nap econ Flashcards

1
Q

did have a positive impact by allowing Britain to increase economic superiority over its European rivals through the actions of the EIC

A
  • Glorious First of June (one of the first great actions of the French Wars)
    o Britain’s strategic victory allowed Britain to blockade the French for the rest of the French Wars
    o through this blockade, it had superiority over THE ATLANTIC
  • the importance of the Atlantic in creating a market for Britain
    o by having superiority over the Atlantic, Britain could export and import goods from India and China
     imports- tea, cotton, sugar
     export- textiles, pottery, coal, iron
    o by importing goods like tea and sugar a consumer market could be sustained in Britain and along with this, tariffs which would raise money for the economy
  • role of the EIC
    o by having superiority over the Atlantic, the EIC could expand and sustain operations in India
     created jobs for the British people
     the EIC paid heavy duty taxes to the government for importing Asian goods
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2
Q

continental system led to decreased trade with European countries which meant Britain lost out on export partners and starting unnecessary wars

A
  • impact of Napoleon signing the Berlin Decrees on European trade
    o Britain could no longer sell to European nations thus losing out on potential customers for its export market
    o European countries had the money to import large stock from Britain so Britain had lost its wealthy customers
  • led to the War of 1812 with America
    o cost Britain to send troops and ships to America
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3
Q

the continental system had a positive impact on the British economy as a domestic market grew as a result of not being able to import steel and iron from European countries

A
  • domestic market boomed due to a lack of foreign imports
    o iron and steel manufacturing increased by a factor of 4
     would have allowed Britain to use and sell its own steel which would generate income
     would create jobs for thousands of British people who in turn contributed to the tax system —–> anyone earning more than £60 a year having to pay graduated income tax introduced in 1799 —> contributed to £155 million
    o setting up of a competitive market economy through private companies
     private dockyards created jobs for British people (10,000 jobs)
     built both merchant ships and warships
  • more merchant ships = more trade
  • more warships = more protection of trade
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4
Q

important to acknowledge the cost of the war on British economy as well as the disruption to labour and trade the war did create

A
  • heavy economic cost of running the war for Britain (having to resort to borrowing)
    o having to pay for the running of the armed forces
     cost £43 million in 1811
    o having to pay subsidies to keep other countries fighting
     cost £66 million between 1793-1815
    o having to resort to loans to pay off £16 million deficit
  • labour force decreased with the expansion of the RN and BA
    o army offered a better alternative to men instead of factory work ———> 1/6th of British workforce in the army
     less labourers would mean lower factory output which would have hurt the economy
    o focus on war production would mean less focus on consumer good?
     less money to be made from weaponry compared to consumer goods
  • although Britain did sell 120,000 muskets to Russia
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5
Q

concl

A
  • statement that it had +ve impact has a stronger case than having a -ve impact
  • important to acknowledge the massive cost the wars had as well as the decrease in Britain’s export market due to the Continental system
    HOWEVER
  • the war had put Britain in an even more favourable position from which it could expand it’s economic activity with its colonies
    o reminder of the importance of superiority over the Atlantic
  • and the development of a domestic market gave an income to the British people allowing them to invest and contribute to the British economy
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