Trade and Commerce quiz 1857-1890 Flashcards

1
Q

Explain the concept of Mercantilism. (The system that dominated Imperial trade until the early 19th century.)

A

Monopoly – based system that guaranteed British trade with the colonies and vice – versa.

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2
Q

What was the system that replaced Mercantilism? (Influenced by Adam Smith’s ‘Wealth of nations.’)

A

Free trade.

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3
Q

Can you provide an example of British ‘Gunboat diplomacy’ that was used to enforce free trade?

A

The Opium Wars (1839 – ’42 / 1856 – ’60.)

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4
Q

Name 2 reasons why trade with Britain was easier for the colonies as opposed to forming links with other countries.

A

(Language, currency, established routes and relationships, legal consistency.)

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5
Q

Provide 2 examples of raw materials that were sent to Britain from the colonies.

A

(Timber, wheat, cotton, copper, tin, palm oil, sisal, wool, gold, diamonds., sugar, tea, coffee and sugar…)

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6
Q

Provide 2 examples of manufactured goods that were sold back to the colonies and the wider world.

A

Textiles, weapons and metal goods.

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7
Q

What percentage of Britain’s imports came from the colonies?

A

20%.

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8
Q

What percentage of Britain’s exports went to the colonies?

A

30%

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9
Q

Provide one reason why London became the world’s financial capital.

A

Sterling, outgoing investment.

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10
Q

Name 3 transportation advances that stimulated yet more trade in the mid – 18th century?

A

Clippers, steam ships, railways and canals.

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11
Q

Name 3 colonies where gold was discovered

A

Gold Coast, Transvaal, Rhodesia, Australia and New Zealand.

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12
Q

Name 2 reasons why industry was not more developed in the colonies.

A

Could not compete with British prices / not in British interests.

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13
Q

Name the 3 African chartered companies. (RNC/IEAC/BSAC)

A

Royal Niger Company / Imperial East Africa Company / British South Africa Company.

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14
Q

Roughly when was the 19th century Great Depression?

A

1873 – 1896 (1870s – 90s.)

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