Economic History 1815-1914

Play an AI-generated podcast conversation about this lesson

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?

Free trade Signup and view all the answers

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

The financial and economic leader Signup and view all the answers

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

A century of peaceful international relations Signup and view all the answers

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

Eliminates exchange-rate risk Signup and view all the answers

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

30%-70% Signup and view all the answers

Why did many countries choose gold as their standard?

Due to the international role of Great Britain and the pound Signup and view all the answers

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

As the most commonly used international means of payment Signup and view all the answers

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

As an international financial center Signup and view all the answers

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

62% Signup and view all the answers

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

Steamships Signup and view all the answers

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

Peaceful international relations Signup and view all the answers

Which country was the first to adopt the gold standard?

Great Britain Signup and view all the answers

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

An international monetary system Signup and view all the answers

What was the approximate length of overland lines by 1862?

150,000 miles Signup and view all the answers

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

To increase military power and extend territorial control Signup and view all the answers

What was the significant outcome of the industrial revolution?

A sustained increase in output per capita and productivity Signup and view all the answers

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

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

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

It symbolized the shift towards free trade Signup and view all the answers

Why did industrialists support free trade?

To eliminate import duties and lower production costs Signup and view all the answers

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

The suppression of import tariffs on British textiles Signup and view all the answers

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

It led to rapid trade liberalization Signup and view all the answers

What was the impact of trade liberalization on international trade?

It stimulated international trade growth Signup and view all the answers

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

Austria-Hungary and Russia Signup and view all the answers

What was the outcome of trade openness on domestic industries?

It forced domestic industries to restructure and reorganize Signup and view all the answers