright’s water frame (1769)
Crompton’s Spinning Mule (1779)
What did Adam Smith publish in 1776?
‘An inquiry into the nature and causes of the wealth of nations’
Shortened to ‘Wealth of Nations’
What did Adam Smith consider in his publication?
Economy of industrialised countries, including ideas about division of labour, productivity and free markets
By how much did banks grow in number between 1784-1808?
119 to 800
When were banks allowed to grant bank notes? How did this help banking?
1797- allowed banks to work on a personal level and made paying employees from a central fund easier
When was the Unlawful Oaths Act passed? What was it?
1799- originally to prevent naval mutiny by making ‘oaths’ illegal
Why did people lose faith in the Royal Mint?
King Charles I stole from it in 1640
How did banking begin with goldsmiths?
People chose to deposit gold with smiths in return for receipts or bills pf exchange, they were later able to help with loans
How did removing the cap on joint-stock banks help banking?
1826 banks grew in size and became more stable, managing greater sums of money
Where was the first joint-stock bank?
1826- Lancashire
How did banks grow more after 1833?
Parliamentary act allowed banks to issue cheques, which increased speed of commercial transactions
How many joint-stock banks were there by 1866?
154 with 850 branches nationwide
How did the cotton industry rely on the growth of banking?
Banking allowed manufacturing to grow
1761 3 million pounds of cotton imported
By 1833, was employing 833,000 and importing 300 million pounds
How did landed aristocracy contribute to industrialisation?
Investment in railway and docks, which improved manufacturing capabilities
Marquess of Bute built docks at Cardiff in 1839
By how much did the middle class grow between 1816-1831?
From 160,000 to 214,000 (increase of about 1/3)