Chapter 3 - Trade And Commerce Flashcards
(38 cards)
What system was the trade and commerce of the Empire?
Mercantilism
What is mercantilism?
A systems of regulations governing trade
What were colonies obliged to do?
Send most of their produce
Buy British manufactured goods
Use British ships
What economic system had been dismantled?
Protectionism
What is protectionism?
Using tariffs to regulate trade
Who advocated free trade?
Adam Smith
What is a Marxist interpretation of the British empires trade?
Expansion is driven by the ‘haves’ against the ‘have nots’
Where was reluctant to grant free trade agreements?
China
Opium wars
Where was non-colonial trade restricted?
America
American civil war
Why was it easier to trade with colonies?
Trading patterns well established
Common language
Tied currency
Common system of commercial law
Borrowing in London capital markets
Who was the most industrially advanced country by 1857?
Britain
What percentage of Britains imports came from the colonies?
20%
What was the worlds financial capital?
London
What was ‘imperial preference’?
Tariffs between two colonial nations was lower
How did the British empire transport goods?
Shipping
Railroads
Canals
What were clipper ships?
Fast ships suited to low volume high profit goods
Tea, Opium, Spices
What does sailing ‘under the British ensign’ mean?
With a British flag
What boat transported a higher cargo capacity?
Steamships
When did steamships become more popular?
After the opening of the Suez canal
Where was ‘railway imperialism’ important?
Self-governing colonies
Where did most investments in railways come from?
Individuals investing in private companies
What is invisible trade?
Investment overseas
Why were rivers important?
Focus of explorers quests
Why were canals built?
To avoid dangerous waterways
