free trade Flashcards
(18 cards)
What were the Navigation Acts?
Colonial goods produced for export could only travel on British ships
They required that sugar, cotton, indigo, dye wood, and ginger go to European ports through Britain.
What is mercantilism?
An economic theory that argued wealth is created through a positive balance of trade
This means exporting a higher value of goods than is imported.
What is a negative balance of trade?
When a country exports a lower value of goods than it imports
The difference must be made up with gold and silver, leading to a poorer economy.
What did Adam Smith argue in ‘An Inquiry into the Nature and Causes of the Wealth of Nations’?
Import and export tariffs prevent merchants from finding the best deals
Removing trade barriers allows everyone to prosper.
What was the Irish Problem?
Parliament was dominated by wealthy landowners, limiting Irish competition
Mercantilism favored agricultural economies, giving England a commercial advantage.
What was the significance of Dublin in the 18th century?
Dublin was the second largest city in the empire
In 1750, exports were £1.9m and by 1800, they rose to £4.9m.
Who were the main landowners in Ireland during the late 18th century?
Anglo-Protestants, such as the Wellesleys
Labourers were mainly Irish Catholics and faced legal discrimination.
What sparked the Irish rebellion of 1789?
Calls for ‘no taxation without representation’ and political unrest
Armed groups formed to prevent French invasion but became political.
What were the Corn Laws?
Tariffs and trade restrictions on imported food and grain enforced in Great Britain between 1815 and 1846
Designed to keep grain prices high for domestic producers.
What caused the famine in 1816?
A volcanic eruption in Indonesia that decreased average temperatures
This led to poor crop yields and increased crime due to food shortages.
What was the outcome of the Peterloo Massacre in 1819?
Military intervention during a peaceful protest led to killings
Protesters were advocating for political reform.
What did the 1831 Reform Act achieve?
Increased the electorate from 400,000 to 650,000
Only a 45% increase, still excluding much of the working class.
What is a ‘rotten borough’?
A constituency with very few voters that had disproportionate representation
Example: Old Sarum had 43 voters but only a farmhouse.
What major political changes occurred in the UK during the early 1830s?
Catholic Emancipation, the election of the first Catholic MP, and the Reform Act of 1832
The Slavery Abolition Act and Factory Act were also significant.
What was the People’s Charter of 1838?
A document advocating for voting rights and political reforms
Included demands for a secret ballot and removal of property qualifications.
What was the significance of the Anti-Corn Law League in 1838?
A movement advocating for free trade and the repeal of the Corn Laws
Led by Robert Peel, who removed many tariffs.
What happened as a result of the Importation Act of 1846?
Abolition of sugar duties and corn laws, leading to economic decline in the West Indies
The repeal came too late for Ireland, which faced a potato famine.
What was the impact of the end of the Napoleonic War in 1815?
It created an environment conducive to free trade
Marked a significant turning point in British economic policy.
