click below
click below
Normal Size Small Size show me how
British Capitalism
Creating Modern Capitalism
Question | Answer |
---|---|
When was the bill of rights pass and what did it give the British people? | 1689, and it, in theory, gave all Brits the the right to own property |
When was the Bank of england Formed? and what was it's purpose? | 1694, It was to issue government bonds in order to finance war. |
What were the three important dutch inspired financial innovations around 1700? | Mortgage, Promissory note and bill of exchange(Forerunner for modern paper currency) |
Josiah Child's argument for free trade | The international trade brings around the world not only goods, but also enforces the power of the empire. |
What is Mercantilism? | The high protective tariffs enforced by the European powers, in order to maximize their gain from colonies. |
Trading companies: | Companies chartered by the the British crown, and given quasi-official powers, to govern territories in which they operated. |
After the trading companies: | by the middle of 1700's the market for international trade was sufficiently attractive so that smaller firms had also joined. This could be called the diffusion of Shipping. |
How was infrastructure financed in britain? | By private actors. |
What were the defining characteristics of the first industrial revolution in britain? | Liverpool-Manchester railway, the substitution of water to steam. and to mechanical power from human and animal. This is very much "personified" by the cotton industry, which had help from the first Kondratiev wave with canals, but also steam. |
British dominance in cotton industry was due in part to? | High rate of bankruptcy, made second hand machines available, and the the quality of people. |
What big change in 1861, helped companies grow bigger? | LLC |
When was free trade adopted in Britain? | 1840's, this was the first nation in Europe to endorse free trade |
Main points in finance in Britain? | Private actors financed; infrastructure, war and most other parts of early British capitalism, until after WWII, then again when Thatcher was in office. High amount of outward FDI. |