Trade- Breadth Study 1

how much gov debt had Britain amassed after the seven year war and the American civil war?

1763- 157% of GDP

1821- 260% GDP

what was government policy initially like?

* mercantilist = value of exports higher than the value of imports to keep a positive balance of trade
* protectionist= taxes were imposed on imports to protect domestic producers from being undercut by imports

why did the British thrive off the slave trade?

* profitable investment for British financiers
* British ports like Liverpool and Bristol thrived
* gov used revenue from tax and imports to fund Royal Navy and fight European wars
* provided large pool of skilled sailors for use during wars

when and what was the first slave trade abolition movement?

The Quakers in 1783

When did William Wilberforce begin his campaign inside of parliament?

1789

what did the grassroots campaign entail?

it exposed the horror of slavery through pamphlets, posters and meetings

why did the French Revolution in 1789 restrict the abolition movement?

france had emancipated the slaves of plantation owners who were loyal to the monarch and Britain supported the loyalists. emancipation was sen as a pro-french position

how did emancipation eventually become an anti-french position? (Therefore promoted)

British hopes of taking Saint-Domingue had faded by 1802 and French Emporrer Napoleon restored slavery to reinstate revenue from it.

when was the Slave Trade Act passed?

1808. it ended British role in the slave trade

when was actual slavery banned in the British colonies?

1834

what were the main reasons for abolition?

* humanitarianism and anti-french sentiment
* slave trade declining in importance
* slave traders were hurt by losses due to wars, disease on ships and revolts. became a less financially sound investment

what did Adam Smith’s book The Wealth of Nations in 1776 argue?

argued that removing barriers to trade would increase overall wealth since both parties benefitted from trade, not just one

why were Britain hesitant to adopt free trade?

* parliament as dominated by wealthy landowners who wanted to keep income high

what was the 1832 Representation of the People Act?

extended the electorate by around 250,000 people, an increase of 60%. gave manufacturers more of a role in elections

why was the 1832 Representation of the people act significant in the changing economic policies?

manufacturers were typically opposed to tarrifs since they made manufactured goods more expensive

what proved free trade worked?

Free Trade in Ireland in 1779. Dublin the second most prosperous city in the British Empire

why were the Corn Laws passed in 1815?

they placed tariff on cereal and grain imports. placed by the British bc free trade hindered them. showed the power of protectionist measures

why was the anti-corn league founded in 1838?

the forced tariff on imports in Ireland was contributing towards the famine. by 1846 Ireland had no money to buy grain at any price

how did Sir Robert Peel change the political landscape between 1842 and 1846?

he abolished over 1,200 important tariffs. supported by whigs and liberals but not all conservatives

what were the 17th Century Navigation Acts?

* passed in the late 1600’s to protect British interests
* the centre of mercantilist policies
* colonial goods for export could only be carried on English built and owned shops
* certain colonial goods had to be shipped to an English port, even if they were destined elsewhere
* imports to colonies had to be shipped to an English port and then reshipped

what duties remained even after Peels 1842 budget?

the Corn Laws and the sugar duties

what did the sugar duty entail?

ensured tariffs for sugar plantations in the West Indies which was vital after the loss of the slave trade

why were the corn laws so important to landowners?

placed tariff on grain and became of symbolic importance for landowners

what did the importation act of 1846 do?

abolished both sets of tariff

how did the repeal of these tariffs impact the acts?

* repeal of sugar duties caused economic decline in the West Indies who were outcompeted by slave colonies like Cuba
* repeal of the corn laws did little to ease the famine. over one million died and a further million emigrated

why was Whig PM Lord John Russells repeal of the Navigation Acts in 1849 controversial?

Russel ad his supporters were prioritising free trade over defence. it was strictly going against mercantilism

how was Singapore founded as a trading port in 1819?

* EIC official Sir Stamford Raffles south permission to establish trade to undermine the Dutch
* legal ground of this was shaky and the dutch were furious. britiain assured the dutch Raffles was acting alone

how much did Singapores trade grow in five years?

2700%

why was Singapore so successful?

* it was a free trading entrepot where any ship could dock without being taxed
* ships going to Britain could take Chinese goods with having to deal with china
* Britain negated with the dutch to keep Singapore in the 1842 treaty and ceded any other territory

why was Hong Kong chosen as a port?

China still had strict rules and British demand for Chinese products kept growing

what was the opium trade?

EIC began to switch to trading opium which could be grown easily in India due to the negative balance of trade bc the British had to use silver bullion

it was illegal but merchants were willing to smuggle it

how did China dress the opium problem in 1839?

blockaded merchants at Canton and over 1,000 tonnes of opium were burned

how did the British defeat china in the first opium war?

Lord Palmerstons ‘gunboat diplomacy’. Royal Navy had a quick win

when did china cede Hong Kong?

1842

what was the 1842 Treaty Of Nanking?

* known as an unequal treaty signed after the opium war
* china was to pay compensation for the destroyed opium
* hong kong was ceded to britain
* Shanghai opened for trade

why was Shanghai an important port?

situated at the mouth of the Yangtze River which British merchants could use to trade in China’s interior

when was the Suez Canal completed?

1869

why was the Suez Canal a good port to have?

* improved long distance travel
* made steamships competitive

what did Disraeli do that brought controversy?

bought the Egyptian Khedives stock for the Suez. stated it was not for financial reasons but for geopolitical reasons instead

why had British interest in Zanzibar increase after 1815?

it was a secure route to India

Why did Britain get involved in the policies of Zanzibar?

* put pressure on the sultan to end slave trade , banning slave exports in 1822
* wanted the port for ivory and spices at low price

why did east Africa never attract investors?

poor infrastructure

what did Karl Peters aim to do in East Africa?

wanted to rebuild it and was helped by German chancellor Bismarck. Peters put under German protection in 1885

how was the future of Peters company secured?

when the German kaiser invested £25,000 of his own money in 1887.

what did the Peters association prove?

established a British presence in east Africa where Britain had never been interested. Britain became increasingly interested as it wanted to secure the upper reaches of the Nile for advantage over Egypt

what did the Acquisition of Zanzibar in 1890 show?

the concerns of local rulers were unimportant as Britain and Germany ignored the Sultan of Zanzibar and put Zanzibar under British protectorate in 1890

how did Russias growth threaten Britain?

* Russia had support from the French and Germans (they drove out Japan from port Arthur in 1895)
* Weihaiwei was leased to the British in 1898. it was too useful for trade or navy, was simply used for political Dominica to look over Russian activity.