Trade and Commerce quiz 1857-1890 Flashcards
Explain the concept of Mercantilism. (The system that dominated Imperial trade until the early 19th century.)
Monopoly – based system that guaranteed British trade with the colonies and vice – versa.
What was the system that replaced Mercantilism? (Influenced by Adam Smith’s ‘Wealth of nations.’)
Free trade.
Can you provide an example of British ‘Gunboat diplomacy’ that was used to enforce free trade?
The Opium Wars (1839 – ’42 / 1856 – ’60.)
Name 2 reasons why trade with Britain was easier for the colonies as opposed to forming links with other countries.
(Language, currency, established routes and relationships, legal consistency.)
Provide 2 examples of raw materials that were sent to Britain from the colonies.
(Timber, wheat, cotton, copper, tin, palm oil, sisal, wool, gold, diamonds., sugar, tea, coffee and sugar…)
Provide 2 examples of manufactured goods that were sold back to the colonies and the wider world.
Textiles, weapons and metal goods.
What percentage of Britain’s imports came from the colonies?
20%.
What percentage of Britain’s exports went to the colonies?
30%
Provide one reason why London became the world’s financial capital.
Sterling, outgoing investment.
Name 3 transportation advances that stimulated yet more trade in the mid – 18th century?
Clippers, steam ships, railways and canals.
Name 3 colonies where gold was discovered
Gold Coast, Transvaal, Rhodesia, Australia and New Zealand.
Name 2 reasons why industry was not more developed in the colonies.
Could not compete with British prices / not in British interests.
Name the 3 African chartered companies. (RNC/IEAC/BSAC)
Royal Niger Company / Imperial East Africa Company / British South Africa Company.
Roughly when was the 19th century Great Depression?
1873 – 1896 (1870s – 90s.)
