The Changing Nature and Extent of Trade - Topic 1.1 Flashcards
Britain's trade and economic policy over the period
What was the main economic policy that Britain followed early on?
What did it entail and how did Britain maintain their policy?
1600-1846
Mercantilism is a nationalist economic policy that is designed to maximize the exports and minimize the imports for an economy. In other words, it seeks to maximize the accumulation of resources within the country and use those resources for one-sided trade.
Trade protectionism, is the economic policy of restricting imports from other countries through methods such as: tariffs on imported goods, import quotas, and a variety of other government regulations.
Describe the process of the Trans-Atlantic Slave Trade
1607-1807
Slaves from Africa were traded with Britain, and were sent to the Caribbean and North America, those slaves would produce raw materials such as sugar and cotton. Those materials would then be sent to Britain to be manufactured to create goods such as rum and cloth to then sell abroad for a higher price than raw materials.
Who helped to abolish the Slave Trade?
1789-1807
William Wilberforce
- Launched his campaign in 1789, 91, and 92
- Became an Anglican in 1790
- He tried again in 1806, and the bill was accepted
Thomas Clarkson
- He had a spiritual revelation while on a journey to London
- Led a grassroots campaign
- Had support from Methodists and Baptists
- Set up the Society for Effecting the Abolition of the Slave Trade
- Set up the Committee for the Abolition of the Slave Trade
- Included Sharp, Wedgewood and a young Wilberforce (Anglican)
Granville Sharp
- First campaigner for the abolition of the slave trade
- Authored several anti-slavery books
- Helped set up the CAST with Clarkson
- Helped slaves who were injured and defended them in court
Olaudah Equiano
- Born in Nigeria
- Bought his way out of freedom
- He campaigned against slavery and its horrors
- Wrote an autobiography about his life as a slave to raise awareness about slavery and its horrors
What ideas and groups helped to abolish the Slave Trade?
1789-1807
Quakers
- The first religious group to condemn slaves and owning slaves was banned from the group
- First began petitioning in 1783
- Joined Wilberforce and other non-conformist groups in 1787
- Effective grassroots campaign (winning the support of the public not parliament)
- Gathered evidence on the horrors of slavery via pamphlets, posters, debates and books
Anti-French Sentiment
- Rebellion of Haiti
- Napoleon wanted to return Haiti to France to keep the revenue and colony
- Slavery became associated with the French
To what extent did trade change after the abolition of the Slave Trade?
And why was the abolition of the trade significant?
1807-
Significance of the abolition of the Slave Trade:
- Abolition of a highly profitable trade
- No longer obtain some goods that they don’t have
- Is it right to keep slaves?
- Religious-ethical element (Quakers and Methodists)
Changes in Trade over time:
- Slow collapse in the Atlantic Trade
- Slavery still exists until 1833
- Slaves will be paid to do the same jobs becoming employed
- The Caribbean are too important to collapse economically
- May see more trade across the Atlantic and maybe not the African leg
- Britain will trade with China, Japan and India more often than before
What is free trade?
1842-46
Free trade is a policy that allows countries to trade goods and services with each other without any restrictions or barriers. This means that there are no tariffs, taxes, or quotas on imports or exports between countries. The goal of free trade is to increase economic growth and create more jobs by allowing countries to specialize in producing the goods and services they are best at.
What were the Navigation Acts?
1651-1849
A long series of laws that developed, promoted, and regulated English ships, shipping, trade, and commerce between other countries and with its own colonies. This legislation reflected mercantilist ideas, restricting the terms on which English (later British) and foreign shipping could trade with England and its colonies.
- First Act; Originally instituted against the Dutch
- Second Act; Colonial produce restrictions from exports
- Third Act (Act of 1786); Upheld the basis of Britain’s foreign trade
What were the Corn Laws?
1815-1846
Protectionist measures brought in by the government in 1815, which restricted the amount of foreign grain that could be imported into the country. Food prices were expected to fall after the Napoleonic Wars as trade with Europe started up again and corn could be imported once more. However, importing grain from abroad was not in the interests of British landowners and MPs.
Why were the Navigation Acts repealed?
1651-1849
- The growing acceptance of free trade made Parliament realise that the country could be better off with the internationalist policy. With the Industrial Revolution, more products could be made, which could oversaturate the market and by selling it abroad, Britain achieves a greater income.
- Mercantilist and protectionist policies didn’t make sense anymore.
- Furthermore, the colonies were becoming better global trade partners as well; by not hindering their growth, the colonies could be better off as well.
Why were the Corn Laws repealed?
1815-1846
- Anti-Corn Law League (Peel supports them) lobbied the government
- Middle class (Merchants and wealthy entrepreneurs) were given the vote in 1832, which resulted in more representation of this need to repeal it.
