Growth of industrialisation causes Flashcards
(28 cards)
Master and Servant Act
1823 failure to fulfil contract punishable, imprisonment
1813 repeal
Statute of Artificers: had regulated wages and working conditions since 1563
What dictated rate of change?
Market forces and entrepreneurialism
Combination Acts
1799/1800 meant growth could not be challenged by workers
‘free trade’ principles
Adam Smith ‘Wealth of Nations’
Influenced attitudes- fulfilling self interest results in societal benefit and argues against government intervention in the market
Richard Arkwright
Died 1792 : £500 000
Built mills across England
Richard Crawshay
Cyfartha Ironworks
Employed 5000 and had wealth over £200 000 by 1830
Middle Class Increase
by 75% 1816-1831
Establish Bank of England
1694
County banks issue bank notes
1797, central fund to pay wages effectively
1866 How many banks
154 joint stock, 800 branches nationwide
1808 banks
800 local banks
What did banking allow people, especially middle class to do?
Invest in developments, long term benefit and infrastructure
Many bought mills to supplement income
National capital invested
Industry trade and transport
5% in 1760
26% in 1860
Steam engine
1769 introduced
agricultural mechanisation
lowered need for labourers so migrated north
urban area growth
grew 23-29% from 1801-51
workers employed in manufacturing
2/5 in 1801
2/3 in 1871
canals
4000 miles navigable waterways by 1820s
exports
By 1811, £40/£130 million goods produced were exported
divides
increased as some areas couldn’t access industry
govt policies judgement
Responding to climate that’d benefit from stronger banking sector, removed impeding legislation.
Important in speed, but couldn’t alone.
Created foundations
Growth of Banking judgement
Slow process
Only accessible to middle class
Allowed continuation of growth later on as more accessible
Middle class judgement
Increased political sway
Govt removed legislation to keep support/ max profit
Initially crucial as invested and ran factories