The 19th Century 1815-1914
The 19th Century 1815-1914
THE 19th CENTURY (1815-1914): In the 19th century, economic, political, social, cultural and technological factors interacted in complex ways. It changed the society and reshaped its external relations immensely. . Economists identify three types of movement or flows within international economic exchanges.
(i) The flow of trade in goods, (especially cloth and wheat).
(ii) The flow of labour due to migration of people in search of employment.
(iii) The movement of capital for short-term or long-term investments over long distances.
All three flows were closely interwoven and affected peoples' lives significantly. The 19th century world economy can be understood better by looking at the three flows together.
A World Economy Takes Shape: Industrialisation and population growth had increased the demand for foodgrains in Britain in the late 18th century. This situation raised up the foodgrain prices.
Corn Laws: Due to pressure from the landowners, the government restricted the import of corn. These laws were commonly known as Corn Laws. After the introduction of the Corn Laws, food prices became exorbitant. Industrialists an people living in towns were unhappy with high good prices- They forced the British Government to abolish the Corn Laws.
Abolition of the Corn Laws: After the abolition of the Corn Laws, food could be imported into Britain at much cheaper rate than before.British agriculture was unable to compete with imports. Vast areas of land were uncultivated and thousands of people lost their livelihood. They came to the cities in search of works or migrated overseas.
Effects of Abolition of the Corn Laws: The effects of abolition of Corn Laws were
At that time, the cultivation of cotton and rubber increased largely for supply to British textile mills and other industries. Regional commodities developed so fast that between 1820 and 1914, world trade had multiplied 25 to 40 times. At this time, almost 60 per cent of world trade consisted of trade in primary products like crops (e.g. wheat, cotton) and minerals (e.g. coal).
#interwoven :- To twist or weave together .
#exorbitant :- Going far beyond what is fair , reasonable to high , expensive etc .
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