Politics and the shaping of the British economy

Question 1

Where did the Industrial revolution first took place ?

Answer 1

England

Question 2

The workforce is composed of …

Answer 2

Men and young boys who should be in school

Question 3

What is the definition of economic liberalism ?

Answer 3

People are now allowed to make decision for themselves without the opinion of the state.

Question 4

Name three cities where coal is important

Answer 4

Birmingham, Sheffield, Manchester

Question 5

On what was originally built the country ?

Answer 5

On agriculture

Question 6

What is “cottage industry” ?

Answer 6

It’s when families produces material, textiles in their home to make some extra money.

Question 7

What are the factors of Industrial revolution ?

Answer 7

The 5 M’s : Men, Money, Machines, Means of communication, Mentalities

Question 8

Explain why men contributed to the industrial revolution

Answer 8

Population growth helped increasing the workforce. In 1750 = 7.5 million people and today 67 million.

Question 9

What is the main issue caused by the population growth ?

Answer 9

Housing

Question 10

By which systems money did influence the Industrial revolution ?

Answer 10

Creation of the bank system

Question 11

What is a goldsmith ?

Answer 11

A goldsmith is someone who keeps their client’s money into a big safe room. They make profits by charging a fee.

Question 12

When was created the Bank of England ?

Answer 12

In 1694

Question 13

Why the development of banks influenced the IR ?

Answer 13

Businessman could ask for loans to invest in their companies for larger factories and machinery in order to increase their production.

Question 14

What is the Bank Charter Act and when was it passed ?

Answer 14

Passed in 1844, this act only allowed the Bank of England to print their money and issuing notes. Private banks can’t print money anymore.

Question 15

Explain what is “issuing a note”

Answer 15

Issuing a note means that the bank controls the economy by putting more or less money into society. They really do control the economy of the country.

Question 16

What is a joint stock banks ? Name one

Answer 16

It’s a company which is able to sell shares to raise money and invest it in the company. Ex : Lloyds Bank or Barclays Bank

Question 17

What is the Joint Act companies ?

Answer 17

It’s a bill passed in 1856 that allows people to invest in companies.

Question 18

Machines : why do businessman invest in machinery ?

Answer 18

Machines helps increasing production. It’s also a sign of wealth.

Question 19

Which market increased by 42% between 1750 and 1800 ?

Answer 19

The domestic market

Question 20

What increased x15 dramatically between the end of the 18th century and 1849 ?

Answer 20

The number of patents

Question 21

Name two brilliant machine inventions

Answer 21

Steam machine and train

Question 22

Two materials helped increasing production : which ones ?

Answer 22

Coal (x2 between 1750-1800) and Iron (200% between 1786-1806)

Question 23

Means of communication : England improved on four items, which ones ?

Answer 23

Creation of the telegraph in 1837, cable links between Engand and India, roads (more & better = best transport network) and postal system

Question 24

Mentalities : how did it influenced the IR ?

Answer 24

IN Britain they are mostly protestants and they accept material wealth. They’re happy with making profit, reward hard work and the notion of free trade.

Question 25

What are the name of the two main parties ?

Answer 25

the Tories and the Whigs

Question 26

What are the ideas of the Tories ?

Answer 26

They had very conservative ideas. They wanted to protect traditional landed interests and agriculture. They were wary of industrialisation and urbanisation and extremely supsicious of manufacturing society. They wanted to conserve their wealth.

Question 27

What are the main ideas of the Whigs ?

Answer 27

Whigs had liberal ideas from a rising capitalist class. They also wanted free market and free trade.

Question 28

What are the two more important pieces of legislation about free trade ?

Answer 28

The Corn laws and the Navigation Acts

Question 29

What is the main objective of the Corn laws ?

Answer 29

The main goal is to protect agriculture by not importing corn unless the price of the corn was below a government set level.

Question 30

When were the Corn laws revised ?

Answer 30

In 1828 so the price of corn could become cheaper.

Question 31

What is the purpose of the Anti-Corn Law League ?

Answer 31

They wanted the Corn laws to be repealed so they could sell more good in Britain and overseas.

Question 32

When were repealed the Corn laws and under which PM ?

Answer 32

In 1840 by Robert Peel.

Question 33

What is the main purpose of the Navigation Acts ?

Answer 33

It was to imposed taxes on imports.

Question 34

What is an obstacle to competition according to Adam Smith ?

Answer 34

Protectionism

Question 35

How the repealing of the Corn laws made a more representative democracy ?

Answer 35

By repealing the Corn laws, some business men were wealthier and being wealthy means having power so they went to the Parliament.

Question 36

Liberalism leads to two things, what are they ?

Answer 36

a grow of capitalism and a consumers society

Question 37

What is the Great exhibition and when did it took place ?

Answer 37

The GE is an exhibition in 1851 in Hyde park to celebrate British achievement in science and innovations.

Question 38

What is the name of the building that hosted the GE and when was it destroyed by fire ?

Answer 38

Crystal palace in 1936

Question 39

What was the situation when Thatcher became PM economically speaking ?

Answer 39

High inflation ; interest rates high ; lending rates rises to 17% ; increasement of VAT to 15%

Question 40

In order to cure this econnomic disease, what did Margaret Thatcher ?

Answer 40

reduction of welfare and benefits ; home and share ownership for everyone (right to buy : 70% discount)