Trade Flashcards
What is the opposite of tree trade?
Mercantilism
What had trade links led to?
The creation of a large empire
In the 1700s, how were people who made their money from trade seen by the aristocracy?
As inferior as it was ungentlemanly
What was the idea of mercantilism?
That a country should protect their trade by passing laws that made it harder or more expensive to import goods
When did Britain pass several navigation acts?
Between 1651 and 1764
What did the Navigation Acts passed do?
Put high taxes on many imported goods so people were more likely to buy goods made in the British Empire as foreign goods were more expensive.
How did the Navigation Act give Britain more control over its trade?
British ships could only carry British goods produced in Britain and its empire
How did people criticise mercantilism?
If there were less rules and lower import duties then trade would grow and Britain would actually become richer
Who wrote a book? What was the book called?
Adam Smith
The Wealth Of Nations
Published in 1776
Why did Pitt like the idea of free trade?
He thought it would make Britain richer, increase government revenues and therefore reduce national debt
Which countries did Pitt want to sign a free trade agreement with?
Ireland, America, Russia and France
How did the countries respond to Pitt’s free trade agreements?
Most were unwilling to sign
What was the treaty with France?
The Eden Treaty, 1786
How did the Eden Treaty benefit Britain and France?
Wine duties were reduced to benefit France
Both countries reduced duties n importing textiles and pottery
How was the Eden Treaty more beneficial to Britain than France?
Britain’s industrial revolution was already happening and goods were easier and cheaper to produce. France has not yet developed its industry as much and so goods were more expensive
