The changing nature and extent of trade 1763-1914 Flashcards
What was government debt as a percentage of GDP in 1763?
157% after Seven Years War
What was government debt as a percentage of GDP in 1821?
260% after Napoleonic Wars
Which 2 trade policies irritated Britain’s colonies greatly?
Protectionists and Mercantilism
Why was free trade so good for the merchants of Britain during the 19th Century?
This standardisation of trade allowed for them to profit, as they could create manufactured goods most cheaply
Which change in government policy towards colonies was characterised by the Scramble for Africa?
The desire for geopolitical power over other European nations (instead of just trade interests)
Which goods did British merchants trade with African slave merchants?
Textiles, alcohol and firearms
What is the name of 2nd leg of the slave trade?
The Middle Passage
What did British merchants sell from America to British port?
Cotton, sugar (from plantations) and tobacco
Example of success of slave trade?
Thomas Leyland, 3 times mayor of Liverpool, in 1798 doubled his money by selling slaves at £50 a head
Ports which benefited from slave trade?
Bristol, Liverpool, Glasgow
How many ships a year sailed from Liverpool in the 1790s?
120-130
Who benefited in a secondary way from the slave trade?
Bankers who funded the ventures, the government who had more tariff money from trade, and also the Navy as many had to be trained to run the ships
How many MP’s in 1766 had plantations or business with them?
Upwards of 40
When was the parliamentary campaign begun, lead by who, and backed by which friend?
1789, Wilberforce and backed by Pitt the Younger
Why was the early 1790s a bad time to campaign for abolition?
After the now-revolted French emancipated their slaves in Saint-Domingue, anti-slaving was now pro-French
Why was the early 1800s a good time to campaign for abolition?
The British were supported emancipated slaves in Saint Domingue against Napoleon who tried to retake the island
When did the first Slave Trade Act pass the Commons, and when was it finally banned?
1804, defeated at Lords, 1807 passed
Why in the long term was the abolitionist movement gaining steam and give an example?
It was a financially risky trade, and economic fortunes were decreasing, as shown by the £700,000 loss in Liverpool on the trade in 1778
When did slavery end, and how much of the governments budget was spent that year on compensation?
1834, 40%
Why was mercantilism popular during the 16th-18th centuries?
The policy had caused great wealth for merchants in Spain, as by using the money they took from a positive balance of trade, they could reinvest into companies to create more money
When was Wealth of Nations published?
1776
Why was free trade called for in Ireland and when was it passed?
The growing wealth of the nation was in the hands of the wealthy, not the middle classes, so pressure lead to 1779 free trade to allow for goods to not be restricted in the ports they could be sold at
What were passed as a protectionist measure after the Napoleonic Wars?
Corn Laws
By what percentage was the electorate increased in size with the Great Reform Act?
60%
Why was the Great Reform Act important for free trade?
The newly enfranchised population were the merchants and businessmen calling for free trade
What was formed in 1838?
Anti-Corn Law League
When did Peel come to power, and with who?
His Conservative party of Peelites and Old Tories came to power in 1841
How many tariffs were abolished between 1842-46?
1,200
When were the Navigation Acts passed?
1651-73
How did tax collection change in America in 1763?
Salutary neglect was replaced by much stricter enforcement of the Navigation Laws
Why were the Navigation Acts so bad for the New England merchants?
The previous trade routes they had used were becoming closed off by the Royal Navy, with ships and sailors seized after 1763
When were the Corn Laws repealed and why?
1846, as in 1845 there was the Irish Potato famine
Which law repealed the Corn Laws and what also was repealed with it?
Importation Act 1846, also sugar duties were repealed