the victorian economy Flashcards
(23 cards)
What was the role of industrialisation in the British economy?
Vital for modernisation and success
What percentage of world manufacturing was the UK responsible for in 1851?
41%
Which countries were compared to the UK in manufacturing percentage in 1851?
Germany (19%) and USA (3%)
What were the staple industries that contributed to industrial growth in GB?
- Iron & steel
- Coal
- Textiles
- Shipping
- Engineering
What was a significant technological advantage of Britain during industrialisation?
Steam power
What process improved steel production in Britain?
Bessemer process
Fill in the blank: The Corn Laws were abandoned in _____, leading to free trade policies.
1848
What was the impact of free trade policies on British exports?
Encouraged growth
What was High Farming intended to achieve?
Make British farmers more competitive
True or False: High Farming was widely adopted by all British farmers.
False
What was the consequence of the US Civil War on British imports?
Inhibited cheap imports
What percentage of British exports went to the empire and USA?
One third
What was a key factor in the decline of agricultural prices after 1873?
Decline in quality of weather
What was the Bank Charter Act of 1844 intended to do?
Restrict banks’ ability to print money and establish the gold standard
What percentage of the value of imports was derived from taxes/fees in the 1840s compared to the 1890s?
32% in 1840s to 5% by 1890s
What was the role of British ports in 19th-century world trade?
Vital for trade of various commodities
What was the annual coal production in Britain by 1870?
130 million tons
What was the impact of transportation on agricultural production?
Railways to urban markets increased demand
What percentage of domestic consumption of wheat was accounted for by GB farming?
50%
What was the primary energy source for industrialisation in Britain?
Coal
List the factors contributing to GB’s unique economic position.
- First industrial nation
- Empire & navies
- Natural resources
- Innovation
- Population growth
- Transport
- Free trade policies
What was the output of iron production by 1875?
15 million tons per annum
True or False: Textiles accounted for two-thirds of GB exports.
True
