Reform And Challenge 1851-86- Economy Flashcards
Gladstone on free trade
Converted ober
Described ‘excessive’ public spending as a ‘great moral evil’
Quote for lack of protectionism
Hobsbawm ‘britain was the only conutry whih systematically refused any fiscal protection to its industries’
‘Only country in which the government neither built, nor helped to finance’
‘Nor even planned any part of the railway system’
Example of ‘negative intervention’
Failure to provide protection for british goods against foreign competition
Bank of england compared to other countries
Not governmental- ‘the government had no direct access to the decision making of the bank of england’
Less stable esp compared to reichsbank in germany due to low gold reserves- more liable to cause fluctuatiohns in the interest rate
Example of poor agriculturre
‘The black year’ of 1879
Amount of wheat produced fell from 13.7 mill in 1874 to less than 6 mill 1879
How suez canal increased trade example
1879- first cargo of frozen mutton rrived from australia at the london docks
Counties which suffered most from farming depressionq
Corn growing counties of south and east
English meat, butter and milk still preferred and so could demand fair prices
Number of agriculural workers decreasing
1.5 mill to less than 1 mill 1851-1901 despite increase in population
As less women work and from 1876 no child under 10 worked unless if in harvest
Imports increased in value
1850-1875
152 mill to 373mill
Exports increasing 1850 to 1875
71 mill to 223 mill pounds
Exporting to china
1857 5 more ports opened
By 1870 more than 6 mill goods into china
Support for london docker strike
1889
Contributions poured in even from australia
Reasons for low productivity compared to germany and usa
Poverty and poor health of workforce
Limited level of investment in new technologies- esp mining industry
British capital invested aborad rather than at home
Costs of transportation within britain
Comparitively poor levels of scientific and technological education
Strong economies of usa and germany growth stat
Twice rate of british economy
Fall in price of some industrial goods during this period- textiles by over 30%
Example of agriculture pamphelet
High farming
1849
James caird
Encouraging more intensive farming
Traditional agriculture in britain
E.j. Hobsbawm ‘a place where plants grow and animals feed’
Landowning class power
4000 landowners owned abouot 60% cultivated land berween them
Let 250,000 farmers employed 1.25mill people
Examples of improved agricultural technology
Improved plougs and hoes
Widespread use of horse-drawn reaper
Artificial fertilisers used
Nitrate of soda
Superphosphates
Imports of peruvian guano (bird droppings)
German potas
Profit made by great exhibition
£185,500
Invested in buying land in kensington for v%&a museum, natural history museum, imperial college of science and technologgy
Value of british investment abroad
Quadroupled between 1850 to 1873 from 250mill to 1000mill
Increase in amount railway track
9500km to 22000km 1850 to 1875
