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Economic history of the United Kingdom	growth money supply spanish portuguese colonies new world exported large quantities silver gold europe added english money supply.multiple results expanded english economy according dr. nuno palma university manchester.key features growth pattern included specialisation structural change increases market participation.new supply specie silver gold increased money supply.instead promissory notes paid future promissory notes business transactions supported specie.
Economic history of the United Kingdom	reduced transaction costs increased coverage market opened incentives opportunities participate cash transaction.demand arose luxury goods asia silk pepper created new markets.increased supply specie made tax collection easier allowing government build fiscal capacity provide public goods.various inflationary pressures existed due influx new world gold rising population.inflation negative effect real wealth families.set stage social upheaval gap rich poor widening.
Economic history of the United Kingdom	period significant change majority rural population manorial land owners introducing enclosure measures.exports exports increased significantly especially within british empire.mostly privately owned companies traded colonies west indies northern america india.the company merchant adventurers london brought together londons leading overseas merchants regulated company early th century nature guild.members main business export cloth especially white undyed woollen broadcloth.enabled import large range foreign goods.
Economic history of the United Kingdom	given trade conditions time england came public policy increase armenian merchants involvement english trade pursue commercial interests.accordingly trade agreement signed landon english east india company kjoja panos kalantar.armenian merchants received privileges carry commercial activities england.england turn wanted change main trade route europe asia armenians instead overlanding arabia persia used england.agreement england wanted take control dutch france time world exports.
Economic history of the United Kingdom	wool industry woollen cloth chief export important employer agriculture.golden era wiltshire woollen industry reign henry viii.medieval period raw wool exported england industry based million sheep.london towns purchased wool dealers send rural households family labour turned cloth.washed wool carded spun thread turned cloth loom.
Economic history of the United Kingdom	export merchants known merchant adventurers exported woollens netherlands germany well lands.arrival huguenots france brought new skills expanded industry.government intervention proved disaster early th century.new company convinced parliament transfer monopoly held old wellestablished company merchant adventurers.arguing export unfinished cloth much less profitable export finished product new company got parliament ban export unfinished cloth.massive dislocation marketplace large unsold quantities built prices fell unemployment rose.
Economic history of the United Kingdom	worst dutch retaliated refused import finished cloth england.exports fell third.quickly ban lifted merchant adventurers got monopoly back.however trade losses became permanent.diets diet depended largely upon social class.
Economic history of the United Kingdom	rich ate meat—beef pork venison white bread poor ate coarse dark bread little meat notably christmas.game poaching supplemented diet rural poor.everyone drank ale cider water often impure drink.fruits vegetables seldom eaten.rich spices used wealthy offset smells stale salted meat.
Economic history of the United Kingdom	potato yet become part diet.rich enjoyed desserts pastries tarts cakes crystallized fruit syrup.among rich private hospitality important item budget.entertaining royal party weeks could ruinous nobleman.inns existed travellers restaurants known.both rich poor diets nutritional deficiency.lack vegetables fruits diets caused deficiency vitamin c sometimes resulting scurvy.trade industry flourished th century making england prosperous improving standard living upper middle classes.
Economic history of the United Kingdom	however lower classes benefit much always enough food.english population fed agricultural produce series bad harvests caused widespread distress.in th century food supply improved.england food crises period france unusually vulnerable famines.historians point oat barley prices england always increase following failure wheat crop france.poverty onethird population lived poverty wealthy expected give alms assist impotent poor.
Economic history of the United Kingdom	tudor law harsh ablebodied poor physically fit unable find work.left parishes order locate work termed vagabonds could subjected punishments often suffering whipping put stocks.treatment inflicted encourage return mother parish.th century trading nation th century prosperous entrepreneurs extended range business around globe.britain one prosperous countries world daniel defoe boastedwe diligent nation world.
Economic history of the United Kingdom	vast trade rich manufactures mighty wealth universal correspondence happy success constant companions england given us title industrious people.while major powers primarily motivated toward territorial gains protection dynasties habsburg bourbon dynasties prussias house hohenzollern britain different set primary interests.main diplomatic goal besides protecting homeland invasion building worldwide trading network merchants manufacturers shippers financiers.required hegemonic royal navy powerful rival could sweep ships worlds trading routes invade british isles.london government enhanced private sector incorporating numerous privately financed londonbased companies establishing trading posts opening importexport businesses across world.given monopoly trade specified geographical region.
Economic history of the United Kingdom	first enterprise muscovy company set trade russia.prominent enterprises included east india company hudsons bay company canada.company royal adventurers trading africa set trade gold ivory slaves africa reestablished royal african company focused slave trade.british involvement four major wars paid handsomely terms trade.even loss colonies made favourable trading relationship new united states america.
Economic history of the United Kingdom	british gained dominance trade india largely dominated highly lucrative slave sugar commercial trades originating west africa west indies.exports soared £.million £.million £.million .
Economic history of the United Kingdom	powers set similar monopolies much smaller scale netherlands emphasised trade much england.most companies earned good profits enormous personal fortunes created india.however one major fiasco caused heavy losses.south sea bubble business enterprise exploded scandal.south sea company private business corporation supposedly set much like trading companies focus south america.actual purpose renegotiate previous highinterest government loans amounting £ million market manipulation speculation.
Economic history of the United Kingdom	issued stock four times reached investors.prices kept soaring every day £ share £ insiders making huge paper profits.bubble collapsed overnight ruining many speculators.investigations showed bribes reached high places—even king.chief minister robert walpole managed wind minimal political economic damage although losers fled exile committed suicide.
Economic history of the United Kingdom	age mercantilism basis british empire founded age mercantilism economic theory stressed maximising trade outside empire trying weaken rival empires.th century british empire based upon preceding english overseas possessions began take shape late th early th century english settlement islands west indies trinidad tobago bahamas leeward islands barbados jamaica bermuda virginia one thirteen colonies became united states well maritime provinces canada.sugar plantation islands caribbean slavery became basis economy comprised englands lucrative colonies.american colonies also used slave labour farming tobacco indigo rice south.england later great britains american empire slowly expanded war colonisation.
Economic history of the United Kingdom	victory french seven years war gave great britain control eastern canada.mercantilism basic policy imposed britain colonies.mercantilism meant government merchants became partners goal increasing political power private wealth exclusion empires.government protected merchants—and kept others out—by trade barriers regulations subsidies domestic industries order maximise exports minimise imports realm.navigation acts late th century provided legal foundation mercantilist policy.required trade carried english ships manned english crews later encompassed britons acts union united scotland england.
Economic history of the United Kingdom	colonists required send produce raw materials first britain surplus soldon british merchants colonies british empire bullionearning external markets.colonies forbidden trade directly nations rival empires.goal maintain north american caribbean colonies dependent agricultural economies geared towards producing raw materials export britain.growth native industry discouraged order keep colonies dependent britain finished goods.the government fight smuggling—which became favourite american technique th century circumvent restrictions trading french spanish dutch.goal mercantilism run trade surpluses gold silver would pour london.
Economic history of the United Kingdom	government took share duties taxes remainder going merchants britain.government spent much revenue superb royal navy protected british colonies threatened colonies empires sometimes seized them.thus british navy captured new amsterdam new york .colonies captive markets british industry goal enrich mother country.manufacturing besides woollens cotton silk linen cloth manufacturing became important coal iron.in abraham darby established cokefired blast furnace produce cast iron replacing charcoal although continuing use blast furnaces.
Economic history of the United Kingdom	ensuing availability inexpensive iron one factors leading industrial revolution.toward end th century cast iron began replace wrought iron certain purposes cheaper.carbon content iron implicated reason differences properties wrought iron cast iron steel th century.industrial revolution period loosely dated britain experienced accelerated process economic change transformed largely agrarian economy worlds first industrial economy.phenomenon known industrial revolution since changes farreaching permanent throughout many areas britain especially developing cities.economic institutional social changes fundamental emergence industrial revolution.
Economic history of the United Kingdom	whereas absolutism remained normal form governance parts europe uk fundamental power balance created revolutions .new institutional setup ensured property rights political safety thereby supported emergence economically prosperous middle class.another factor change marriage patterns period.marrying later allowed young people acquire education thereby building human capital population.changes enhanced already relatively developed labour financial markets paving way industrial revolution starting midth century.great britain provided legal cultural foundations enabled entrepreneurs pioneer industrial revolution.
Economic history of the United Kingdom	starting later part th century began transition parts great britains previously manual labour draftanimal–based economy towards machinebased manufacturing.started mechanisation textile industries development ironmaking techniques increased use refined coal.trade expansion enabled introduction canals improved roads railways.factories pulled thousands low productivity work agriculture high productivity urban jobs.the introduction steam power fuelled primarily coal wider utilisation water wheels powered machinery mainly textile manufacturing underpinned dramatic increases production capacity.development allmetal machine tools first two decades th century facilitated manufacture production machines manufacturing industries.
Economic history of the United Kingdom	effects spread throughout western europe north america th century eventually affecting world process continues industrialisation.historian emma griffin placed particular emphasis role steam engine making britains industrial revolution.according max weber foundations process change traced back puritan ethic puritans th century.produced modern personalities attuned innovation committed work ethic inspiring landed merchant elites alive benefits modernization system agriculture able produce increasingly cheap food supplies.must added influence religious nonconformity increased literacy inculcated protestant work ethic amongst skilled artisans.a long run good harvests starting first half th century resulted increase disposable income consequent rising demand manufactured goods particularly textiles.
Economic history of the United Kingdom	invention flying shuttle john kay enabled wider cloth woven faster also created demand yarn could fulfilled.thus major technological advances associated industrial revolution concerned spinning.james hargreaves created spinning jenny device could perform work number spinning wheels.however invention could operated hand water frame invented richard arkwright could powered water wheel.indeed arkwright credited widespread introduction factory system britain first example successful mill owner industrialist british history.
Economic history of the United Kingdom	water frame however soon supplanted spinning mule cross water frame jenny invented samuel crompton.mules later constructed iron messrs. horrocks stockport.as water powered first mills constructed rural locations streams rivers.workers villages created around new lanark mills scotland.spinning mills resulted decline domestic system spinning old slow equipment undertaken rural cottages.the steam engine invented became power supply soon surpassed waterfalls horsepower.first practicable steam engine invented thomas newcomen used pumping water mines.
Economic history of the United Kingdom	much powerful steam engine invented james watt reciprocating engine capable powering machinery.first steamdriven textile mills began appear last quarter th century transformed industrial revolution urban phenomenon greatly contributing appearance rapid growth industrial towns.the progress textile trade soon outstripped original supplies raw materials.turn th century imported american cotton replaced wool north west england though wool remained chief textile yorkshire.textiles identified catalyst technological change period.application steam power stimulated demand coal demand machinery rails stimulated iron industry demand transportation move raw material finished products stimulated growth canal system railway system.such unprecedented degree economic growth sustained domestic demand alone.
Economic history of the United Kingdom	application technology factory system created levels mass production cost efficiency enabled british manufacturers export inexpensive cloth items worldwide.walt rostow posited takeoff period industrial revolution.means process previously responding domestic external stimuli began feed upon became unstoppable irreversible process sustained industrial technological expansion.in late th century early th century series technological advances led industrial revolution.britains position worlds preeminent trader helped fund research experimentation.nation also worlds greatest reserves coal main fuel new revolution.it also fuelled rejection mercantilism favour predominance adam smiths capitalism.fight mercantilism led number liberal thinkers richard cobden joseph hume francis place john roebuck.some stressed importance natural financial resources britain received many overseas colonies profits british slave trade africa caribbean helped fuel industrial investment.
Economic history of the United Kingdom	pointed however slave trade west indian plantations provided less british national income years industrial revolution.the industrial revolution saw rapid transformation british economy society.previously large industries near forests rivers power.use coalfuelled engines allowed placed large urban centres.new factories proved far efficient producing goods cottage industry previous era.manufactured goods sold around world raw materials luxury goods imported britain.
Economic history of the United Kingdom	empire industrial revolution empire became less important less wellregarded.british defeat american war independence – deprived largest developed colonies.loss brought realisation colonies particularly economically beneficial home economy.realised costs occupation colonies often exceeded financial return taxpayer.words formal empire afforded great economic benefit trade would continue whether overseas political entities nominally sovereign not.
Economic history of the United Kingdom	american revolution helped demonstrate showing britain could still control trade colonies without pay defence governance.capitalism encouraged british grant colonies selfgovernment starting canada became unified largely independent australia followed suit .napoleonic wars critical british success confronting napoleon superior economic situation.able mobilize nations industrial financial resources apply defeating france.population million britain barely half size france million.
Economic history of the United Kingdom	terms soldiers french numerical advantage offset british subsidies paid large proportion austrian russian soldiers peaking .most important british national output remained strong.textiles iron grew sharply.iron production expanded demand cannon munitions insatiable.agricultural prices soared—it golden age agriculture even food shortages appeared there.riots cornwall devon somerset food shortages –.
Economic history of the United Kingdom	mobs forced merchants hand stocks food distributed hungry popular committees.wells concludes disturbances indicate deep social grievances extended far beyond immediate food shortages.overall however crop production grew .the system smuggling finished products continent undermined french efforts ruin british economy cutting markets.wellorganized business sector channelled products military needed.british cloth provide british uniforms clothed allies well indeed french soldiers too.
Economic history of the United Kingdom	britain used economic power expand royal navy doubling number frigates increasing number large ships line increasing roster sailors eight years war began .france meanwhile saw navy shrink half.the british budget reached £ million including £ million navy £ million army £ million allies £ million interest national debt.national debt soared £ million double gdp.willingly supported hundreds thousands investors tax payers despite higher taxes land new income tax.whole cost war came £ million.
Economic history of the United Kingdom	contrast french financial system inadequate napoleons forces rely part requisitions conquered lands.longterm favourable impact obrien examines longterm economic impact wars – finds generally favourable except damage working class.economy damaged diversion manpower army navy terms destruction enforced transfer national wealth britain came ahead.british control oceans proved optimal creating liberal freetrade global economy helped britain gain lions share worlds carrying trade financial support services.effects positive agriculture industries apart construction.
Economic history of the United Kingdom	rate capital formation slowed somewhat national income perhaps would grown even faster without war.negative impact drop living standards urban working classes.th century th century britain worlds richest advanced economy th century ireland experienced worst famine europe century.real gdp per person almost doubled years reached per capita.one third greater gdp per person united states france germany.
Economic history of the United Kingdom	economy industrialized world onethird population employed manufacturing concurrently onesixth workforce united states employed manufacturing.level quantifiable steam power industry railroad travel gauged hp excelled united states.urbanization intense british population lived towns.number towns population reached double germany almost five times united states.british towns met minimum threshold.
Economic history of the United Kingdom	free trade free trade intellectually established implemented thanks unusually strong influence political theorists adam smith.convincingly argued old policy mercantilism held back british economy unfettered poised dominate world trade.predicted british dominance world trade apparent s.after britain committed economy free trade barriers tariffs.evident repeal corn laws imposed stiff tariffs imported grain.end laws opened british market unfettered competition grain prices fell food became plentiful britain main island united kingdom.
Economic history of the United Kingdom	true ireland saw worst famine europe century.reintroducing income taxes rate pence pound incomes £ government sir robert peel able compensate loss revenue repeal import duties items.from britain reaped benefits worlds first modern industrialised nation.described workshop world meaning finished goods produced efficiently cheaply could often undersell comparable locally manufactured goods almost market.political conditions particular overseas market stable enough britain could dominate economy free trade alone without resort formal rule mercantilism.britain even supplying half needs manufactured goods nations germany france belgium united states.
Economic history of the United Kingdom	britains exports went empire rising slowly .latter th century india remained britains economic jewel terms imports exports.british exports empire totaled £ million £ million earned indias market alone.second india far behind australia whose imports britain totaled £ million followed canada £.million hong kong £.
Economic history of the United Kingdom	million singapore £ million new zealand £.million.figures undoubtedly significant represented third total british exports proportion forty years before.apart coal iron tin kaolin raw materials imported main imports order raw cotton american south sugar west indies wool silk tea china timber canada wine flax hides tallow.britains global share soared .total imports.
Economic history of the United Kingdom	global share .total exports .manufactured exports.however britain persisted free trade policy major rivals u.s. germany turned high moderately high tariffs respectively.american heavy industry grew faster britain competing british machinery products world market.imperialism free trade historians agree britain adopted freetrade policy meaning open markets tariffs throughout empire.
Economic history of the United Kingdom	debate among historians involves implications free trade actually were.imperialism free trade highly influential article john gallagher ronald robinson.argued new imperialism especially scramble africa continuation longterm policy informal empire based principles free trade favoured formal imperial control.article helped launch cambridge school historiography.gallagher robinson used british experience construct framework understanding european imperialism swept away allornothing thinking previous historians.
Economic history of the United Kingdom	found european leaders rejected notion imperialism based upon formal legal control one government colonial region.much important informal influence independent areas.according wm.roger louis view historians mesmerized formal empire maps world regions colored red.bulk british emigration trade capital went areas outside formal british empire.
Economic history of the United Kingdom	key thinking idea empire informally possible formally necessary.oron hale says gallagher robinson looked british involvement africa found capitalists less capital much pressure alleged traditional promoters colonial expansion.cabinet decisions annex annex made usually basis political geopolitical considerations.reviewing debate end th century historian martin lynn argues gallagher robinson exaggerated impact.says britain achieved goal increasing economic interests many areas broader goal regenerating societies thereby creating regions tied tributaries british economic interests attained.reasons werethe aim reshape world free trade extension overseas owed misplaced optimism british policymakers partial views world understanding realities midth century globe ... volumes trade investment...the british able generate remained limited ... local economies local regimes proved adept restricting reach british trade investment.
Economic history of the United Kingdom	local impediments foreign inroads inhabitants low purchasing power resilience local manufacturing capabilities local entrepreneurs meant areas effectively resisted british economic penetration.the idea freetrade imperial states use informal controls secure expanding economic influence attracted marxists trying avoid problems earlier marxist interpretations capitalism.approach often applied american policies.agriculture free market imported foodstuffs driving factor behind repeal corn laws reaped longterm benefits consumers great britain world agricultural production increased.consumers ireland severe famine th benefit extent.first agriculture great britain superior productivity able weather even thrive following repeal corn laws contrary dire warnings landowners warned immediate agricultural ruin.
Economic history of the United Kingdom	global price grain began fall dramatically following opening midwestern united states interior canada mechanized cultivation.combined lower global transportation costs average price quarter grain fell years – per quarter –.lowered cost living enabled britain meet demands quickly growing population grain imports tripled volume population grew .also caused great depression british agriculture countryside late series bad harvests combined far cheaper price foreign grain induced long decline british agricultural sector.wheatproducing areas like east anglia especially hard hit overall wheat cultivation agricultural output .
Economic history of the United Kingdom	landowners argued reintroduction corn laws protect domestic farming rebuffed prime minister benjamin disraeli argued returning protectionism would endanger british manufacturing supremacy.in addition general slump demand greater mechanization british agriculture typified introduction steampowered threshing machines mowers reapers increased unemployment rural workers.result acceleration migration country town jobs factories domestic service occupations offered better wages opportunities.male workforce countryside decreased agriculture percentage national wealth fell ...
Economic history of the United Kingdom	depression apply foodstuffs also wool producers vital sector undercut flood cheap wool imports australia new zealand.select types produce freshness imperative like milk meat enjoyed strong domestic demand late th century.the declining profitability agriculture latter decades th century left british landowners hard pressed maintain accustomed lifestyles.connection land ownership wealth centuries underpinned british aristocracy began inexorable decline.rents fell mids mids amount land cultivation fell .british millionaires years – defined landowners proportion fell years – new class plutocrats emerged industry finance.
Economic history of the United Kingdom	recessions britains th century economic growth beset frequent sometimes severe recessions.postnapoleonic depression following end wars induced several years poor harvests aggravated corn laws .law set high tariffs imported foodstuffs keeping cost grain artificially high wages declining.early high cost grain caused famine unrest areas east anglia north england rioters seized grain stores attacked homes suspected profiteers merchants.high food prices caused overall slump consumption consequently industrial production employment.
Economic history of the United Kingdom	discontent workers culminated disastrous confrontation authorities peterloo massacre british cavalry rode headfirst crowd protesters manchester killing wounding many people.the recession hungry forties similar nature s. like years following recession caused series bad harvests time blight affecting potatoes facilitated unusually wet cold conditions northern europe.ireland population heavily dependent potatoes subsistence worst affected.mainland britain regions scottish highlands outer hebrides worst affected potato blight parts depopulated much .corn laws inhibited ability british government import food starving ireland scotland led tory prime minister sir robert peel defy landed interests parliament force abolition corn laws june .abolition accomplished phases time ireland highlands lost much populations famine emigration.
Economic history of the United Kingdom	repeal laws combined astronomic growth railways served lift britain recession providing basis steady growth population output next decades.railways british invented modern railway system exported world.emerged britains elaborate system canals roadways used horses haul coal.domestic consumption household heaths remained important market though coal also fired new steam engines installed textile factories.britain furthermore engineers entrepreneurs needed create finance railway system.
Economic history of the United Kingdom	george stephenson invented modern steam locomotive launching technological race bigger powerful locomotives using higher higher steam pressures.stephensons key innovation came integrated components railways system opening stockton darlington line.demonstrated commercially feasible system usable length.london poured money railway building—a veritable bubble one permanent value.thomas brassey brought british railway engineering world construction crews employed men across europe.
Economic history of the United Kingdom	every nation copied british model.brassey expanded throughout british empire latin america.companies invented improved thousands mechanical devices developed science civil engineering build roadways tunnels bridges.telegraph although invented developed separately proved essential internal communications railways.allowed slower trains pull express trains raced made possible use single track twoway traffic locate repairs needed.
Economic history of the United Kingdom	early period recognition potential railways along led period speculation investment referred railway mania.boom years – parliament authorized miles railways projected future total £ million equalled one year britains gdp.charter obtained little government regulation laissez faire private ownership become accepted practices.britain superior financial system based london funded railways britain also many parts world including united states .isambard kingdom brunel – designed first major railway great western built originally cover miles london bristol.even important highly controversial george hudson.
Economic history of the United Kingdom	became britains railway king merging numerous short lines.since government agency supervising railways hudson set system lines adopted called railway clearing house.made interconnections easy people freight standardizing routines transferring freight people companies loaning freight cars.hudson controlled nearly britains trackage.hudson away accountants manipulated funds—paying large dividends capital profits quite low one knew system collapsed railway bubble late burst.by britain well integrated well engineered system provided fast ontime inexpensive movement freight people every city rural districts.
Economic history of the United Kingdom	freight rates plunged penny ton mile coal.system directly indirectly employed tens thousands engineers conductors mechanics repairmen accountants station agents managers bringing new level business sophistication could applied many industries helping many small large businesses expand role industrial revolution.thus railways tremendous impact industrialization.lowering transportation costs reduced costs industries moving supplies finished goods increased demand production inputs needed railway system itself.system kept growing locomotives carried passengers year tons freight.
Economic history of the United Kingdom	second industrial revolution first industrial revolution industrialist replaced merchant dominant figure capitalist system.later decades th century ultimate control direction large industry came hands financiers industrial capitalism gave way financial capitalism corporation.establishment behemoth industrial empires whose assets controlled managed men divorced production dominant feature third phase.middle th century worlds fully industrialized nation british output represented half total worlds industrial capacity.new products services also introduced greatly increased international trade.improvements steam engine design wide availability cheap iron steel meant slow sailing ships could replaced steamships brunels ss great western.
Economic history of the United Kingdom	electricity chemical industries became important although britain lagged behind u.s. germany.amalgamation industrial cartels larger corporations mergers alliances separate firms technological advancement particularly increased use electric power internal combustion engines fuelled gasoline mixed blessings british business late victorian era.ensuing development intricate efficient machines along mass production techniques greatly expanded output lowered production costs.result production often exceeded domestic demand.among new conditions markedly evident britain forerunner europes industrial states longterm effects severe long depression – followed fifteen years great economic instability.businesses practically every industry suffered lengthy periods low — falling — profit rates price deflation .by financial houses london achieved unprecedented level control industry.
Economic history of the United Kingdom	contributed increasing concerns among policymakers protection british investments overseas — particularly securities foreign governments foreigngovernmentbacked development activities railways.although official british policy support investments large expansion investments economic political instability many areas investment egypt calls upon government methodical protection became increasingly pronounced years leading crystal palace speech.end victorian era service sector banking insurance shipping example began gain prominence expense manufacturing.late th century united kingdom experienced stronger increases service sector industrial sector industry grew percent whereas service sector employment increased percent.foreign trade foreign trade tripled volume activity occurred industrialised countries.
Economic history of the United Kingdom	britain ranked worlds largest trading nation lost ground united states germany british german exports latter year totalled .billion united states exceeded .billion.although exports diminishing comparison rivals britain remained worlds largest trading nation significant margin import export totals larger third compared germany larger percent compared united states.britain top importer foodstuffs raw materials finished goods much reexported europe united states.
Economic history of the United Kingdom	britain purchased half world total traded tea coffee wheat half worlds meat exports.year percent world shipping british owned british shipyards constructing four fifths worlds new vessels s.its extensive trading contacts investments agriculture merchant shipping fleet enabled trade great volume commodities remotely transactions concluded foreign clients london british cities distant commodities like coffee tea cotton rubber sugar.proportionally even though trade volumes trebled british share world market actually shrinking.percent world trade britishowned percent.foreign trade increased proportion amount going outside continent.£.
Economic history of the United Kingdom	million export £.million import trade done outside europe figures £.million £ million.europes economic contacts wider world multiplying much britains years.many cases colonial control followed private investment particularly raw materials agriculture.
Economic history of the United Kingdom	intercontinental trade north south constituted higher proportion global trade era late th century period globalisation.american invasion british response american invasion sections british home market manufactured goods prompted commercial response.tariffs despite sustained political campaign protection first decade twentieth century imposed generally collapse world trade .competitive milieu british businessmen modernised operations example manufactures boots shoes faced increasing imports american footwear americans entered market shoemaking machinery.british shoemakers realised meet competition necessary reexamine traditional methods work labour utilisation industrial relations also responsive demands fashion.
Economic history of the United Kingdom	export capital city london strengthened position worlds financial capital export capital major base british economy golden era international finance.capital investment throughout world raised london making britain largest exporter capital wide margin.although british trade deficit widened £ million £ million earnings investment financial services closed gap generated substantial balance payments surplus.part reason initial boom financial services manufacturing became less profitable beginning due largely depressed world market years combined expansion manufacturing united states germany.foreign competition manufacturing sectors fiercer midcentury british industrialists financiers profitably invested increasing quantities capital abroad.
Economic history of the United Kingdom	income overseas investments amounted £ million income services like insurance shipping banking totalled £ million.indicative notable shift financial services total british investment abroad doubled increasing £ billion £ billion.british overseas investment especially impressive independent nations latin america eager infrastructure improvements railways ports often built british contracting firms telegraph telephone systems.contemporaneously british merchants dominated international trade latin america.inevitably investments paid example many british investors suffered substantial losses investing railway companies united states went bankrupt even mining ventures sudan also proved unprofitable.business practices big business grew much slowly britain united states result late th century much larger american corporations growing faster could undersell smaller competitors britain.
Economic history of the United Kingdom	key vertical integration.united states typical firm expanded reaching backward supply chain forward distribution system.ford motor company raw iron coal went one end model ts delivered local dealers end british firms try sources raw materials bought market.instead setting distribution system worked wellestablished wholesalers.british businessmen much comfortable smaller niche even though made much harder lower costs prices.
Economic history of the United Kingdom	furthermore americans rapidly growing home market investment capital much readily available.british businessmen typically used savings expand business purchase highly prestigious country estates – looked landed country gentry role model americans look multimillionaires.crystal palace hosted world class industrial exhibition london.marvelous display latest achievements material progress clearly demonstrating british superiority.americans impressed repeatedly opened world–class industrial exhibits.
Economic history of the United Kingdom	contrast british never repeated success.british sociologist herbert spencer commented absorbed activities spurred unrestricted ambitions american less happy inhabitant country possibilities success much smaller.organization industrialisation took effect late th early th century united kingdom possessed strong national government provided standard currency efficient legal system efficient taxation effective support overseas enterprise within british empire independent nations.parliament repealed medieval laws restricted business enterprise specification many threads could woollen cloth regulating interest rates.taxation fell primarily landed wealth accumulated capital income.
Economic history of the United Kingdom	parliament repealed bubble act facilitated capital accumulation.general enclosure act farming became productive feed growing urban industrial workforce.navigation acts remained important enforced royal navy facilitated international trade.road system developed governmentsponsored local turnpikes.however examples governmentfinanced canals none railroads unlike early major transport projects japan russia midnineteenth century usa.evidence lever brothers royal dutch shell burroughs wellcome indicates individual entrepreneurship top leaders critical fostering growth direct foreign investment rise prominence multinational corporations.
Economic history of the United Kingdom	first modern multinational company emerged merger dutch margarine unie british soapmaker lever brothers resulted unilever.people employed terms market value unilever largest industrial company europe.however importance entrepreneurship declined british business.accounting new business practices areas management accounting made possible efficient operation large companies.example steel coal iron companies thcentury accountants used sophisticated fully integrated accounting systems calculate output yields costs satisfy management information requirements.
Economic history of the United Kingdom	south durham steel iron large horizontally integrated company operated mines mills shipyards.management used traditional accounting methods goal minimizing production costs thus raising profitability.contrast one competitors cargo fleet iron introduced mass production milling techniques construction modern plants.cargo fleet set high production goals developed innovative complicated accounting system measure report costs throughout production process.however problems obtaining coal supplies failure meet firms production goals forced cargo fleet drop aggressive system return sort approach south durham steel using.
Economic history of the United Kingdom	imperialism loss american colonies britain built second british empire based colonies india asia australia canada.crown jewel india private british company army east india company john company took control parts india.th century saw company rule extended across india expelling dutch french portuguese.company government given business india still privately owned.following indian rebellion government closed company took control british india companys presidency armies.free trade tariffs trade barriers introduced s. protected overwhelming power royal navy economic empire included close economic ties independent nations latin america.
Economic history of the United Kingdom	informal economic empire called imperialism free trade.numerous independent entrepreneurs expanded empire stamford raffles east india company founded port singapore .businessmen eager sell indian opium vast china market led opium war – establishment british colonies hong kong.one adventurer james brooke set rajah kingdom sarawak north borneo realm joined empire .cecil rhodes set economic empire diamonds south africa proved highly profitable.great riches gold diamonds venture led expensive wars dutch settlers known boers.the possessions east india company india direct rule crown —known british india— centrepiece empire efficient taxation system paid administrative expenses well cost large british indian army.
Economic history of the United Kingdom	terms trade however india turned small profit british business.however transfers british government massive unrequited unpaid paid indiancollected revenue british domestic savings available capital formation britain.there pride glory empire talented young britons vied positions indian civil service similar overseas career opportunities.opening suez canal vital economic military link.protect canal britain expanded taking control egypt sudan uganda kenya cyprus palestine aden british somaliland.none especially profitable discovery oil middle east .military action involved time time risk conflict imperial powers seeking territory fashoda incident .
Economic history of the United Kingdom	incidents resolved peacefully.cain hopkins argue phases expansion abroad closely linked development domestic economy.therefore shifting balance social political forces imperialism varying intensity britains economic political rivalry powers need understood reference domestic policies.gentlemen capitalists representing britains landed gentry londons service sectors financial institutions largely shaped controlled britains imperial enterprises th early th centuries.industrial leaders played lesser role found dependent gentlemen capitalists.long depression last longest lasting th century recessions long depression began financial panic induced twenty threeyear period worldwide anemic growth recession cycles ended late s. bursting railroad speculation bubble united states heavily financed via london major factor initial shock.
Economic history of the United Kingdom	british foreign investment fell sharply took years record high domestic investments fall well.initial depression lasted marked price deflation therefore declining profitability industrialists financiers.shrinking returns generally unfavorable economic climate meant investment percentage britains national wealth overseas home fell average ...
Economic history of the United Kingdom	sluggish world market weakest keenly felt exportreliant economy uk.british quinquennial export averages return pre levels £ million – slumping £ million .recovery moreover weaker midcentury growth exports british manufactures struggling compete domesticallyproduced products nations like germany united states steep exclusionary tariffs enforced response economic crisis.prices commodities britain fell much downward pressure wages led general perception among working classes financial hardship decline.to great extent britains economic difficulties symptomatic structural weaknesses beginning manifest s. economists explained relative slowdown growth latter th century terms neoclassical growth model momentum decades growth reaching inevitable slow down.endogenous growth theory suggests slowdown attributable national institutions conditions entrepreneurship natural resources outward investment rather subject naturally occurring external model.
Economic history of the United Kingdom	surprising countries markedly larger natural resources larger populations draw overtaken uk terms production end nineteenth century.britain depended imports supplement deficiencies natural resources high cost shipping made impracticable competing resourcerich giant united states.result clearly measured uk averaged .annual growth united states germany averaged ..
Economic history of the United Kingdom	per annum respectively.historians criticized cultural educational factors contributing decline entrepreneurial spirit characterized industrial revolution.offspring first secondgeneration industrialists late thcentury raised privilege educated aristocraticallydominated public schools showed little interest adopting fathers occupations stigma attached working manufacturing trade.moreover curricula public schools universities overwhelmingly centered study classics left students illprepared innovate manufacturing world.many turned away industry entered gentlemanly financial sector law courts civil service empire.however statistical evidence counters perception economic stagnation latter th century employed labour force grew unemployment years – averaged .
Economic history of the United Kingdom	productivity continued rise recession albeit lower annual rate compared years preceding panic.moreover decline prices overall living standards improved markedly long depression decades.real gdp per capita fluctuated year whole rose steadily exceeding nations terms per capita wealth except australia united states.heavy investment levels pre began yield returns british income abroad surpassed outward investment created steady surplus support widening balance trade.export capital investment even though occupied smaller percentage national wealth recovered briskly beginning reaching record highs following decade £.
Economic history of the United Kingdom	million compared £..trend towards investing british capital abroad late th century british assets held abroad blamed essentially starving native industry investment could used maintain competitiveness increase productivity.one causes panic attributed overproduction industry.british industrialists believed produced could sold saturated domestic overseas markets began lobby british government public opinion expand british empire.according theory britains trade deficit could corrected excess production absorbed new markets.
Economic history of the United Kingdom	result scramble africa aggressive competition territory britain european competitors occurred s. – united states germany experienced industrialisation scale comparable achieved united kingdom also developing largescale manufacturing companies britains comparative economic advantage lessened.city london remained financial commercial capital world challenged new york .– edwardian era – stands period peace plenty.severe depressions prosperity widespread.britains growth rate manufacturing output gdp gdp per capita fell behind rivals united states germany.
Economic history of the United Kingdom	nevertheless nation still led world trade finance shipping strong bases manufacturing mining.growth mining sector strong coal industry played significant role focus worlds energy market prominence challenged first world war growth oil industry continuing development internal combustion engine.although relative contribution agricultural sector becoming less important productivity british agriculture sector relatively high.international standards across sectors united kingdom british services sectors exhibited high labour factor productivity especially total factor productivity even case one hundred years later services sectors provided british economys relative advantage .it suggested industrial sector slow adjust global changes striking preference leisure industrial entrepreneurship among elite.british empires share world industrial capacity stood behind germanys less half united states .
Economic history of the United Kingdom	despite signs relative weakness certain sectors uk economy major achievements edwardian years underlined.city financial centre world—far efficient wideranging new york paris berlin.british investment abroad doubled edwardian years £ billion £ billion .britain built vast reserve overseas credits formal empire well informal empire latin america nations.british held huge financial holdings united states especially railways.
Economic history of the United Kingdom	assets proved vital paying supplies first years world war.social amenities especially urban centres accumulating – prosperity highly visible.among working class growing demand access greater say government level industrial unrest economic issues became significant .large part demands coal miners railway workers articulated trade unions prompted high level strike activity years immediately first world war.labour movement rise powerful concerted politically effective labour movement one major socioeconomic phenomena edwardian years uk.
Economic history of the United Kingdom	trade union membership doubled time million people .million .labour party first time gained active foothold parliament election labour mps general election enabling greater advocacy interests working classes whole.inflation stagnating wages began precipitated greater discontent among working classes particularly prosperity enjoyed middle upper classes becoming ever visible.year strikes increased precipitously mainly cotton shipbuilding industries jobcuts occurred.unemployment reaching recordlow percent unions emboldened bargaining power make demands higher wages job stability.
Economic history of the United Kingdom	strikes erupted throughout nation coal mining country wales northeast england latter also experiencing sustained railway workers strike.national transport workers federation organized first nationwide railway workers strike along general dockworkers strike ports throughout country.liverpool summertime strikes dock transport workers culminated series conflicts authorities august leading death two men injured.national coal strike another wave transportation strikes cost british economy estimated million working days.the major demands labour movement years wagerises national minimum wage greater stability employment.liberal government london make concessions response demands organized labour notably trade boards act empowered boards set minimum wage requirements workers oversee working conditions limit working hours.
Economic history of the United Kingdom	first applied limited number industries like lacemaking finishing boards created coal mining industry within years sweated labour occupations overseen boards guaranteeing minimum wages safer work environments.coal strike disruptive british government guaranteed minimum wage miners separate legislation coal mines minimum wage act .tariff reform edwardian britain proposals tariff reform begun became mass political movement high visibility.tariff reform league founded headed britains outspoken champion protectionism joseph chamberlain pushed implementation tariffs protect british goods domestic imperial markets.tariff reformers like chamberlain worried seen deluge american german products entering domestic market argued part reason success u.s. german economies national tariffs imposed protect fledgling industries foreign competition.
Economic history of the United Kingdom	without tariffs claimed vulnerable young industries like electrical goods automobiles chemicals would never gain traction britain.a major goal tariff reform league foundation imperial customs union would create closed trade bloc british empire hoped fully integrate economies britain overseas possessions.arrangement britain would maintain reciprocal relationship whereby would purchase raw materials colonies profits would allow buy finished goods britain enriching sides.although highly publicized wellfunded campaign tariff reform never gained traction public large.defeat chamberlains liberal unionist party general election returned huge majority freetrade stalwarts liberal labour parties resounding blow movements electoral hopes although campaign persisted rest edwardian period.first world war first world war saw decline economic production major reallocation munitions.
Economic history of the United Kingdom	forced britain use financial reserves borrow large sums u.s. prime importance international finance entry uk war august threatened possible worldwide liquidity crisis.britain fears run banks prompted treasury take inflationary measures begin printing million new banknotes day.assuage nervous markets onemonth moratorium payments declared bank england agreed guarantee city londons bills exchange act underwriter londons clearing houses.shipments american raw materials food allowed britain feed army maintaining productivity.financing generally successful citys strong financial position minimized damaging effects inflation opposed much worse conditions germany.spending uk usa everything food munitions occupied total british war expenditure .
Economic history of the United Kingdom	banking house j.p. morgan co. concession january act sole purchasing agent admiralty war department united states.billion worth trade undertaken way end .february j.p. morgan also britains agent dollar loans raised united states.overall consumer consumption declined .raise vital funds war effort taxation also increased dramatically.whereas war majority tax revenue derived indirect taxation tax revenue income super tax levies like one imposed incomes £.
Economic history of the United Kingdom	income tax stood war applied .million britons million income tax payers rate .britain also exploited imperial resources raise capital indias excess export earnings appropriated gift £ million british war effort.another £ million appropriated support war.trade unions encouraged membership grew .million .
Economic history of the United Kingdom	million peaking .million relapsing .million .scotland shipbuilding industry expanded third.women available many entered munitions factories took home front jobs vacated men.
Economic history of the United Kingdom	interwar stagnation human material losses world war britain enormous.included servicemen killed civilians .million wounded.total lost shipping came .million tons much replaced new construction £ million financial costs empire.
Economic history of the United Kingdom	germany owed billions reparations britain turn owed u.s. billions loan repayments.in – shortlived boom british economy caused rush investment pentup war years another rush orders new shipping replace millions tons lost.however end war orders serious depression hit economy –.exports fell half levels unemployment peaked .factors explaining economic depression one hand return prewar gold standard parity upcoming structural problems northern industrial core uk.another factor contributing relative decline british industry loss britains export markets mostly far east latin america.
Economic history of the United Kingdom	diversion shipping production towards war effort meant regional producers like united states latin america japan far east usurped important markets british goods.britain never regained pre export volumes exports still .indeed even britain far better compared badly battered continent economic stagnation lasted whole decade.overall growth averaged .per annum slightly weaker comparable united states.slow growth due part britains heavy dependence exports world trade grew sluggishly s. also overly dependent socalled staple industries brought huge prosperity th century experiencing faltering demand strong competition abroad.
Economic history of the United Kingdom	example volume cotton exports half coal exports one third levels.skilled craftsmen especially hard hit alternative uses specialised skills.depressed areas main social indicators poor health bad housing longterm mass unemployment pointed terminal social economic stagnation best even downward spiral.heavy dependence obsolescent heavy industry mining central problem one offered workable solutions.despair reflected finlay describes widespread sense hopelessness prepared local business political leaders accept new orthodoxy centralised government economic planning arrived second world war.
Economic history of the United Kingdom	productivity employment britain reduced working hours major industries hour week industrial workers.historians debated whether move depressed labour productivity contributed slump.scott spadavecchia argue productivity ways enhanced especially higher hourly productivity britain suffer exports nations also reduced working hours.looking coal cotton iron steel find britain suffer significant relative productivity loss industries.workers regained productive output working greatly reduced hours compared prewar years.
Economic history of the United Kingdom	british industrial productivity increased compared pre levels even setbacks reduced working hours effects great depression taken account.monetary policy postwar governments also contributed high unemployment.april years stringent deflationary policies british exchequer accomplished intended goal returning pound sterling prewar exchange rate .. high exchange rate made cheap consumer prices high real wage uk workers.however interest rates also high result making cost business expensive high labour costs inevitably offset employers layoffs reduced hiring.by million britons unemployed result postwar economic downturn.economy recovering – uk found struggling general strike year favours.growth remainder decade became erratic brief periods stagnation constantly interrupting growth.

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