What time period does the trade study cover
1763-1914
What does it mean to say the British Empire ran as a Mercantilist System
An economic system where the colonies were there to create wealth for the ‘Mother Country’ as they provided raw materials for British use, and a market to sell British goods to.
-For example raw cotton was shipped to Britain then woven into cloth to be sold back to the colonies.
What was the ‘Wealth of Nations’
A publication by Adam Smith in 1776 that challenged Mercantilism. It opposed the idea that wealth was silver and gold but rather the stream of goods and services it creates. The way to maximise it was not to restrict the nation’s productive capacity but to set it free
When William Pitt became PM what was the extent of smuggling as a problem
What did Pitt do about the issue of smuggling
He reduced duties to make the temptation no longer adequate to the risk
- Tea duties went from 119% to 25%
- Duties were also reduced on wines, spirits and tobacco
- By 1789, quantity of tea passing through customs had doubled.
- By 1792, the governments revenue had increased by £3M as a result of legal increased consumption
Trade in Cotton
Affect of Coal on Trade
Trade in textiles
Trade items with South America
Trade items with Canada
Trade items with the US
Trade items with Carribean
Imported sugar, cocoa beans
Trade items with India
Trade items with the Far East
-Exported: initially wool and cotton goods but this created a trade imbalance which was dealt with through the export of Indian grown opium to China
- Imported: tea, silk, porcelain
Slave Trade key points
Products of the Slave Trade
What products were traded for slaves
What years was the 7 year war
1756-63
What year was the Sugar Act
1764
What year was the Currency Act
1764
What year was the first Quartering Act
1765
What year was the Stamp Act
1765
What year was the Stamp Act repealed
1766
What year was the Declaratory Act
1766