Politics and the shaping of the British economy Flashcards
(40 cards)
Where did the Industrial revolution first took place ?
England
The workforce is composed of …
Men and young boys who should be in school
What is the definition of economic liberalism ?
People are now allowed to make decision for themselves without the opinion of the state.
Name three cities where coal is important
Birmingham, Sheffield, Manchester
On what was originally built the country ?
On agriculture
What is “cottage industry” ?
It’s when families produces material, textiles in their home to make some extra money.
What are the factors of Industrial revolution ?
The 5 M’s : Men, Money, Machines, Means of communication, Mentalities
Explain why men contributed to the industrial revolution
Population growth helped increasing the workforce. In 1750 = 7.5 million people and today 67 million.
What is the main issue caused by the population growth ?
Housing
By which systems money did influence the Industrial revolution ?
Creation of the bank system
What is a goldsmith ?
A goldsmith is someone who keeps their client’s money into a big safe room. They make profits by charging a fee.
When was created the Bank of England ?
In 1694
Why the development of banks influenced the IR ?
Businessman could ask for loans to invest in their companies for larger factories and machinery in order to increase their production.
What is the Bank Charter Act and when was it passed ?
Passed in 1844, this act only allowed the Bank of England to print their money and issuing notes. Private banks can’t print money anymore.
Explain what is “issuing a note”
Issuing a note means that the bank controls the economy by putting more or less money into society. They really do control the economy of the country.
What is a joint stock banks ? Name one
It’s a company which is able to sell shares to raise money and invest it in the company. Ex : Lloyds Bank or Barclays Bank
What is the Joint Act companies ?
It’s a bill passed in 1856 that allows people to invest in companies.
Machines : why do businessman invest in machinery ?
Machines helps increasing production. It’s also a sign of wealth.
Which market increased by 42% between 1750 and 1800 ?
The domestic market
What increased x15 dramatically between the end of the 18th century and 1849 ?
The number of patents
Name two brilliant machine inventions
Steam machine and train
Two materials helped increasing production : which ones ?
Coal (x2 between 1750-1800) and Iron (200% between 1786-1806)
Means of communication : England improved on four items, which ones ?
Creation of the telegraph in 1837, cable links between Engand and India, roads (more & better = best transport network) and postal system
Mentalities : how did it influenced the IR ?
IN Britain they are mostly protestants and they accept material wealth. They’re happy with making profit, reward hard work and the notion of free trade.
