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paper 1 - History > economic developments 1851-1886 > Flashcards

economic developments 1851-1886 Flashcards

1
Q

high farming

A

switch to intensive farming to increase yields and profit

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2
Q

benefits of high farming

A 
developments of railways 
mixed farming 
animal husbandry 
scientific farming 
artificial fertilisers 
machinery
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3
Q

mercantile ventures

A

Mercantile trade means the trade of wholesale or retail selling of commodities

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4
Q

invisible trade

A

the exchange of non-physically intangible items between countries.
visible trade involves the export, import, and reexport of physically tangible goods.

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5
Q

what was the great exhibition

A

demonstrated British wealth

exhibited successes: Lancashire cotton, Nottingham lace and steam machines

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6
Q

challenges in agriculture

A

repeal of the corn laws by Lord Derby introduced by Peel

depression 1873

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7
Q

value of international trade in 1800 compared to 1870

A

£300M -> £2000M

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8
Q

value of abroad investment 1840 compared to 1873

A

£160M -> £1000M

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9
Q

balance of payments

A

the difference b between revenue from exports and spending on imports
can be a surplus - revenue greater than spending
can be deficit - spending greater than revenue

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10
Q

during 1851-1868 why was there a negative balance of payment

A

due to surplus of imports carried on British ships, insured by British firms

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11
Q

railways effect on iron and steel industry

A

production of track and rolling stock
used in Crewe and Swindon repair centres
exports rose from 2,900,000 tons 1850-54 to 4,000,000 tons 1870-75

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12
Q

railways effect on the coal industry

A

aided distribution

enabled new coalfields to develop

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13
Q

railways effect on agriculture

A

enabled rapid transport of produce over greater distances

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14
Q

railways effect on manufacturing

A

enabled rapid transportation of gapped around the country and to ports for exports
exports of railroad machinery rose from 8600 tons 1850-54 to 44,100 tons 1870-75

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15
Q

what is an ironclad

A

highly advanced new type of battleship making earlier warships obsolete

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16
Q

why did cotton imports from US drop during the American civil war?

A

cotton was grown on the slave plantations of the Confederacy
the union blocked southern ports to cut off the confederacy exports
resulted in cotton famine in Lancashire

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17
Q

results of cotton famine

A

reduced production
loss of jobs
mill workers supported unions aim to end slavery

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18
Q

why was coal so important in the industrial revolution

A

industry being based on steam power

demand from increasing population

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19
Q

industries reliant on coal

A

powering trains and steamships
iron and steel
cotton industry

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20
Q

growth of coal production in tons 1855-70

A

60M -> 109M

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21
Q

with growth of demand and usage of coal resulting in what development?

A

new coalfields

ex South Wales

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22
Q

differences between Germany & USA and Britain

A

G and USA were mechanising

B was primarily using manual labour - hand extraction mining

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23
Q

characteristics of British mining

A

manual labour - hand extraction of coal
coal mines owned by private business = lack of investment in mechanised equipment
1/2M men employed in mines
best paid industrial workers

24
Q

developments in iron and steel industries in 1859, 1856 and 1867

A

1850 George Parry improved the hot blast furnace by recycling some of the heat = iron works more profitable
1856 Henry Bessemer’s converter system = steel could be produced in larger amounts cheaper than the existing crucible system
1867 William Siemens devised open-hearth process

25
Q

protectionism

A

the theory or practice of shielding a country’s domestic industries from foreign competition by taxing imports.

26
Q

free trade

A

international trade without tariffs, quotas, or other restrictions

27
Q

Adam Smith said about free trade 18th C

A

‘a system of a freely operating markets free from government intervention is the ideal economic model, as these markets would ensure competition that would rive down prices and benefit the consumer’

28
Q

benefits of free trade

A

manufactures can operate at lower prices
decreased food prices
thriving manufacturing sector
low unemployment

29
Q

critic of Adam smith

A

Alfred Marshall

30
Q

Alfred Marshall said

A

‘people were as important as money; and services as important as goods’

31
Q

arguments that 1873 was a depression

A
  • profits were falling due to falling prices
  • cut to costs, companies would lay off workers = unemployment rates increased
  • global percentage share Britain held fell
  • Germany x3 and USA x4 grew faster
  • failure to adopt new industries
  • European countries and USA protected their industries
  • falls in profits = lack of money to invest in new premises and machinery
  • British firms were smaller than USA and German companies
  • British firms were headed by families of the man who started them whereas USA and Germany recruited on merits
32
Q

arguments that 1873 wasn’t onset of depression

A
  • falling prices were long-term trends in reducing the cost of production and fault of the government to alter the money supply
  • trade unions unemployment was at 2% compared to 4.6% avg
  • production of coal, iron, steel and cotton increased
  • economy grew 1% annually
  • foreign competition increased but Britain expanded new markers in developing world
  • failure to invest but due to complacency and mismanagement by British businessmen not depression
  • increase in retail: bicycles, telephone industries
  • cost of living fell as prices fell, real wages increased
33
Q

areas of visibility of a depression in agriculture

A
  • weather issues declines harvests, ruined crops and led to disease among livestock: foot and mouth, liver rot and swine fever
  • farming production and profits tumbled
  • agriculture wages fell increasing the differences of living standards of industrial and agricultural workers
  • Low prices were good for industrial workers but not agricultural workers as average earnings were 1/2 of industry workers
  • some farmers switched to growing flowers over food produced as they could no longer make it profitable
  • many among the landowning class dropped out of politics as no longer could afford/ take part and were replaced yb men from business and professionals
34
Q

areas of agriculture shows there wasn’t a depression

A
  • imports provided with the improvements made to shipping created the modern ‘traditional English breakfast’
  • wheat from USA, Canada, India and Australia
  • frozen meat from New Zealand, Australia and Argentina
  • Bacon from Denmark
  • farmers shifted from crop production to dairy, poultry and arable farming
  • Britain mean struggled to compete on price but competed effectively on quality with foreign imports
35
Q

what was Britains status in trade in the 1970s

A

30% of world trade was connected to Britain

36
Q

what did the investment in railways to do industry

A

stimulated the engineering industry
linking industrial and commercial centres
increase use of machinery and new technologies

37
Q

which decade was steam shipping and refrigeration on ships brought in?

A

1880s

38
Q

what did steam ships and refrigeration add to trade market?

A

cheap meat imports into Britain from Argentina, Australia, and New Zealand
cereals: corn primarily increased imports from USA, Canada
brought cheaper and more varied foods but did challenge British farmers to increase competition

39
Q

why did free trade become the dominant economic policy between 1851 and 1865?

A
  • Peel was faced with a trade depression the previous Whig party couldn’t cope with
  • despite agriculturalists opposition from fears of foreign competition
  • 1842-45 taxes reduced = cheaper imports and cheaper to produce exports
  • Peel saw this as increasing employment, wages and standard of living aided by his shift of burden with taxation
  • income tax 1842 for the wealthier classes
40
Q

protectionism

A
  • protecting British economy from competition from other countries
  • via taxation on imports, bans on specific commodities and restrictions on good not transported on British ships
41
Q

who argued against protectionism in 1776

A

Dam Smith
published a book called ‘the wealth of actions’
argued for removal of taxes and artificial barriers

42
Q

which party did Smith’s ideas influence

A

conservatives

tory governments backed Robert Peel as prime minister with free trade economic policy

43
Q

what choice did Peel make in 1846 to split the conservative party

A

ending the corn laws which protected British agriculture

44
Q

what was Gladstone’s role between 1852-55 and 1859-66?

A

chancellor

45
Q

as chancellor what did Gladstone do in his two terms

A

reduced taxes on imports, exports and goods within the country
oversaw a trade treaty with France: Cobden Treaty - tripling trade with France
exports increased x4 between 1850s-60s

46
Q

despite the majority of conservative MP’s opposition to Peels step to end the corn laws who abandoned agricultural protection

A

Peel’s successor Lord Derby

47
Q

by which decade was free trade unchallenged?

A

1860s

48
Q

when was the first steam-powered ploughs introduced

A

1857

49
Q

impacts on industrialisation on agricultural industry early 1850s

A

expansion of railways
demand for skill workers to provide components
increase urbanisation
1851 consensus puts over 1/2 of population living in urban areas

50
Q

how did urban areas show the Mid Victorian Boom

A
  • Asa Briggs referred to urban areas as in a ‘age of unprecedented prosperity’
  • New industrial buildings and town halls
  • increase of ships in London, Liverpool and Bristols ports
  • design of 1858 Great Eastern, largest ship ever built at 19,000 tons until 1901
51
Q

why did Peel want to repeal the corn laws

A

as attempt to revive the British economy because of the deficit left by whigs

52
Q

what did Norman Gash say about the cause of the Mid Victorian Boom

A

driven by the growth of the industrial sector

‘it was a unique position which could not last forever; but while it lasted Britain led the world economy’

53
Q

factors alongside improvements to world trade that caused the boom

A
  • agricultural prosperity from high farming allowed real price of food to fall so working class had improved diets
  • confidence in the financial system encouraged more investment via bank charter act 1844
  • 1844 companies act, improving confidence that new companies weren’t frauds
  • expansion of railways
54
Q

Banks charter act 1844

A

a reform of banks improving their sustainability with new regulations that would underpin the British banking system until the Great War 1914-18

55
Q

event in USA 1861-65 impacting Britain

A

Civil War - resulting in ‘cotton famine’ in Lancashire and movement to short time working
short term issue - once ended supplies of cotton quickly resumed

56
Q

short-time working

A

amount of time worked in the week is reduced because there is not enough work available for a full week
an alternative to reducing the workforce

57
Q

class differences in benefits from economic prosperity 1850s - Emma Griffin

A
  • landed elite making large profits from agriculture or mining
  • middle class income via owning or working in businesses in services: medicine, law or education
  • working class males work with their hands and pay varied
  • working class females and children work at low-status, low-paid and open to exploitation

paper 1 - History (12 decks)

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