Nineteenth Century Capitalism Flashcards
When was the term imperialism’ coined?
During the 19th C economic debate
When was there a rapid increase in imperial prosperity?Why?
From 1780+ Because London replaced Amsterdam as the financial capital of the world due to the French Wars.
What was Britain the first to achieve?
Self-sustained modern economic growth: Britain was the ‘workshop of the world’.
What percentage of the world’s coal output, according to P. Bairoch, was from Britain in 1830-1860-1880?
71% - 57% - 49%
What percentage of the world’s iron output, according to P. Bairoch, was from Britain in 1830-1860-1880?
75% - 52% - 43%
What percentage of the world’s industrial output, according to P. Bairoch, was from Britain in 1830-1860-1880?
10% - 20% - 23%
According to P. Cain, what percentage of British imports went to the empire 1854-57? And exports?
24% imports, 30% exports
According to P. Cain, what percentage of British imports went to the empire 1909-13? And exports?
25% imports, 35% exports
How were exports to the empire in 1854-57 distributed?
48% to settlements, 32% to India, 52% to other colonies.
How were exports to the empire in 1909-13 distributed?
50% to settlements, 33% to India, 17% to other colonies.
What was the shift that occurred in economic practise in the 19th Century?
A shift from a mercantilist practise to capitalist.
Who is the traditionalist historian for capitalism and nineteenth century expansion?
J. Hobson
Who are the revisionist historians for capitalism and nineteenth century expansion?
J. Gallagher and R. Robinson
Briefly outline J.Hobson’s argument:
1870s underconsumption- demand failed to meet supply, further expansion needed
What was J.Hobson’s thought on the Scramble for Africa?
It was the rich searching for money, not representative of GB as a whole but of the metropolitan elite.
Briefly outline J.Gallagher and R.Robinson’s argument?
Informal Empire received more investment as it was less volatile. Formal empire was a last resort to control an entity
What is a quote from the Imperialism of Free Trade?
By informal means if possible, or by formal annexations when necessary, British paramountcy was steadily upheld.
Who encouraged free trade imperialism in the nineteenth century?
Third Viscount Palmerston, Henry J. Temple. He encouraged a nationalism and improved foreign policy
Who coined the term gentlemanly capitalism?
Cain and Hopkins, they were heavily influenced by Thatcherite politics of the 1980s.
Who were gentlemanly capitalists?
The financial aristocracy of the City, who held strong ties to Westminster- they had an intent to change Britain from the ‘workshop’ to the ‘trading room’.
List three benefits of formal imperial control:
- Exclusion of other powers. 2. Cultural diffusion. 3. Monopoly
List three limitations of formal imperial control:
- Expensive. 2. Economic interconnectedness. 3. Accountability
List three benefits of informal imperial control:
- More lucrative and flexible. 2. Less resentment at GB. 3. Cheaper.
List three limitations of informal imperial control:
- Less prestigious. 2. No exploitation. 3. No market monopoly
What should be remembered about pros and cons of both formal and informal imperial control?
They are situationally dependent. For example China was informal simply because of its size.
Is formal the aim and informal the vehicle to facilitate such? Or the other way?
- The goal is always formal no matter the motivation.
2. Informal was the aim, with formal being an unhappy conclusion of Imperialist control to sustain the economy.
How did G. Barton and B. Bennett define an informal colony to be in 2010?
‘ [one nation] able to strongly influence policies in a foreign country critical to the more powerful country’s interests’.
Between 1815-1880, what amount of credit was accumulated abroad?
£1,187,000, no more than 1/6 in the formal empire
What was the overseas investment total in 1854?
Approximately £190-230 million
What did P. Cain write regarding the nature of Empire from the 1830s onwards?
‘Flourishing connections with ex colonies … [show] trade could only be secured by the use of power’.
When was the Oceania economic depression?
mid-1880s, they had been integral from the 1850s up until this point, when their role was supplemented by South Africa.
According to P. Cain, what are the two periphery suppliers?
Capitalist Neo-Europes, tropical peripheries.
What are the limitations of the tropical periphery outlined by P. Cain?
1850+ it was clear that European technology was incompatible with the tropical climate.
When was the rapid growth of P. Cain’s ‘Neo-Europe’?
1790-1913, yet despite this growth it still relied heavily on London.
What is a contemporary source for the centre-periphery relationship of empire?
Thomas Brinley: ‘When Britain caught a cold, the periphery caught pneumonia’.
When was the trade deficit in primary produce most substantial?
1870s, yet the periphery remained largely constant in its multilateral exchange of goods and services.
What was the increase in land productivity in the periphery frontier 1850-1920?
70% land productivity increase to 376million hectares
How does A. Webster characterise informal empire?
‘Informal persuasion rather than costly aggression’ as it was more palatable to late-18th Century liberalism.
What does A. Webster note about the links between politics and economics regarding informal empire?
GB at the centre of the world economy meant countries were dependent. Dependency meant political leverage used in return for market access.
What is an example of the informal empire not always being directly economic exploitation?
The acquisition of the Cape was a strategic gain to protect the route to the Indian Ocean.
J. Robinson and R. Gallagher argued that the peripheral circumstances dictated imperialism, not changes in London. What is A. Webster’s take?
A. Webster argued that circumstances were the vehicle, the metropole the instigator, for imperial changes.
What was the traditionalist historiography of the Empire’s economic changes?
The empire was mercantilist, then Laissez-faire (Adam Smith) free trade not imperially run. No anti-imperialism, but ‘new’ imperialism.
What is the revisionist historiography of the Empire’s economic changes?
Economic growth cyclically relied on overseas expansion. Anti-imperialism was really informal British hegemony.
When did Britain begin the attempt at shifting some informal territories to formal ones?
1870s+
What does A. Webster suggest led to the last resort, and what is this?
Internal chaos left no option but outright annexation.
How were informal relations facilitated according to J. Gallagher and R. Robinson?
Informal relations were facilitated via indigenous collaborators.
Who described the edge of empire as a ‘turbulent frontier’?
J. Galbraith coined the term ‘turbulent frontier’.
Whose work exemplifies the destabilising consequences of commercial relations?
Khoo Kay Kim’s study of the Western Malay States: the guise of Chinese tin mining led to civil war (1860s/70s) compelling formal control.
