economic decline 1873 - 1900 Flashcards
(8 cards)
evidence of agricultural decline in competitiveness in wheat market
By 1886 2/3 of wheat consumed in Britain was imported. This was a result of increasing import of cheaper grain from overseas, particularly USA.
why didn’t government introduce tariffs as a solution to agricultural decline
Tariffs could have saved British agriculture however, in the thirty years of free trade, there had been growth in wealth, increased population . Therefore agriculture, rather than protection would need to learn how to adapt and change.
evidence of decline in the meat industry
By 1899 40% of meat consumed in Britain came from abroad, this was due the development of canning which meant meat was heavily imported from Argentina and Uruguay.
what did many people do as a result of being unable to find employment in towns
many emigrated to the USA and Canada
evidence that there was NOT a decline in the industrial sector
- industry was still expanding but just at a slower rate.
- export figures in all industries continued to show good returns and brought prosperity.
- trade and transportation brought wealth to the shipbuilding areas e.g. Belfast
evidence of a decline in the industrial sector
- supply was overtaking demand in home and overseas markets.
- many manufacturing firms refused to adapt to the increasing competition and therefore fell behind the USA and Germany.
What did the 1886 Royal Commission of industry and trade say about the situation of trade
noted that Britain’s manufacturing supremacy was being challenged by ‘foreigners’, and could no longer be ignored.
evidence that Britain survived the challenge of foreign competition to its industry and trade.
- British shipping industry was still the largest in the world e.g. The British merchant fleet represented around 1/3 of the world total.
- Britain bought 50% of the world meat exports.
