PSCI 2602 Lecture Notes - Lecture 4: Pax Britannica, Corn Laws, Stock Market
22 Apr 2016
School
Department
Course
Professor
Document Summary
In search for access to more products to sustain consumption needs and raw materials. Meet and sustain need for oversea goods. Attempts to establish trade connection and monopoly. Access to raw materials and future foreign markets for their products. New pattern of labor organization: the factory system. The government becomes more liberal: o o. 1st phase of the revolution started to slow down in the 1830"s and 40"s. 2nd phase of revolution was 1840"s to 90"s. Rapid industrialization of other western powers (and japan) Germany and the usa surpass britain in production by 1890"s. New forms of investment appear: o o o. Features of a financial market (not yet invented) Britain is the most dominant global power from 1820"s to 1914. Countries fixed national currency to gold and committed o maintain that rate. Benefits were stability in international trade, investment, and finance o. 1846 was the repeal of the corn law. British interest was competitive edge and large markets.
