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Trade Flashcards

1
Q

Evidence for Expansion of Trade

A

American Revolution
Industrial Revolution
End of Slave trade
Singapore, HK, Shanghai
Free trade and policies of Peel and subsequent Liberal governments
Opening of Suez Canal
Expanding trade with Americas and Asia

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2
Q

Evidence for Nature of Trade

A

American independence and change in trade
Adam Smith
1832 Extension of the Franchise
Singapore
End of Slavery 1834
Industrial Revolution
Demographic changes in Britain

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3
Q

Evidence for Patterns of Trade

A

Move to trade from slavery and triangular trade to more trade in industrial goods
Move from Empire based trade to world wide trade - Americas and Asia
Massive expansion in the volume of trade after introduction of free trade
Huge expansion in free trade entrepots and trade into China
Huge expansion of trade routes for British trade

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4
Q

Features of Mercantilism

A

Trade is only conducted within the Empire - Protectionism (Navigation Acts)
British Ships only
Trade must be done via British ports
Wealth is finite
Colonisation allows access to resources you do not have

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5
Q

Key Breaks to Mercantilism

A

American Revolution / trade after revolution
Robert Campbell 1805 - Breaks EIC monopoly
Charter Act 1813

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6
Q

Why was British National Debt high 1763 - 1821?

A

Debt = 178% of GDP (1763) to 260% (1821)

Wars - 7 Years War, American Independence, French Revolutionary Wars, Napoleonic Wars.

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7
Q

Standardisation

A

Mid 1800s
Britian began to produced standardised manufactured goods which were cheaper to produce
Cheaper than rivals
Eg. cotton, textiles + rum

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8
Q

Why were the British involved in the Slave trade ?

A

Triangular Trade
1798 - ‘Lottery’ ship made £12,000 profit on the route
Growing wealth in Bristol, Liverpool + Glassgow
1790s - 120 ships a year sailing from Liverpool
English gentry invested into the slave trade
Tax/Tariffs on the slave trade helped fund the Navy
Low life expenctancy of slaves - constant demand
1766 - 40 members of Parliament had financial interests in the slave trade.
Church of England owned a slave plantation - Barbados
40% of Bristol’s wealth came from the slave trade -1780s

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9
Q

Political Barriers to the Abolition of Slavery

A

Slave ships / sailors could be called upon during the war, beneficial to the Govt. - merchant navy.

Many politicians had financial interests in the slave trade

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10
Q

Economic Barriers to the Abolition of Slavery

A

American farms had rapid slave turnover, requiring constant new slaves

British enjoyed the cheap products - eg. slave sugar

Raw materials were cheap - reducing British costs making them highly competetive.

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11
Q

Economic reasons for abolition of slavery

A

Over-supply of Sugar / Anti-Slavery Sugar Boycott (1790)
Tropical Diseases + Slave rebellions reduced profits
10% of slave ships did not make profit (1800s)
Sugar could be traded for cheaper without slavery from British colonies - eg. India

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12
Q

Political Reasons for abolition of slavery

A

French Re-introduction of slavery
Bill presented as an anti-French measure to Parliament
Anti-Slavery support in House of Commons
Campaigning of Lord Grenville - 1807

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13
Q

Humanitarian / Public reasons for abolition of slavery

A

Evangelicalism - eg. Wilberforce
Public Campaign - eg. Wedgewood protest plates
Equiano - African Anti-Slavery Campaigner
National Petitions Campaign (1788) - 500 petitions sent
Increasing Slave resistance / uprisings

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14
Q

How was Slavery abolished ?

A

1789 - Slave rebellion in Saint-Domingue (French) - France free the slaves, British invade colony
1802 - Napolean seized power / reinstates slavery, British support ex-slaves against the French.
1807 - Foreign Slave Trade Bill - forbode British selling the French slaves.
1833 - Slavery Abolition Act (1833) - Abolished slavery in most of britain’s colonies, Freed 800,000 slaves

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15
Q

British continued slave involvement post 1807

A

Millions of slaves were exported after 1808
On ships financed by the British
British investment continued where slavery was legal, eg. Cuba + Brazil
20% of British suagr imports were from Cuba
Industrialisation required raw cotton - grown by slaves in North America

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16
Q

British anti-slavery involvement post 1807

A

Anti-Slavery Patrols (1815-65)
Encouraged other to end slavery - eg. Spain
Seized hundreds of slave vessels
Only 22% of ships were stopped by patrols (1807-70)

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17
Q

1807 Effect on Caribbean planations

A

Labour shortages
Women + Children used
Cheap indentured labour from india + china
Planters invested in machinery / better care for workers
Increased product costs - reduced profits
Reduced the triangular trade route

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18
Q

Wider commercial effects post-1807

A

Decline of ports in Liverpool, Glassgow +Bristol
Britian negociated treaties with local leaders to end the slave trade
Britian still benefitted from cheap slave products
Abolition strengthened commerical ties with NA
60% of British exports went to NA
No tariffs on NA trade

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19
Q

Key beliefs of Adam Smith

A

Division of Labour
Specialisation
Wealth of Nations
Invisible Hands

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20
Q

Impact of Adam Smith

A

1779 - Smith helped Govt. consult regarding Irish demands for free trade
William Pitt was influenced by the ideas of Smith
Lord Liverpoool + Robert Peel supported Smith

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21
Q

Restriction of Smith’s influence

A

1786 - Navigation Acts strengthened
Corn Laws
Navigation Acts

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22
Q

Industrial / Technlogical reasons for free trade

A

1851 - UK produced 2/3 of the world’s coal + 1/2 world’s cloth.
Advanced transport systems
Access to raw materials
Steam Power
British production was cheap, quick and effecient
Free trade gave access to profitable export markets
British products would dominate

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23
Q

Demographic Change supporting free trade

A

City population - 15% (1750) to 85% (1900)
British agriculture declined - Grain production 3/4 (1846) + 1/5 (1914)
Free trade made food cheaper - cheap imports
Improved health, Productivity + lower food prices
Improved terms of trade - ie. valuable exports / shit imports - positive BoT

24
Q

Social Factors supporting free trade

A

Political campaigns had exposed urban poverty
1840 Potato Famine - Ireland
Peel said a reduction in tariffs could help the famine - benefit restricted to British not Iris

25
Political Reasons for Free trade
Parliament was dominated by landed aristocrats Politicians had vested interests in maintaining tariffs to protect their land's profit Great Reform Act (1832) - expanded electorate Peel knew that to appeal to wider electorate, free trade must be adopted.
26
Commericial factors for free trade
Tariffs were viewed as a hinderence on British growth Export of machinery was banned until 1825. Free trade would remove the tariffs of trade from NA The end to protectionism would promote prosperity
27
National Finances for free trade
It was believed that the lost tax revenue for tariffs would be detrimental to debt. Peel argued agaisnt this 1841-44 - National debt fell from 7.5 mil to 4 mil The belief that free trade was bad faded, especially due to the success of Singapore + other entrepots
28
Why were the Corn Laws introduced ?
1815 Naval blockade during Napoleonic war -increase prices End of wars - surplus grain Tariffs introduced to ensure that the price of British corn did not fall.
29
How did the corn laws change ?
1822 - Sliding Scale David Riccardo - 1817 arguements Merchant's petition 1820 - demanded free trade Growing acknowledgment of merchant class wants
30
Key parts of Great Reform Act
1832 Reformed constituencies Franchise extened Greater merchant portion of the electorate
31
Actions of Robert Peel
Many tariff cuts Income tax reintroduced (1842) Sliding scale reviewed - reduced tariff Peel argued that free trade was a necessity if they tories were to remain in power.
32
Social reasons for changing nature of trade
Anti-Corn Law League (1838) - Organised middle-class opposition Merchants Petition (1820) - Demanded free trade Urbanisation Public Campaigns - Potato Famine / Urban Poverty
33
Importation Act
1846 Anti-corn law league Repeals Sugar + Corn Laws
34
Repeal of the Navigation Acts
1849 End of Mercantilism
35
Signifcance of Repeal of the Nav. Acts
Trade grew 10x By 1913, Britian supplied 25% of the world's imports Other countries encouraged to reduce restrictions - eg. France 1860. Changed pattern of British trade Increased trade with the 'informal empire' Reduced smuggling.
36
Nav. Act = not significant
Parts of the Acts had already been repealled (1814 + 23) Followed the existing trend of deregulation + free-trade Numerous exceptions to the laws existed - eg. Ireland Large amounts of ilicit trade British trading dominance contiuned
37
Ideological Reasons for changing nature of trade
Adam Smith - Wealth of Nations (1777) Riccardo - Anti-Corn law views (1817)
38
Political reasons for changing nature of trade
Great Reform Act (1832) Whig sympathy to merchant class Peel supported free trade Peel's actions in 1842
39
Economic Reasons for changing nature of trade
Corn laws made grain expensive Protectionism inhibited trade 1805 Robert Campbell
40
Significance of the Importation Act
1846 British vessels employed in foreign trade increased from 2.8 million tonnes to 16 million (1839 - 45) Value of British exports grew from £53 m (1839) to £58 m (1844) Some decline in British sugar plantations in West Indies
41
The 5 entreports (+acquistion dates)
Singapore (1819) Hong Kong (1842) Shanghai (1842) Zanzibar (1890) Weihaiwei (1898)
42
Significance of Singapore
Massive trade increase between Britian + China - handled $400,000 (spanish dollar) in trade in 1819 Silk / Porcelain + Tea traded Free trade hub - no taxes / tariffs Britian became the dominant commercial power in the East Indies - removing Dutch Singapore became a crucial naval base 1824 Anglo-Dutch treaty $11 million of trade (1824) - 2,700% increase in trade
43
Initial Opium Trade
Strict trade restrictions in China meant the British could only enter the market via illegal opium trade Opium grown in India and smuggled into China China Imports - 75 tonnes (1775) to 347 tonnes (1822)
44
First Opium War
1839-42 Chinese blockade - 1000 tonnes burned Gunboat Diplomacy - Iron warship 'nemesis' + 3,000 troops. Chinese signed Treaty of Nanking (1842) - ceded HK + Shanghai
45
Significance of Hong Kong
Enterance of the Canton River Direct access to Chinese trade + ports Deep water port - ocean vessels Hong Kong expanded massively - population + territory 1844-61 Number of ships increased 500% In 1840, HK handled 75% of the Indian opium crop
46
Significance of Shanghai
Access to central China via Yangtze River Trade beyond the 'Hong' monopoly Shanghai was already an important port China became a large importer of British textiles Opium trade reached 6,500 tonnes 1880
47
Taiping Rebellion
1850-64 20-30 million killed Chinese Civil War Increased demand for British Arms China outsourced tax collection to British - employed 3,000 people by 1900
48
Significance of Zanzibar
Trading post for slaves + ivory (1830s) 50,000 slaves annuallly through Zanzibar 1859-1879 - growing use as an entrepot for ivory, cloves + other spices. British East Africa Association - £250,000 secured British interests in East Africa. 1890 - Britian took Zanzibar from Germany via deal
49
Lease of Weihaiwei
1898 Great Game Monitor Russians in Port Arthur -siezed from Japan No commerical interest Purely Geopolitical reasoning
50
Suez Canal Significance
Only steamships could travel through Intial trade was limited Coal used to power the ships was expensive - prior to Suez, only 2% of Asian trade was on steamship 1968-74 = 178% increase in steamship trade 3/4 tonnage was british (1874) Major shortcut to India + East Indies - 'highway' to India Construction cost 433 million francs - French funded 5 million shipping tonnage through (1890)
51
British Coal Production
1790 - 7.6 million tonnes 1816 - 16 million tonnes 1854 - 57 million tonnes 1913 - 94 million tonnes During the 19th century - 20x increase in British coal exports.
52
Textile Industry
1830s - Textile industry - accounted for 50% of all foreign exports Britain profited from cheap raw materials eg. Cotton from North America Britian had 70% of the world textile trade (1913)
53
Trade with informal empire
South American countries gained independence from Spanish + Portuegese - 1830s onwards Numerous free trade treaties - eg. Argentina 1825 1850 - South Africa took 10% of British Exports Increased investment into Informal Empire - £80 million in 1865
54
Trade with North America
Remained each others greatest trading partner - 40% of US imports came to Britian. American Raw materials / British Manufactured goods Late 1800s, America introduced some protectionism 20% trade with USA remained until Great War
55
Trade with the East
The scale of trade increased w the Suez tea,silk + porcelain

Empire - Trade + Navy (8 decks)

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