Economic History 1815-1914
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Questions and Answers

What was the outcome of the Congress of Vienna?

  • The collapse of the European economy
  • The rise of Napoleon's empire
  • A century of wars among European powers
  • A balance of power among European powers (correct)
  • What was the primary change in the economic domain after 1815?

  • Reduced private investment
  • Exorbitant privileges to rulers' friends
  • Increased arbitrary expropriation by rulers
  • Secure property rights for a large cross-section of society (correct)
  • What was the consequence of the defeat of Napoleon at Waterloo?

  • The continuation of wars and political turmoil
  • The collapse of the global economy
  • The end of two decades of wars and political turmoil (correct)
  • The rise of a new European empire
  • What was the dominant economic policy in Europe during the free-trade era?

    <p>Free trade</p> Signup and view all the answers

    What was the role of Great Britain in the international economy during the 19th century?

    <p>The financial and economic leader</p> Signup and view all the answers

    What was the outcome of the Congress of Vienna in terms of international relations?

    <p>A century of peaceful international relations</p> Signup and view all the answers

    What benefit does a system based on fixed exchange rates provide to international transactions?

    <p>Eliminates exchange-rate risk</p> Signup and view all the answers

    What is the estimated increase in bilateral trade between two countries going on gold?

    <p>30%-70%</p> Signup and view all the answers

    Why did many countries choose gold as their standard?

    <p>Due to the international role of Great Britain and the pound</p> Signup and view all the answers

    What was the key role of the pound in the international financial system?

    <p>As the most commonly used international means of payment</p> Signup and view all the answers

    What was the role of the City in the international financial system?

    <p>As an international financial center</p> Signup and view all the answers

    By the early 20th century, what percentage of world trade was attributed to Europe?

    <p>62%</p> Signup and view all the answers

    What innovation in shipbuilding led to shorter travel times and larger cargo capacities?

    <p>Steamships</p> Signup and view all the answers

    What facilitated the growth of international capital flows in the late 19th century?

    <p>Peaceful international relations</p> Signup and view all the answers

    Which country was the first to adopt the gold standard?

    <p>Great Britain</p> Signup and view all the answers

    What was the result of more countries adopting the gold standard?

    <p>An international monetary system</p> Signup and view all the answers

    What was the approximate length of overland lines by 1862?

    <p>150,000 miles</p> Signup and view all the answers

    What was the primary goal of the economic policies of European powers from 1500 to 1800?

    <p>To increase military power and extend territorial control</p> Signup and view all the answers

    What was the significant outcome of the industrial revolution?

    <p>A sustained increase in output per capita and productivity</p> Signup and view all the answers

    What happened to the relationship between monarchs and markets after the industrial revolution?

    <p>The relationship was turned on its head, with markets gaining more power</p> Signup and view all the answers

    What was the significance of the repeal of the Corn Laws in 1846?

    <p>It symbolized the shift towards free trade</p> Signup and view all the answers

    Why did industrialists support free trade?

    <p>To eliminate import duties and lower production costs</p> Signup and view all the answers

    What was the outcome of the Cobden-Chevalier treaty in 1860?

    <p>The suppression of import tariffs on British textiles</p> Signup and view all the answers

    What was the significance of the most-favored nation (MFN) clause?

    <p>It led to rapid trade liberalization</p> Signup and view all the answers

    What was the impact of trade liberalization on international trade?

    <p>It stimulated international trade growth</p> Signup and view all the answers

    What was the exception to the adoption of free trade policies in the 19th century?

    <p>Austria-Hungary and Russia</p> Signup and view all the answers

    What was the outcome of trade openness on domestic industries?

    <p>It forced domestic industries to restructure and reorganize</p> Signup and view all the answers

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