Kevin O'Rourke, Globalisation And History

Question 1

Comment on the changes which took place between 1846 - 1851

Answer 1

1845: first voluntary mass migration
- caused by Irish famine

1846: Britain moves toward free trade with the repeal of the corn laws
1851: first successful submarine telegraph cable under the English Channel linking financial markets in London with Paris and other European capitals

Question 2

Despite the advances towards globalisation between 1846 - 51, what does O’Rourke believe to be the real reason behind moves towards a global economy?

Answer 2

First half of the 19th century experienced radical decline in transport costs on sea lanes and on routes through the interior

British tariffs had drifted down from almost embargo heights

Migration across the Irish Sea and on the continent had quickened

European capital was freed from wartime finance

Question 3

List some of the drawbacks of globalisation

Answer 3

Workers pointed to unfair competition from imports made with cheap foreign labour

Rich land owners demanded protection from cheap farm products

Domestic policymakers began to feel as though they were losing their ability to manage prices and interest rates, and felt vulnerable to financial panic and industrial crisis