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ECOS3024 > Topic 2 - British industrialisation > Flashcards

Topic 2 - British industrialisation Flashcards

1
Q

characteristics of the industrial revolution in Britain

A

*Growth in manufacturing industry, especially iron and cotton
*Innovation with productivity growth
*Considerable growth in capital per person
*Major transformation in agriculture, mining, transport, communications and baking
*Ongoing expansion in foreign trade
*Considerable social, demographic and political changes in Britain
*Sharp upturn in population growth
*Large migration of labour from the country to urban cities
*Emergency of the capitalist class and commodity labour
*Shift in power from land-owning to merchant/capitalist class

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2
Q

dates of first industrial revolution

A

1780-1850

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3
Q

average trend growth during industrial revolution

A

1.5% to 2%

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4
Q

when was self-sustaining growth reached

A

not reached until the 1870s when the living standards of the mass population had considerably improved to generate the perpetual consumption for self-sustaining growth

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5
Q

where do origins of industrial revolution lie?

A

revolution lie with the commercial revolution of the eighteenth century that developed under mercantilist policy
*By 1750, Britain was the dominant mercantile economy with the most powerful navy and largest merchant fleet, and London was the financial capital

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6
Q

Effect of atlantic trade and re-exports on commercial revolution

A

*Enabled Britain to widen the range of products it could export to Europe to obtain imports such as timber, pitch and hemp and high-grade bar iron
*Plantations in the West Indies supplied sugar, tobacco, indigo, cotton and dyewoods for re-export

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7
Q

how much did re-export trade increase in the first and second halves of the 18th century

A

90% in first half and twice that in second half

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8
Q

the network of trade and role of slavery - commercial revolution

A
  • Weapons, hardware, spirits and woollens from Britain and calicoes from India were shipped to West Africa in exchange for slaves, ivory and gold
  • Slaves shipped to the West Indies to work in the plantations in exchange for sugar, dyestuffs, mahogany, logwood, tobacco and raw cotton
  • Gold and ivory shipped to East for teas, silks, calicoes and spices which constituted re-exports to Europe so Britain could acquire Baltic timber, hemp, pitch, tar, Swedish and Russian iron, and grain
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9
Q

when did north america assume greater importance in trade

A

second half of 18th century

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10
Q

North America % of British exports in 1750 comapred to late 1790s

A

11% then 32%

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11
Q

role of foreign trade in industrialisation

A
  • Supplied raw materials for production, particularly manufacturing
  • Widened the potential market for domestic products
    o Encouraged specialisation to reap cost efficiencies of large scale production
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12
Q

role of the london financial market

A
  • Bill of exchange was the chief financial instrument that facilitated Britain’s foreign and internal trade
  • Bank of England created a liquid money market for the expansion of private credit
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13
Q

overall effect of British mercantilist policy

A

to establish a national market in Britain.

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14
Q

how did british government policies facilitate the establishment of a national market in Britain

A
  • Protect key domestic industries from foreign competition and to secure foreign produced raw material inputs at cheapest cost
  • Promote transport and communications infrastructure
  • Remove feudal based obstacles to the internal mobility of labour and capital
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15
Q

characteristics of modern manufacturing industry

A

large scale units of operation, labour-saving machinery and non-skilled labour regimented under a factory system

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16
Q

what did the modern manufacturing industry do for industrialisation

A
  • Enabled innovation to increase productivity through better machinery or organisation of the production process
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17
Q

development of modern manufacturing industry

A
  • Origins in the putting-out cottage industries in which urban entrepreneurs organised rural workers to produce textiles and other consumer products by supplying the raw materials and then marketing their output
  • Evolved to specialists that enabled the adoption of labour-saving machinery harnessing water power and later steam power
  • Evolvement to a factory system first occurred on a relatively small scale when production was reliant on water power or involved many stages of production
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18
Q

key sectors of the industrial revolution

A

cotton textile
iron
agriculture
transport and communication

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19
Q

what was the leading sector of the industrial revolution

A

cotton textile industry

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20
Q

why was the cotton textile industry so important

A
  • Income-elasticity for demand for cotton cloth was high
  • Involved a manufacturing process that was highly conducive to innovation in production that improved its quality and lowered its price
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21
Q

two factors that revolutionised Britain’s cotton industry

A
  • Attainment of progressively larger quantities of cheaper raw cotton imported from the slave-based plantations of North America
  • A series of important inventions that improved the quality and price of British cotton textiles
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22
Q

important textile inventions + dates

A

o 1764 Hargreaves spinning jenny
o 1769 Arkwright’s water frame
o 1779 Crompton’s mule
o Power looms from 1820s onwards

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23
Q

during what period did Britain become the dominant global producer of cotton textiles

A

1780s and 1830s

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24
Q

by 1812, what % of national income was accounted for by cotton output

A

7-8%

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25
Q

cotton total exports

A

1815 - 40%
1850 - 50%

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26
Q

importance of iron industry

A

Was important to construction, engineering and the production of machinery, especially in the steam-powered age

27
Q

first major challenge for iron industry

A

shift from charcoal to coal

28
Q

constraint on iron industry

A

demand - couldn’t develop until industrialisation process had already started

29
Q

when did demand for iron increase and in what sectors

A
  • Demand increased in the last quarter of the 18th century for building and construction, shipping, mining, military, and machinery
30
Q

what development changed the iron industry

A

Steam engine in 1775

31
Q

pig iron output comparison

A

Output of pig-iron estimated at over 250,000 tons in the first decade of the 19th century compared to 30,000 tons in 1760

32
Q

iron exports as % industry output

A
  • Iron exports reached over 40% of the industry output by the 1860s
33
Q

characteristics of revolution in agriculture

A

considerable increase in productivity per worker on large-scale and enclosed farming units

34
Q

between which years did population double

A

between 1751 and 1821

35
Q

developments that supported agricultural development

A
  • Mixed farming rotation helped to fertilise soils and allowed farmers to diversify their output and reduce the risks of climate on farmer’s income
  • Enclosures by Act of Parliament or privately increased arable arming land at cost of rural poor
  • Entrepreneurial spirit engendered 18th century agriculture
  • Technological progress in agriculture contributed to lower prices of foodstuffs leading thereby to higher average income per capita
36
Q

transport and communication

A
  • Transport and communication network allowed firms to sell their products in a national market
  • Britain had advantages in transport due to geographical factors – narrow and considerable inland rivers
37
Q

main revolution in transport

A

18th century - building of canals

38
Q

first canal name and year

A
  • Duke of Bridgewater’s canal opened in 1761 – its success sparked a mania of building canals from the 1760s to 1790s which in turn reduced transport costs of coal and other bulk commodities
39
Q

Turnpike Acts

A

gave private contractors the task of repairing roads in return for the right to collect tolls from road users

40
Q

how many miles of rd controlled by turnpike acts

A
  • By the 1830s, over 20,000 miles of road was controlled by Turnpike Trusts
41
Q

first major railway line

A
  • First major line was the Stockton-Darlington Railway 1825
42
Q

first railway line to use locomotive power

A
  • Opening of the Liverpool-Manchester Railway in 1830 first used locomotive power – its success sparked a railway investment boom
43
Q

how many new miles of railway sanctioned in 1830s

A

2200 miles of new railway sanctioned

44
Q

how many miles of railway sanctioned and constructed in 1840s

A

over 8200 miles sanctioned and over 6000 miles constructed

45
Q

peak of railway boom - years and figures

A

1844-46 when £207 million in capital was authorised

46
Q

investment into railways 1830-1860

A

over £200 million

47
Q

how many workers on constructing railways

A

1847 - employed 300,000 workers on construction, with 600,000 employed to run the network in 1850

48
Q

how did railways contribute to industrialisation and economic development

A
  • Reduced the cost of freight transport and its speed of delivery
  • Reduced cost of passenger transport and increased labour mobility
  • Provided the basis of branch banking by joint stock deposit banks along the network that greatly increased capital mobility as well as the regional security of English banking
  • also opened up new markets for investment by linking cities and towns, n exploiting resources and through lower freight costs for goods
  • contributed to a larger national market and ensure Britain was the most competitive producer until late in the 19th century
49
Q

% of national income from ag over time

A
  • Pre-industrial revolution, 40% of national income came from agricultural, in 1801 it had fallen to 32%, 20% in 1851 and 8% in 1901
50
Q

structural change as a result of industrialisation

A

Manufacturing and mining grew relatively to agricultural and made a greater contribution to income

51
Q

% of labour employed by ag over time

A
  • Ag industry employed 46% of total labour in 1801, fell to 22% in 1851 and 6% in 1901
52
Q

manufacturing and mining % of income and % of labour over time

A
  • Manufacturing and mining in 1801 contributed 30% to national income and employed 23% of total labour, grew to 43% and 34% in 1851 and 46% and 40% in 1901
53
Q

role of technological progress

A
  • Overcoming resource constraints and producing new or better products at a lower cost
  • Technology to shift from charcoal to coal in heating and generating energy
  • Development of steam engine
54
Q

why was industry so receptive to new developments

A
  • Enlightenment thought in which people believed their actions could change their destiny and that of society
  • Greater scientific awareness
  • Production progressively organised along factory system
  • Oncoming capitalism in which innovation could be rewarded with high profits while the inability to adapt led to failure
55
Q

pessimistic argument on living standards

A

industrialisation brought affluence to some but led to a deterioration in living standards of the labouring poor.

56
Q

optimistic argument on living standards

A

most workers were better off because of more regular employment and wider earning opportunities.

57
Q

living standards from 1740s

A

evidence suggests did increase

58
Q

real income changes 1780 to 1820

A

not certain whether the real income of the mass population did increase
o Growth of output certainly increased, but so did population and inflation followed by severe post-war depression and high unemployment keeping living standards down

59
Q

on balance conclusion about living standards

A

the evidence suggests there was a slight increase in real income from 1820 to 1840, but this was associated with a decline in the very poorest of the labouring class
* stronger evidence of healthy growth in average real income from the 1840s onwards

60
Q

population growth in Britain

A
  • Population growth of Britain accelerated in the early stages of the industrialisation from the 1740s and markedly from the 1780s until the 1820s
  • Decline in death rate due to better living conditions and diet was an underlying factor as well as increase in birth rate
61
Q

government liberal reforms of 19th century

A
  • Repealed Elizabethan ‘Statute of Apprenticeships’ 1814
  • Repealed Combination Acts 1824
  • Repealed a host of out-dated feudal industry regulations affecting production 1820s
  • Bank Charter of 1833 permitted the Bank of England to disregard Usury Laws (imposing 5% maximum discount rate)
  • Restrictions on joint-stock banking and branch banking were removed in 1830s
  • New Poor Laws introduced by Act in 1834
    o Government taking responsibility for social welfare
  • Removal and reduction of custom duties in 1820s that was resumed by Gladstone in 1850s
  • Removal of Corn Laws in 1846
  • Navigation Acts repealed in 1849
  • Joint Stock Company Act of 1844 enabled private corporations to be freely established and issue stocks on exchange; with limited liability for directors/owners under the Limited Liability Act of 1855
62
Q

when did britain adopt freer trade

A

from early 1820s

63
Q

key reform for free trade

A

repeal of corn laws which protected agriculture

64
Q

when did Britain probably achieve self-sustaining growth?

A

1870s

ECOS3024 (5 decks)

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