Developments in Trade

These flashcards cover the key concepts and details related to developments in trade as discussed in the lecture notes.

What was the economic growth rate and what did this provide?

2-3% per year → provided money for investment at home and abroad e.g railways in India

What infrastructure was built in India and the USA?

Railways built in India and the USA as a result of trade profit.

How did increased employment across industries affect the economy?

How much did a skilled worker earn on average?

It created a demand leading to wage rises and increased spending power.

Skilled workers earned 20-30 shillings a week on average

By 1900, what percentage of the world's cotton was sold by Britain?

2/3.

What role did international trade play in Britain's relationships with other countries?

It cemented relationships and promoted peace.

What significant development in trade routes occurred in 1869?

The opening of the Suez Canal.

How many tonnes of ships passed through the Suez Canal by 1880?

3 million tonnes.

What was the effect of Gladstone's reduction in tax on businessmen?

It allowed them to invest in industrial enterprises at home.

What was the overall impact of the free trade policy on the wealth of the nation?

It contributed to building private fortunes and the nation's wealth.