Napoleonic Wars impact on economy Flashcards
why was the British economy protected during the wars?
the RN was key in protecting the merchant navy which allowed global trade to continue
Britain’s financial strength also proved influential
how did the British fight an ‘economic’ battle with the French?
blockaded French ports for the entirety of the war
boarded neutral ships which may have been trading with the French
CUT OFF TRADE WITH THE FRENCH
when was the Continental System introduced?
1807
was the Continental System a failure?
YES
smugglers and neutral merchants continued to trade with Britain
French markets extremely suffered as they themselves relied heavily on British imports
where did Britain open an export market in response to the Continental System?
Northern Europe
when did Russia restart trade with the British?
from 1810
went against the Continental System (massive failure)
when did Franc restart trade with Britain?
1813
what were major British exports?
textiles from British mills
re-exports from British colonies in the Caribbean and India:
- tea
- coffee
- sugar
- cotton
successes in Britain’s dealing with trade
carried on as usual
French wars had little impact
most countries could not survive without British imports
RN (convoy system) was too powerful and ensured that the seas were safe and secure for British merchants
British export markets flourished with an expanding empire
failures in Britain’s dealing with trade
Britain’s response to the Continental System did lead to the War of 1812 with America
put further strain on the British economy
where was Britain able to set up NEW export markets during the wars?
Spain
Portugal
Latin America
how much of the workforce in Britain were fighting in the war?
1/6
how did the British worker suffer during the war?
wages stagnated during the war
rising food prices majorly hurt the poorer population
men (the breadwinners) were not home so families struggled to survive
what was the Speenhamland System?
system which determined relief dependent on the size of your family
larger family = more bread
how much did the Napoleonic Wars cost Britain?
£1.6 billion
what were the main costs of the war?
funding the RN and BA to fight the French
subsidising Britain’s allies to keep them fighting the French
how did Britain get the money to fund to war?
BORROWING
largely reliant on credit from British banks
in what ways was the government involved in generating money for the war?
prevented the legalisation of the minimum wage
graduated income tax in 1799
massive borrowing
what was the effect of the wars on banking?
banking industry GREW in Britain
more government stock was put up for sale which meant a stock exchange developed in Britain
stock market traders by 1812
726
when was the London Stock Exchange set up?
1802
how many banks by 1815?
over 600
what was the role of Nathan Rothschild in the wars?
helped fund the debt and arrange loans
funded the British expedition into the Iberian Peninsula
why did farmers benefit from the war?
higher wartime prices meant they were getting more money for their produce
