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
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
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
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
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
