economy 1906-1914 Flashcards
(20 cards)
What were the main staple industries in Britain in 1913?
Textile industry, steel industry, coal, shipbuilding
These industries were the foundation of Britain’s industrial revolution and accounted for 60% of exports.
What percentage of Britain’s exports came from staple industries in 1913?
60%
This highlights the importance of staple industries to the British economy.
What position did Britain hold in shipbuilding after 1870?
Key shipbuilding nation
Britain retained this position until the Second World War.
How much coal was produced in Britain in 1913?
287 million tons
This is an increase from 100 million tons recorded in 1870.
What was the growth rate of new technologically-based industries compared to overall manufacturing growth?
3.8% for new industries vs. just over 2% for overall manufacturing
The new industries included electronic engineering, chemicals, and motor vehicle production.
What was the number of people working in agriculture in 1901?
1.4 million
This was a decline from just under 2 million in 1850.
By 1913, what percentage of goods and services produced in Britain were sold abroad?
30%
Britain was a world leader in trade.
What are invisible exports?
Services like banking
These contributed to Britain’s national wealth.
What percentage of Britain’s total national wealth was in overseas investments by 1913?
32%
Much of this was in railway building.
What economic phenomenon occurred between 1870 and 1914?
Late Victorian recession
During this time, Britain was overtaken by Germany and the USA.
What was a significant concern regarding the British economy during the late Victorian period?
Lack of research and investment into new technologies
This hindered Britain’s ability to compete with Germany and the USA.
What percentage of coal was mechanically cut in Britain in 1914?
8%
This was significantly lower than the 25% cut in the USA in 1900.
What was a defining characteristic of Britain’s economy compared to the USA?
Low wage economy
This meant people could not afford the goods they produced.
True or False: Britain maintained a policy of free trade.
True
This policy allowed foreign traders easy access to British markets.
What were the shortcomings in education and training in Britain during this period?
Insufficient skills learning, not enough qualified investors, designers, and technicians
Compared to the USA and Prussia, Britain lagged in education reforms.
What impact did foreign competition have on British farmers in the late 19th century?
Reduced production
This was due to cheaper grain and meat imports.
What was the state of British industry compared to that of Germany and the USA?
Did not expand as rapidly
However, some signs of growth were present in staple industries.
What was the effect of cheaper imports of cereals on British agriculture?
Cheaper foodstuffs for livestock farmers
This contributed to rising real wages.
What was the census result regarding farm laborers in 1911?
Increase in farm laborers
This indicates some resilience in the agricultural sector despite challenges.
