The industrial revolution in britian

Capital

Sources of money needed to purchase land and equipment, and to pay wages, and other costs until a project can start to make a profit

Canal

Human-made channels wide and deep enough for boats carrying goods in large quantities to pass enough

Fallow

Of farm land, left unused for a year, in order to avoid soil exhaustion

Coke

A hard fuel made from coal, but containing fewer impurities, it burns well and is better for melting down iron ore to make iron

Dividend

When an individual invests a company, known as buying a share, they expect to get a return on that investment. Companies pay this out every year in what called an annual dividend. So, if dividend is 10% and you have invested $100 in a company, you will get $10

Shareholders

Those who invest in a company, often before it starts to make a profit from its business

Entrepreneurship

A willingness to set up and develop a new business and take risks in order to become successful

Laissez-farie

This translates roughly as “leave it to happen”a reluctance to regulate or interfere in business or industry

Free trade

A commercial situation in which no barriers are placed in the way of businesses buying or selling, such as governments imposing taxes on imports or exports

Patent

The official or legal right to be the sole manufacturer or seller of an innovation for a number of years. There were heavy penalties for breaking this law.

Puddling

A vital process in making better-quality iron, in which molten iron was stirred to reduce impurities

Cotton gin

A machine which removed the unwanted seeds from raw cotton quickly and efficiently. Originally it had to be done by hand. As with the spinning “jenny”, “gin” is an abbreviation of engine

national income

The total value of the output of all a countrys goods and services in a year

Tariffs

Taxes imposed on goods when they are being either imported into or exported from a country

Census

A count of every person and household in the country. The first national census in Britain was in 1801. Population figures before 1801 are less accurate

royal commission

An enquiry into an issue set up by the government. It has the power to summon witnesses to give evidence and is expected to write a detailed report making recommendations for changes. it was customary for those recommendations to become law

House of Lords

One of two parts to the British Parliament. The house of Lords was made up entirely of Lords; the majority of them men who had either been made lords by the king , or who had inherited the title from their father or other male relative. it was an unelected House. Its other members where serving bishops of the church of england

House of commons

Unlike the House of lords, all the members of the House of commons were elected. This was where key issues like the government budget were decided and the most important laws initiated. The house of Lords, however, could veto any measure which commons decided on

Public schools

Privately run boarding schools, which, by this stage were not “public’ at all and charged high fees for attendance. It was customary for boys to be sent to them from the age 11

constitutional monarchy

A polictcal system in which the ruling king or queens power is set by constitutional limits. They are not above the law and cannot make laws on their own. government ministers accountable to a elected national assembly carry out the day to day work of running the country.

The Tories

The political party that dominated British politics throughout this period. In the course of the 1830s, it changed its name to the conservative party

Select committee

A group of members of parliament which examines a specific problem and makes recommendations for addressing it

Yeomanry

A force made up of local volunteers, usually of middle-class background. It had been created to support the regular army in case of invasion by France during the Napoleonic wars, but was now used to prevent domestic disorder

petition

A written request delivered to parliament, signed by citizens, asking it to take steps specified in the petition, such as pass a particular new law.

Trade union

A group of workers who join together to defend their work-related interests and put concerns to their managers. They usually aim to improve pay and working conditions.