The 19th Century 1815-1914


 
 
Concept Explanation
 

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

  •  As food prices fell, consumption in Britain increased. From the mid-19th century, faster industrial growth in Britain led to higher incomes and more demand for food.
  • Around the world in Eastern Europe, Russia, America and Australia, land was cleared to cultivate more food grains to meet the increasing demand of Britain.
  • New railways and harbours were needed to export agricultural products.
  • Increasing number of workers needed more homes and settlements. All these activities required capital and labour.
  • Capital flowed from financial centres such as London.
  • Due to the demand for labour, nearly 50 million people emigrated from Europe to America and Australia in the 19th century.
  • All over the world, about 150 million people have migrated in search of a better life.
  • By the 1890, a global agricultural economy had developed. It was accompanied by changes in patterns of labour migration, capital flows and technology.
  • Sometimes; food came from thousands of miles away by railways or ships. All these works were done by low-paid workers from Southern Europe, Asia, Africa and the Caribbean.
  • Some of this dramatic change, though scale, occurred in West Punjab. In India, the British rulers transformed Punjab into a fertile agricultural land by developing irrigation system for growing wheat and cotton for export. The Canal colonies as these areas were generally called, were settled by peasants from other parts of Punjab.
  • 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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