Industrialisation and Protest (Economics)

Question 1

What class emerged as a direct result of the Industrial Revolution? (IR)

Answer 1

The middle class - made up of educated factory owners, tradesmen who were not a part of the aristocracy/ land owners of the previous feudal system.

Question 2

What did Thomas Newcomen invent in 1712, and what was it used for?

Answer 2

The steam engine - originally used to pump water out of coal mines, but became the prototype of steam powered engines.

Question 3

What invention in 1770 revolutionised the textile industry?

Answer 3

The Spinning Jenny

Made large scale manufacturing achievable.

Question 4

What year was The Bank of England Established?

Answer 4

1694

Question 5

How many banks had been established by 1784?

Answer 5

119 - excluding London banks

Question 6

How many banks were established by 1808?

Answer 6

800

Question 7

Why was the growth in banking important to the IR?

Answer 7

Provided secure financial basis, allowing capital to be available for the entrepreneurial business ventures of the IR. As well as the running cost that those businesses procured.

Question 8

What emerged in the 18th century that made financial transactions far more secure?

Answer 8

The Paper Currency

Question 9

What were county banks?

Answer 9

Banks away from London that were run by local business men.

Question 10

What were county banks allowed to issue in 1797, and what impact did that have?

Answer 10

Bank notes - this led to development of personal banking, and gave employers an effective way to pay wages?

Question 11

What clause existed in the bank of England’s charter that prevented industrial growth?
When was it removed?

Answer 11

Banks with more than 6 members could not issue bank notes, preventing the creation of joint stock banks.

1826 - allowing banks to increase in size, and become more stable promoting investment. And the merging of small banks to create joint stock banks.

Question 12

What is a joint stock bank?

Answer 12

A bank owned by several people, each with shares in the capital. Individuals are liable for debts up to the value of their shares, rather than the full amount in the bank.

Question 13

What was the first joint stock bank?

Answer 13

Lancashire Banking Company - founded 1826

Question 14

How many joint stock banks were there by 1866?

Answer 14

154 with 850 branches

Question 15

Define Cottage Industry

Answer 15

Small scale industry usually performed in a home or community.

Question 16

How many pounds of cotton were imported in 1761?

Answer 16

3 million

Question 17

How many pounds of cotton were imported in 1833?

Answer 17

300 million

Question 18

How many people were employed in the cotton industry in 1833?

Answer 18

833,000

Question 19

What machines allowed the cotton industry to grow so much?

Answer 19

Arkwright’s Water Frame - 1769

Crompton’s Spinning Mule - 1779 - used the best features of the Water Frame and the Spinning Jenny.

Question 20

What allowed the landed gentry to benefit from the IR?

Answer 20

Investment into the new developments - made possible by the banks.

Eg) the Earl of Lonsdale is credited with the establishing Cumberland’s Whitehaven Harbour

Question 21

How much had the middle class grown by between 1816 - 1831?

Answer 21

75%. 160,000 to over 214,000

Question 22

What did Adam Smith publish in 1776 and what was it’s impact?

Answer 22

‘The Wealth of Nations’

Promoted laissez faire economy, and free trade in order to increase economic growth.

Question 23

Why was Lancashire a suitable area for the cotton industry?

Answer 23

• access to Liverpool port allowed international trade

- cool, damp climate prevented cotton from splitting

Question 24

What invention in 1769 increased the importance of coal?

Answer 24

The steam engine

Question 25

Where in the UK was there a good supply of coal?

Answer 25

Midlands, Northern England, South Wales, and The Clyde Valley (Scotland)

Question 26

How was the country divided regionally?

Answer 26

North west - textiles 
North east - mining
Midlands - engineering 
South west - agriculture
South east - some textiles Cornwall became an important exporter of tin.   remained mostly agricultural.

Question 27

What invention in 1789 improved agricultural productivity?

Answer 27

Meikle’s Threshing Machine

Question 28

What was the most significant difference between the North and South?

Answer 28

Industrialisation in the north created a demand for labour, whereas mechanisation of southern agriculture decreased the demand for labour.