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Questions and Answers
What was one significant impact of the state’s manipulation of the economy during industrial disputes?
What was one significant impact of the state’s manipulation of the economy during industrial disputes?
- Enhanced laissez-faire policies
- Increased government intervention in the free market (correct)
- Eliminated demands for workers' rights
- Strengthened trade union movements across all sectors
Which economic principle was in direct contradiction to the government's actions during the Great Depression?
Which economic principle was in direct contradiction to the government's actions during the Great Depression?
- Socialism
- Keynesian Economics
- Laissez-faire (correct)
- Interventionist policies
What was one outcome of the societal changes following World War II regarding economic policy?
What was one outcome of the societal changes following World War II regarding economic policy?
- A complete return to pre-war economic policies
- A decline in governmental roles in economic markets
- An era of unusual political harmony and collectivist consensus (correct)
- A shift to always prioritizing free-market principles
What was a major focus of full employment strategies in the postwar period?
What was a major focus of full employment strategies in the postwar period?
How were trade unions affected by the state’s economic manipulation?
How were trade unions affected by the state’s economic manipulation?
What shift did the Industrial Revolution create in Britain's economic power?
What shift did the Industrial Revolution create in Britain's economic power?
How did Britain's global power affect its domestic industry during the Industrial Revolution?
How did Britain's global power affect its domestic industry during the Industrial Revolution?
In what way did Britain project its interests overseas?
In what way did Britain project its interests overseas?
Which of the following is an aspect of Keynesian economics that relates to Britain's economic strategy?
Which of the following is an aspect of Keynesian economics that relates to Britain's economic strategy?
What was a key feature of postwar economic policy in Britain following the Industrial Revolution?
What was a key feature of postwar economic policy in Britain following the Industrial Revolution?
What was a major aim of full employment strategies in postwar Britain?
What was a major aim of full employment strategies in postwar Britain?
How did trade unions impact the British economy during the postwar period?
How did trade unions impact the British economy during the postwar period?
Which factor contributed to Britain's hegemonic power over international economic trends?
Which factor contributed to Britain's hegemonic power over international economic trends?
What was a significant effect of industrial machinery on skilled craft workers during the mid-eighteenth century?
What was a significant effect of industrial machinery on skilled craft workers during the mid-eighteenth century?
How did the export orientation of Britain contribute to its economic growth by 1800?
How did the export orientation of Britain contribute to its economic growth by 1800?
What role did the British navy play in securing overseas markets?
What role did the British navy play in securing overseas markets?
By 1870, what proportion of world trade was represented by British trade?
By 1870, what proportion of world trade was represented by British trade?
Which of the following best describes Britain's status by the end of Queen Victoria's reign in 1900?
Which of the following best describes Britain's status by the end of Queen Victoria's reign in 1900?
What distinguished Britain's economic empire by 1900?
What distinguished Britain's economic empire by 1900?
What international coalition did Britain participate in during the early nineteenth century?
What international coalition did Britain participate in during the early nineteenth century?
Which country was not directly ruled by Britain during its imperial expansion?
Which country was not directly ruled by Britain during its imperial expansion?
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Study Notes
British Hegemony
- Britain's economic growth in the 18th and 19th centuries relied heavily on foreign markets, making it an export-oriented economy.
- This reliance on overseas trade led British leaders to aggressively expand the empire, securing markets and resources.
- The British navy played a crucial role in securing these markets, making Britain the dominant military and economic power globally.
- In the early 19th century, Britain led the alliance against Napoleon, further solidifying its dominant position.
- By 1870, Britain controlled nearly a quarter of global trade.
- By 1900, Queen Victoria ruled an empire encompassing 25% of the world's population.
- Britain directly governed over 50 countries, including India and Nigeria.
- Britain also established an extensive economic empire, influencing independent states, including China, Iran, and Brazil.
- This control over alliances, international economic order, and domestic political development in other countries solidified Britain's position as a global hegemon.
- Britain's global power fueled industrial growth at home, as domestic industries heavily depended on world markets.
Industrial Change and Voting Rights
- The Industrial Revolution shifted economic power from landowners to businessmen and industrialists.
- This shift led to tremendous industrial disputes, including demands for worker pensions, healthcare, unemployment insurance, and aid for the poor.
- The government responded by fragmenting the trade union movement and resisting worker demands for control over production.
Laissez-Faire and Interventionism
- This government manipulation of the economy contradicted the principle of laissez-faire, advocating for minimal government intervention in the market.
- The Great Depression of the 1930s and World War II further heightened the tension between free-market principles and interventionist practices.
- The fear of depression and the desire for a better life after the war led to an expanded role of the state and a period of political harmony in Britain.
- The Industrial Revolution, fueled by industrial machinery, led to a decline in skilled craft workers, placing them on the margins of society.
Labor Productivity and Trade
- Britain's labor productivity outpaced other nations in the world economy, as shown in Table 2.2.
- The table highlights Britain's leading position in world trade from 1870 to 1938.
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