Impact of Empire on British Economy Flashcards
(40 cards)
How did Britain gain control of the Suez Canal? When did this last until?
Through the taking of Egypt in 1882. This lasted through Egyptian Independence (1922) and the Anglo-Egyptian Treaty (1936) until 1954.
What key imports did Britain gain from India?
Silk, cotton, cash crops (rice)
What key import did Britain gain from the Caribbean?
Sugar
Where in the empire did Britain acquire its cotton?
South Africa and Australia
What proportion of British imports came from the empire by 1914? What proportion of exports went there?
- 9%
37. 2%
Between 1915-1919, what was the value of goods which Britain imported each year from the empire? How did this compare to the five previous years?
£1161m compared to £714m previously
When was the Kirkuk-Haifa Oil Pipeline built?
1932-34
When was the Anglo-Persian Oil Company founded? What share of the company was bought out by the British government in 1914?
1909
51%
When was the Ottawa Trade Agreement?
1932
By 1914, what proportion of Britain’s imports didn’t come from the empire?
75.1%
Which historian argues that British consumers paid competitive prices for products regardless of its origins?
Patrick O’Brien
How much did Britain’s share of world trade fall between 1914-1938? How is the empire partially responsible for this?
From 17% to 14%. Because Britain’s economy was so axed upon empire, when they couldn’t provide the goods which the colonies needed (like at the end of the wars), the colonies turned to the USA who could provide the goods.
What was the average annual rate of returns from the empire 1860-1884? What was this for domestic investment?
Imperial investment = 9.7% return rate
Domestic = 5.8% return rate
How did empire have a positive impact on British investment in the colonies?
Since it protected and secured the investment there e.g. Dual-Economic control in Egypt ensured that the returns were protected
Why did Bevin want to invest in African colonies after WW2?
Because he saw them as possessing the raw materials and foodstuffs required to boost Britain’s economy and meet its consumption needs. This would help bring Britain up to superpower status.
What proportion of British investible funds went to the empire 1865-1914?
1/4
What was the average annual rate return on imperial investment 1885-1912? Domestic?
Imperial = 3.3% Domestic = 5.5%
Which historian argues that British returns from imperial investments were ineffecient and divested investment away from Britain?
Hobson
When did McKinnon’s company fail? Goldie’s?
1896 and 1900
Who has shown that overseas investment outside the empire produced larger returns than inside the empire?
Edelstein
What was the problem of investment under the Colonial Development and Welfare Act for the British economy?
Much of the money went to be spent on social infrastructure (schools and health) rather than economic development which would have had a more direct benefit to Britain
How did informal empire in Argentina help government finance?
It meant the government could force Argentina to adopt policies to be able to keep paying the yields on the bonds held by british citizens e.g. deflationary policies at the end of the C19th
How much money did the government hold belonging to the colonies at the end of WW2?
£600m
Between 1946-1951, how large a dollar surplus did the colonies generate for Britain?
$1.83bn
