Lecture Block 1 Flashcards
(49 cards)
What is the Malthusian Trap of the 1800’s
Countries poor due to expanding populations and surplus not increasing as fast.
In the 1900 this was the period of,
Economic growth for Britain and other countries such as the US.
An increase in Economic growth can cause a change in development indicators, name some:
- malnutrition
- starvation
- disease
- conflict
- IMR
- education
- literacy rates
- life expectancy
- GDP
When was the Brits period of rapid growth
1780-1870 in which it peaked
What was Brits GDP growth in 1780 and 2015
1,1.4
What was Brits Life expectancy in 1780 and 2015
35,78
What were the 4 stages of the take off
1) increase in investment
2) cluster of tech innovations
3) development of new skills and health improvements
4) policies and institution
1)Increase in investment causes
increase in infrastructure eg canals and roads aiding transportation of goods
2) examples of tech innovation
Brits Cotton, wool and steels
3) development of new skills examples
Increase in human capital increasing productivity
Output increases if
1)2)3)4) increase
When was the industrial revolution
1760-1830
What was the GNP before and after the 18 century
1%,2%
What were the improvements in the industrial revolution in relation to the 4 pillars
1) investment rates rose to 8.5% in 1800
2) textiles and steam powered inventions as well as improvements in agriculture
3) Healthcare and standards of living increased
Victorian revolution occurred during
1830-1914
What were the improvements made to the 4 pillars during the Victorian era
1) Investments caused GNP to rise by 10% with railway age and steamship trade
2) tech innovation in steel and medicine
3) decline in mortality, improvements in SOL
4) free market policy
Modern period occurred during
1914-2000
What changes occurred to the 4 pillars during the modern period.
1) fall in growth before ww2 but rise in growth after
2) mass electrification, air transport in infrastructural improvements
3) Technical inventions such as TV shopping and medial improvements
4) Policies improvements
What were the policy improvements made during the modern period?
1) free trade of 1914
2) free markets after 1980 leading to rapid inflation
What is the convergence period
1980’s when other MEDC’s caught up to Britain and surpassed such as USA, Germany and Japan
What are the 3 driving forces behind investment and savings in the 1700-1800’s
- beliefs and religions
- better industrial organisation
- better financial support
- higher levels of reinvestment
Belief and Religion driving savings was due to
Christian Quakers not allowed into Ox bridge but are huge business players such as Cadbury
Better financial support driving savings was due
Lowering internet of the Banks during 18th Century
Re investments supporting savings included
Sam Walkers Sheffield cottage in 1741, perused his business over school worth £100 million in today’s money.