Theme 2: causes of the I.R Flashcards
How did a growth in population cause the industrial revolution?
Due to a growth in population labour was plentiful and cheap and ‘industrialisation was the greatest employer the world had known‘ Mathias 1983.
How did an increase in population limit industrial growth?
There was a shortage of skilled labour and this prevented innovation in the early industrial revolution and limited growth
What was the population increase from 1801 to 1850 in Great Britain?
From 1801 the population roughly doubled to 20 million in 1850
How did good transport links allow for the industrial revolution?
The transport of goods and materials are essential for reaching wider markets; generally in 1750 transport was limited to poor quality local roads and rivers and coastal traffic although limited inter- regional trade did occur e.g. coal from the north to London
How did population growth and agriculture combined lead to the industrial revolution?
With the increase in people more food was needing to be produced and thus inspired the creation of more efficient farming systems , in turn lowering food prices, resulting in the surplus being invested in industry
How did transport and geography combine to cause the industrial revolution?
Great Britain is small and fairly flat with navigable rivers ; leading to the creation of roads , railways and more transport links.
This meant that trade could be transported easily and linked the nation contributing to the industrial revolution
Explain the role of banking in the industrial revolution
In 1826 the cap preventing the creation of large joint stock banks was removed Banks grew becoming more stable and but able to manage greater sums of money and operate on a national scale. Therefore facilitating the growing economy that industrialisation was promoting
What was the first joint stock bank called?
The Lancashire banking company established in 1826
Define joint stock bank
The title given to the bank owned by several people each with shares in the banks capital.
These individuals were only liable for debts up to the value of the shares and not the full amount in the bank
Which year did Parliament pass an act which allowed joint stock banks in London to issue cheques? And what did this act result in?
1833-
Allowed people to draw on these cheques in any branch of a particular bank increasing the speed of commercial transactions.
Banks became the easiest and most efficient way to do business and rapidly grew in number
By 1866 how many joint stock banks were their nation wide?
154 banks and 850 branches
What did banking provide a source of?
Capital for man to establish businesses
How did banking unite the ‘gentlemen farmer’ and industry?
Through investment the landed aristocracy could transfer assets away from traditional cottage industries and invest in more urban and industrial innovations
How did peace/war cause the industrial revolution?
As Britain was physically isolated from the walls on the continent there was relative internal stability allowing development without interference.
