Trade Flashcards
(85 cards)
What was the name of the economic theory used by Britain from the 16th-18th century and what did it believe
Mercantilism - The theory that wealth was created with a positive balance of trade, exporting more than you import.
What was the negative impact of mercantilism
It created winners and losers and as Britain was economically dominant the ‘losers’ were often their colonies like Ireland
What were the Navigation Acts and when were they introduced
Controlled trade to favour Britain by
- Enforcing that colonial goos produced for export can only travel on British ships
- European products being exported to British colonies had to pass through Britain first
Introduced in 1651 and expanded upon 1673
What book famously argued against mercantilism and who wrote it in what year
The Wealth of Nations - Adam Smith, 1776
What 2 things indicate steady economic growth in Ireland from 1750-1800
- Dublin was expanding and was the second largest city in the British Empire
- Imports had risen from £1.5m-£3.8m from 1750-1800 and its exports from £1.9m-£4.9m
Why did the Irish protest against the British in the late 1770s
Although most of the population were catholic labourers, the rich elites were protestant and these protestants discriminated against the catholic population
How did Britain react to the Irish protests in 1779
The 1779 Consultation of Smith
Adam Smith argued that mercantilism was “unjust and oppressive”, leading to free trade being introduced in Ireland in 1779
Describe the 1798 Irish Rebellion and its impact on economic activity
- Occurred from May-September 1798
- 14,000 French people were deployed to Ireland to assist with the rebellion, and 12-13,000 British soldiers were sent to end the rebellion whic they achieved
- 3000 Irishmen died
- It showed that free trade was a necessity
What were the corn laws and what was their impact
They were tariffs and other trade restrictions on imported “corn” (wheat) from 1815-46 which was designed to favour British producers often at the expense of colonies who imported them for high prices
It made supplying food expensive which led to many people in colonies like Ireland starving, especially in 1816 with the eruption of Mt Tambora which led to crop failures that year
Who could vote in 1800 and how many people was this
Wealthy Landowners - 214,000 men or 3% of the population
What were ‘Rotten Boroughs’ and what did it mean for British politics
Voting constituencies in often extremely rural areas with low populations (around 30) which meant each person there politically involved had an extortionate amount of power.
This favoured rural voters and increased political corruption
what did the 1832 Reform Act
Increased the electorate from 400,000 to 650,000 (mostly lower-middle class) and abolished rotten boroughs
This increased democracy in the UK but was not perfect as the working class and women still had no political power to vote
What was Chartism and when did it gain significance
An ideology of giving the common man more political power through giving men the right to vote and stand for election. it gained significance in 1838 with the Peoples Charter which outlined these demands
Who was Robert Peel and what was his economic ideology
He founded the Conservative Party in 1838 and was also PM
He believed in free trade and not mercantilism
How many tariffs did Robert Peel remove in his time as PM from 1842-46
1,200
When was the Anti-Corn Law League founded
1838
in 1846, what were the last 2 major protectionist laws and what was the name of the act that repealed them.
What was the impact of this repealing
- Sugar Duties
- Corn Laws
Both abolished in the 1846 Importation Act
It was very controversial and led to Peel resigning, and led to a decline in the importance of the West Indies whose economy shrunk as a result
However it allowed Britain to prioritise free trade over defence which was good as Britain at the time was unrivalled after the Napoleonic Wars and didnt need to defend themselves
What was the cause and impact of the Irish Potato Famine
The corn laws were repealed too late and alongside crop failures it meant Irish people could neither grow or afford to import their own crops which led to 1 million Irish people starving and a further 1 million emigrating
What was the outcome of the Seven Years was in 1763
The 1763 Treaty of Paris which forced the French to recognise British claims in Canada and the Caribbean and cede the Eastern half of French Louisiana to the British
Summarise the Anglo-French War
Decided to declare war on Britain in 1778 to aid the USA following American victory in the Battle of Saratoga, helping the USA gain independence in 1781. The French also fought Britain in other theatres including at Gibraltar and the Caribbean
Describe the Battle of the Saintes
9th-12th April 1782 - The French attempted to invade the Windward Islands and Jamaica, but Admiral Rodney defeated them using copper plating which gave them the technological advantage.
Why was the port of Gibraltar so important to Britain in the past
It acted as a blockade of the Mediterranean which reduced the French threat to British Atlantic Trade
Describe the 1779-1783 Siege of Gibraltar
France and Spain surrounded Gibraltar and sieged it for 4 years trying to invade it. The British were able to sneak supplies through the blockade which allowed Britain to defend it
Whats the difference between the French Revolution and the French Revolutionary Wars
French Revolution - The revolution itself
French Revolutionary Wars - Wars between France and other countries including the UK as a result of the revolution
