Industrial Revolution Flashcards
(38 cards)
Define the Industrial Revolution
1750-1900
Period when economy changed from an agricultural to a factory based system
What Revolution preceded the Industrial Revolution in Britain?
The Agrarian Revolution
What was the population in Britain in 1750?
6 million
What was the population of Britain in 1811?
18 million
What was the population of Britain in 1850?
27 million
What did the ‘Wealth of Nations’ propose?
Free market and laissez-faire economics to promote economic growth
Who wrote the ‘Wealth of Nations’ and when did he write it?
Adam Smith in 1776
Why is banking considered to be a cause of the Industrial Revolution?
Because it funded business ventures and start-ups
Why did the Newcomen steam engine and the Spinning Jenny kickstart the Industrial Revolution?
Because the engine was the prototype for steam-powered factories and the Spinning Jenny revolutionised the textile industry
How many banks had been established by 1784?
119
How many banks had been established by 1800?
800
Why was banking seen to be secure in Britain?
Because the exchange of receipts or bills for gold deposits was the beginning of paper currency
What were county banks allowed to do alongside city banks in 1797?
Issue bank notes / paper currency
What was removed from small country banks in 1826 to enable them to grow into joint stock banks?
A cap on banks to give them the right to issue notes
What was the name of the first joint stock bank?
Lancashire Banking Company - 1826
What was Britain credited with being the ‘workshop of the world’?
Because it was the first country to have an industrial revolution that by 1850, was the envy of the world
What term is used to describe small scale industry performed in homes?
Cottage industry
By how many million pounds of cotton did importations increase by between 1761 and 1833?
297 million
Name 2 other (apart from the Spinning Jenny) machines which transformed the cotton industry?
Samuel Crompton’s Spinning Mule in 1779
Richard Arkwright’s Water Frame in 1769
Give 3 reasons / factors that caused the Industrial Revolution
Technology, Banking, Entrepreneurs, Natural Resources, is a small country (easy to travel to coast), navigable rivers, peaceful country, Protestant work ethic, stable government
Why was Lancashire good for cotton mills?
Cool climate stopped cotton thread from splitting, close to port of Liverpool (slave trade port), access to trading links, eastern coast closer to trade links (America), railway from Manchester to Liverpool built in 1830
Before steam-powered engines were invented, where were factories / mills sited?
Close to rivers to power engines / machines
Which raw material powered the steam engine?
Coal
In what areas of the UK did the Industrial Revolution thrive?
North West = textile manufacturing
North East = mining
Midlands = engineering