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.
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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