economy 1 - causes of the mid Victorian boom 1851 - 1873

work shop of the world

• empier

• 1/3 goods sold

• first industrialised nation

• center of world trade

average growth of the economy

3%

staple industries

• coal

• steal

• iorn

• textile —> 2/3 of worlds production

• ship building

technological advantages

• development of the railways —> 1850 - 6000 miles, 1870 - 14500, increased efficiency provided revenue, increased access of agricultural goods increasing w/c health

• steady development of new industries: electric, chemical, motor —> not major due to britains reliance on staple industries

• development of artificial fertiliser = mixed farming —→ distraining in farming increased output

gov policy - tax

• allowed for a good standard of living

• lead to development of a m/c as they were able to build up their wealth/entering the industrialising industry

1850s-70s attitudes towards trade

• laisai fair attitudes

• free trade