free trade Flashcards
(18 cards)
What were the Repeal of the Navigation Acts?
Colonial goods produced for export had to travel on British ships, and European imports to the empire also had to go through Britain.
What is mercantilist theory?
Argued that wealth was created through a positive balance of trade, exporting more goods than importing.
What is a negative balance of trade?
When a country exports a lower value of goods than it imports, requiring the difference to be made up with gold and silver.
Who authored ‘An Inquiry into the Nature and Causes of the Wealth of Nations’?
Adam Smith in 1776.
What did Adam Smith argue regarding trade barriers?
Removing trade barriers would allow everyone to prosper.
What was the economic status of Dublin in 1750?
Dublin was the second largest city in the empire with exports of £1.9m.
What was the outcome of the Irish Rebellion of 1789?
Free trade was seen as a necessity, highlighting the Irish issue in the context of wider empire events.
What were the Corn Laws?
Tariffs and trade restrictions on imported food and grain enforced in Great Britain between 1815 and 1846.
What societal impact did the Corn Laws have?
They kept grain prices high, favoring domestic producers, and led to increased crime due to famine.
What was the Seditious Meetings Act of 1795?
Legislation that made meetings of over 50 people unlawful and subject to dispersal by local authorities.
What happened during the Peterloo Massacre in 1819?
A peaceful protest in Manchester turned violent when the military intervened, resulting in deaths.
What did the 1831 Reform Act achieve?
Increased the electorate from 400,000 to 650,000, but only raised the franchise by 45%.
What is a rotten borough?
A constituency with a very small electorate, such as Old Sarum, which had 43 voters but was represented by one MP.
What significant events occurred in the UK in the early 1830s?
- Argument for Catholic Emancipation in Ireland
- Election of the first Catholic MP, Daniel O’Connell
- Duke of Wellington becomes Prime Minister
- 1832 Reform Act and its aftermath
- Slavery Abolition Act 1833
- Factory Act 1833 banning children from working more than 12 hours a day
- The Poor Law passed in 1834
What did the People’s Charter of 1838 propose?
- Right to vote
- Protection by a secret ballot
- Stand for election to the House of Commons
- Removal of property qualifications
- Introduction of payment for MPs
What was the impact of the Anti-Corn Law League?
Promoted free trade and led to the removal of 1200 tariffs under Prime Minister Robert Peel.
What were the consequences of the Importation Act of 1846?
- Abolished sugar duties leading to economic decline in the West Indies
- Corn law repeal too late for Ireland, contributing to the potato famine
- Resulted in 1 million Irish deaths and another million emigrating
How did the end of the Napoleonic Wars in 1815 affect free trade?
Created an environment conducive to the flourishing of free trade.
