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The development of imperialism, c1857- c1890: Trade and commerce (Trade…
The development of imperialism, c1857- c1890: Trade and commerce
Trade and commerce:
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London: financial capital, investment grew, sterling main currency
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‘Industrial empire’- imperial trade, investment grew, colonies provided foodstuffs, raw materials which finished goods
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Trade British: trading patterns well established, common language, common currency, common system commercial law
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19th century: British trade free government trading restrictions, government active supporting free trade agreements e.g. resort threats or outright coercion
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19th century: protectionist system dismantled, under influence new theories ‘free trade’
18th century: trade/ commerce regulated system of ‘mercantilism’- colonies obliged send produce Britain, buy British manufactured goods, use British ships both imports and exports
Closer look:
First Colonial Conference of 1887: issue of whether there should be special trading preference between colonies ('free trade empire') BUT turned down by Britain
Britain adopted free trade, no internal free trade between colonies/ self-governing 'settler' colonies permitted adopt protective tariff systems of their own
Canada (1859)/ Australia (1860s): impose tariffs against imported manufactures from 1850s to protect growing industries
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Britain, the world's foremost trading nation
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Britain's factories producing heavy iron goods and textiles for global market (e.g. railway stock/ clothing and buckles)
Tropical goods came to Britain from plantations of West Indies, Malayan Straits settlements and West Africa, minerals/ wool from Australia, raw cotton from India and timber/ wheat from Canada
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