The 1874 depression

Question 1

High farming

Answer 1

• the agricultural revolution allowed for more efficient farming practices (eg. Use of legumes to end crop rotations + selective breeding)
• this mean farmers that disposable income to buy machinery + invest in their land -> less demand for farm workers + more output -> incr rural to urban migration

Question 2

British industry pre-74

Answer 2

• Britain had monopoly status as an industrial economy
• the 3 main industries were textiles, coal + heavy industry - all interdépendant
• the UK exploited it’s empire for resources
• all the big 3 industries were dangerous for the workers
• there was a “brain drain” due to gentlemanly capitalism eg. Brunel + Salt
• economy supported by the country’s 8000miles of railway + large pop providing cheap labour
• freer trade due to 1860 Cobden treaty w/ France + lowering of tariffs -> kept price of imports low
• patent law + gov investment in industry (eg. Funding the 1st mechanised assembly line @ Portsmouth Block)

Question 3

Changes in the British economy

Answer 3

• heavy industry + ship building was boosted by the arms race w/ Germany
• the econ was diversifying w/ new industries (eg. The chemical industry due to the invention of rubber tires + the company Dunlop being founded)
• emergence of the US + Ger as industrial powers -> loss of monopoly status

Question 4

The Crisis of Confidence

Answer 4

• Wall Street Panic of 73 due to concerns over the falling price of gold
• had only a temporary effect on the UK econ by showed the US’s power as a competitor

Question 5

the agricultural depression

Answer 5

• the invention of clipper ships + canning enabled food to be shipped form abroad where labour was cheaper
• this made the price of produce fall -> agriculture became less profitable
• decline of 92,250 agricultural workers + increase off 53,496 urban workers form 71-81
• the value of land fell -> rack-renting in Ireland + power shifted from aristocracy to urban middle class