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Define protectionism
Taxes and tariffs on imports and exports to protect domestic markets
Define mercantilism
A nation should seek a positive balance of trade, while keeping dependent trading partners in a negative balance of trade
In what year did Britain emerge as the sole superpower in the world, with global dominance in trade?
1815
Describe how Britain made money on all three points of the slave trade triangle
Sold manufactured goods to Africa- often weapons to incite racial tensions and tribal warfare - sold slaves to Americas and West Indies, sold raw materials produced on plantations in Europe
How many MPs had investments in plantations in the 1760s?
40
How much money did Thomas Leyland’s Lottery make a single voyage of the triangular trade?
£12, 091
How much would a single slave be sold for at auction, on average?
£50
Name three port cities in Britain that grew wealthy as a result of the slave trade
Bristol, Glasgow, London
How many ships sailed from Liverpool each year on the Slave Trade?
120 - 130
Name a Bristol family who owned plantations in the Caribbean
Pinneys
Name one impact of the abolition of slave trade on British trading patterns
Looked East for new markets
What did Britain use taxes levied from the slave trade to fund?
The Royal Navy
Why was there never a shortage in demand for new slaves from Africa?
They were worked to death
Which Lord Mayor of London owned thousands of acres in plantations?
William Beckford
What percentage of Bristols income was tied to the slave trade?
40
Which governor of the Bank of England chaired a pressure group in favour of planters and plantation owners?
Sir Richard Neave
Which plantation was owned by the CofE in Barbados?
Codrington
How many slaves were there in this plantation?
400
Which group began campaigning for abolition in 1783?
Quakers
Which PM supported the abolitionist movement?
Pitt the Younger
In what year was a proposed bill for the Abolition of the slave trade defeated in the House of Lords?
1806
In which French colony was there a slave rebellion?
Haiti
What did Britain do as a result of this rebellion?
Invaded, hoped to seize the island, the slaves and the plantations
What did Napoleon do in 1802?
Reinstated slavery in the French colonies
How did this change the British position?
Britain now wanted to abolish slavery in order to undermine the French and incite rebellion in the French colonies
When was the slave trade abolished in England?
1807
When did the slave trade finally cease in British colonies?
1833
When did the Slave Trade end in the West Indies?
1834
Who led the abolitionist movement?
William Wilberforce
What proportion of ships involved in the slave trade lost money in the 18th century?
1/10
In 1778, how much did investors in the slave trade make?
£700, 000
How much did the government pay to slave owners in compensation for their lost revenue?
£20, 000, 000
Of what % of government revenue was this figure?
40%
What is a positive balance of trade?
Export value being higher than import value
What is a negative balance of trade?
Export value being lower than import value
What book did Adam Smith write in 1776?
The Wealth of Nations
What are the main arguments in this book?
Monopoly capitalism was foolish, as was mercantilism
Which group dominated parliament before 1832?
Landowning elites
Which colonies were in open rebellion, then all out war, against Britain as a result of mercantilist thinking?
The 13 colonies
In which other colony did Britain experience unrest as a result of mercantilist thinking?
Ireland
Which was the second largest city in the Empire, after London?
Dublin
Where was the wealth centered in Ireland?
Rich protestant landowners
What happened in Ireland in 1778?
Protests demanding free trade (free trade or this - message strapped to cannons)
When were protectionist tariffs removed entirely from Ireland?
1779
What was the main reason trade restrictions were lifted in Ireland?
To avoid additional conflict
What kept the grain price high until 1815?
The Napoleonic Wars
Which law was passed in 1815, to protect the income of landed elites in Britain?
The Corn Laws
Which party was elected in 1830?
Whigs
What was passed in 1832?
The Great Reform Act (Representation of the People’s Act)
By how much was the electorate expanded in 1832?
60%
Which groups now had better representation in parliament?
Merchants and industrialists
In what year was the Conservative Party founded?
1834
What was formed in 1838?
Anti-Corn Law League
Which PM repealed more than 1200 protectionist tariffs?
Peel
How did Peel balance government finance with the loss of these tariffs?
Reintroduced income tax
The repealing of which two protectionist laws saw Peel lose the election to Lord Russell?
Sugar and Corn (in the Importation Act)
What are the 3 elements of the Navigation Acts?
Colonial goods must be carried on British ships
Some goods had to be shipped to England first to be taxed
European exports to British colonies had to land in Britain first
In what way might have the Navigation Acts have suited British colonies?
They exported primarily raw goods anyway, and it made no difference where their final destination was
What approach had Britain traditionally taken to enforcement of the Navigation Acts and mercantilist system as a whole?
Salutary neglect (not enforced)
When did the above change and why?
1763 - end of the 7 years war
What did the Royal Navy do as a result of this change?
Seize ships and cargo if not abiding to the acts
In what year were the Navigation Acts repealed?
1849
In what way did the repealing of the Navigation Acts prioritize Free Trade over defence?
Less British ships at sea as goods didn’t have to be carried on British ships, therefore less trained seamen for the Navy to impress during times of war
Which PM was responsible for the repeal of the Navigation Acts?
Lord Russell
When was the Tariff Reform League founded?
1903
What was the main aim of the Tariff Reform League?
Return to protectionism but within the empire
What happened to the Tariff Reform League?
Joseph Chamberlain lost the election, League fell apart
Which company wished to expand trade into China in the 1800s?
EITC
Where did China restrict foreigners trading to?
Canton
What was the only passage to this area and which foreign power controlled it?
Straits of Malacca, the Dutch
When was Singapore founded and by who?
1819, Sir Stamford Raffles
How many Spanish dollars flowed through Singapore by 1824?
11 million
What is an entrepôt?
Port with no taxes or tariffs - goods can be loaded and unloaded free of charge
What was the aim in setting up Singapore as a base?
To outcompete the Dutch and secure stronger trading links with China
In what way did Singapore’s new entrepôt status make trading more efficient and profitable?
Ships could load and unload, so cargo destined for Europe from China did not have to make the journey in a single voyage or vice versa
How many merchant houses were in Singapore by 1846?
60
What are some earlier examples of entrepôts?
Antwerp
What did the success of Singapore convince British policy markers of?
Free Trade
By 1797 the EITC was in a budget deficit and was using silver bullion to purchase Chinese goods. What product did it decide to sell to make up the shortfall?
Opium
In what 2 years did Britain send ambassadors to China in an effort to open up trade with the Chinese Empire?
1792, 1816
What had Britain managed to trade with China before 1842 (not opium)?
Wool and cotton from India
How many tonnes of opium were sold in China in 1775?
75
How many in 1800?
200
How many in 1822?
347
When did the EITC monopoly on trade with China end? (2nd Charter Act)
1833
How many tonnes of opium were traded in 1839?
2553
How many addicts were there in China as a result?
12 million
When was the blockade of Canton?
1839
How many tonnes of opium did the Chinese authorities burn as part of this crackdown on the British opium trade?
1000
Who was the British foreign secretary at the time?
Lord Palmerston
What is gunboat diplomacy?
Forcible access to new trading markets, use of the Navy to do so
When did the British seize the island of Hong Kong, using gunboat diplomacy to do so?
1841
Which British ship (EIC) led the British to a decisive victory in the Opium Wars?
Nemesis
What is significant about the geography and geology of Hong Kong?
Largest deep water port in the world
What was the population of Hong Kong by 1900?
100, 000
Which treaty opened Shanghai to British traders in 1842?
Nanking or the Unequal Treaties
How much, in silver dollars did the British demand in compensation for the burned opium?
6 million
How much did they demand in reparations?
3 million
Shanghai sits at the mouth of which major river?
Yangtze
How many miles into the Chinese interior does this river flow (to Wuhan)?
1000
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