Unit 3 - The State and the People: Change and Continuity
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The British Economy 1865 to 1915
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Unit 3 - The State and the People: Change and Continuity
Institution
AQA
An in depth overview of the British economy from 1865 to 1915. Covering years of prosperity in industry and agriculture, to the great depression and how much of a recovery was made before the start of WW1.
Unit 3 - The State and the People: Change and Continuity
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The Economy 1865 to 1915
Overview
Period Area of economy
1865-73 Prosperity, including progress in industry and
agriculture
1873-96 The Great Depression
1886-1914 Changes in B economy – overseas competton,
new unionism, tarif reform
Summary of events
- 1837-44 – several short trade depressions
- 1844-47-73 – period of stability, result of great surge of railway building. Up to 1873 agricultural revoluton
- 1873-96 – Great Depression
- 1896-1914 – something of a recovery, during war Britsh farming began to revive
Period of prosperity – industrial
The great exhibiton 1851 – showed of Britsh industrial machinery at symbolic crystal palace (made of glass and
iron) to demonstrate that Britain was a free trade country. Over 6 million visitors from across world during 5 months
it was open. Generated new exports
Working class wage rise 50%, price went up by 20% so real wages up by 30%
Total value of exports increased – 1940’s £55.4 million, 1950’s £100.1 million
Export figures -
Years Iron and steel Coal
1845-9 458 thousand tons 2.5 million tons
1860-4 1,536 “” 7.83 million tons
Years Cotton Woollen goods
1840-9 978 million yards 93,316 thousand yards
1870-9 3,573 “” 311,601 thousand yards
Causes/reasons for prosperity (annual growth rate of 2% a year)
- Spread of railways –
i. provided thousands of jobs – large market for iron industry
ii. cheap, fast transport for manufactured goods
iii. 1875 – 14,510 miles of track open
- Tarifs removed -
i. Obtain cheap raw materials
ii. Capital investment
iii. No restrictons on trade
- Populaton growth -
i. Increased demand for manufactured goods
ii. 1851-71 populaton went from 27.4 million to 31.5 million
- Inventons –
i. Stronger steel type
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