Trade - importance of government policy in shaping changes to patterns of trade Flashcards
When did the Seven Years War end and who won?
Britain in 1763
What % of GDP was British government debt in 1763?
157%
What % of GDP was British government debt in 1821?
260%
When did American War of Independence start?
1775
Why did American War of Independence start?
no taxation without representation
What is protectionism?
taxes or prohibitions on exports and imports to protect domestic producers
What is mercantilism?
government intervention to ensure value of exports more than value of imports, ie positive balance of trade
When was free trade granted to Ireland why?
1779 to prevent civil unrest
What and when was the Scramble for Africa?
Period of rapid imperial expansion 1881-1914 during which European powers divided and colonised almost whole of Africa
When did Quakers petition parliament for abolition of slave trade?
1783
When was Society for Effecting the Abolition of the Slave Trade established?
1787
What was the Middle Passage?
crossing of Atlantic from Africa to West Indies frequently used by slave traders
What was the Triangular Trade?
slave trade route between Europe, West Africa and Caribbean
How did the Triangular Trade work?
- goods such as textiles, alcohol and firearms transported from English ports
- those goods traded in West Africa for slaves
- slaves traded for raw materials eg sugar and cotton
Give an example of the money to be made from triangular trade voyage.
In 1798, Lottery sailed from Liverpool. Ship cost £2k, carried £8k of goods to West Africa, traded for slaves, with 453 sold for £23k, so even ignoring any further profit on return goods a profit of £12k was made.
By 1790s how many ships per year were sailing from Liverpool on triangular trade?
120-130, which was majority of European slave voyages
How did slave trade help Britain to fight European wars?
Government collected taxes and tariffs then used to finance Royal Navy.
What did the Gentleman’s Magazine claim in 1766 re MPs?
That more than 40 MPs were eitehr planters or had interests in plantations
How did abolitionists led by William Wilberforce campaign?
grass-roots campaign, ie aimed at public rather than directly at MPs, with pamphlets, posters, debates and books showing evidence of horrors of slavery
When did French Revolution start?
1789
When was France declared a republic?
1792
When was Haitian rebellion?
1791 to 1804
How did France react to Haitian rebellion?
freed the slaves
What was Haiti called at the time?
Saint-Domingue
How did Britain react to France freeing Haitian slaves?
It invaded the island with aim of restoring the sugar and coffee plantations and seizing the colony, but was defeated due to disease and freed slaves fighting back.
What did Napoleon try to do to Haiti and how did British react?
Napoleon tried to restore slavery so Britain, being anti-French, now supported ex-slaves, bringing British policy in line with abolitionists.
What happened to the 1804 bill to abolish slavery?
Passed by House of Commons but defeated in House of Lords (maybe not surprising given how much of the gentry was invested in slave trade either directly or indirectly through loans to traders)
Which bill prohibited any British subjects from supplying slaves to French colonies?
1806 Foreign Slave Trade Bill
What happened in 1806 to increase the number of abolitionists in parliament?
general election
What bill abolished the transatlantic slave trade?
1807 Slave Trade Act
What % of Bristol’s income came from slave trade in 1780s?
40%
Give three reasons that abolition of slave trade was successful.
humanitarianism
anti-French sentiment
slave trade becoming less profitable / more uncertain finances
When did slavery in West Indies end?
1834
What compensation did government give to slave owners in West Indies?
£20m (40% of government spending for 1834) for loss of over 700,000 slaves
What did Adam Smith publish in 1776?
An Inquiry into the Nature and Causes of the Wealth of Nations
What was Adam Smith’s main argument in The Wealth of Nations?
That import and export tariffs prevented effective trade so reducing overall wealth.
In 1750, which were the two most prosperous cities in the British Empire?
- London
- Dublin
Why was Irish agriculture competitive?
- excellent grazing land
- large estates
- cheap labour
What were the value of exports and imports between Britain and Ireland in 1750 and 1790?
1750: exports from Ireland £1.9m, imports to Ireland £1.5m
1790: exports from Ireland £4.9m, imports to Ireland £3.8m
What protest took place in Dublin in 1778?
Armed volunteers (who had protected Ireland from French invasion) hung a sign on a cannon saying “free trade or this!”
Who did government consult about solution to Irish demands for free trade?
Adam Smith
What did Adam Smith tell government about restrictions on Irish trade?
that they were “unjust and oppressive” amd should be removed
Name three restrictions in place on Irish exports in 1770s.
They couldn’t export:
* glass or silk anywhere
* raw wool anywhere except Britain
* woollen cloth except to some designated British ports
When were restrictions on Irish trade removed?
1779
What was effect on prices for agricultural goods of the removal of restrictions on Irish trade?
Very little, as high demand die to wars with France
What was impetus for Corn Laws that excluded foreign grain from Britain?
end of war with France in 1815, with aim of keeping prices high (as lots of landowners in parliament)
When did Whigs win election?
1830
Which parliamentary group represented progressive policies such as electoral reform, free trade and abolition of slavery?
Whigs
Which parliamentary group represented traditional social values?
Tories
Who founded the Conservative Party and when?
Sir Robert Peel in 1834
When did Sir Robert Peel become prime minister?
1841
How many import tariffs were abolished 1842-46?
over 1,200
When were the Navigation Acts passed?
1651 and 1673
What were the three key impacts of the Navigation Acts?
- Colonial goods produced for export had to be carried on English-built and owned ships.
- Certain goods, eg sugar, tobacco, cotton, ginger, had to be shipped to an English port even if destined for other place in Europe.
- European imports to British colonies had to land first at English port and then be reshipped onwards.
Define salutary neglect.
light-touch approach by British to Amercian government and tax collection until 1760s, with Navigation Acts not strictly enforced and local governors and assemblies tasked with local management and setting of taxes
When did salutary neglect get abandoned and why?
1763, when Britain decided to increase size of army in North America to deter French but needed to raise money to pay for it
How did Royal Navy enforce Navigation Acts?
Seized ships and cargos, often getting their crews to serve on naval ships
What five key laws were introduced from 1763 to back up the enforcement of Navigation Acts in North America?
- residence of custom officials in America (previously lived in Britain and delegated duties to locals in America who didn’t enforce rules)
- Sugar Act 1764 - lowered tax on sugar from 6d to 3d but strictly enforced (when previously tended to only collect 1d)
- Mutiny (or Quartering) Act 1765 requiring accommodation and supplies for British troops stationed there to be provided by local assemblies
- Stamp Act 1765 (repealed 1766)
- Declaratory Act 1766 stating that all colonies subordinate to Crown and British parliament who could make laws “in all cases whatsoever”
What replaced many protectionist tariffs in the budget of 1842?
income tax
When were sugar duties and Corn Laws repealed?
1846
Why was repeal of Corn Laws helpful to Ireland?
potato crop failure from 1845 caused severe food shortages and this repeal meant lower grain prices
Why did abolition of sugar duties lead to economic decline in West Indies?
business lost to slave-grown foreign sugar as cheaper
How many people died in Ireland in the potato famine 1845-52?
more than 1 million
How many people emigrated from Ireland in the potato famine 1845-52?
more than 1 million
