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ECONOMY - Coggle Diagram
ECONOMY
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CONTEXT
1846 Repeal of the Corn Laws led to tariffs on imports which led to a belief that this would reduce grain prices however prices continued to rise due to commitment to free trade
1800s Britain dominated the world of agriculture producing 40% of the worlds traded manufactured goods
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DEPRESSION
Unemployment
Decline in rate of production in major industries ->fall in prices -> fall in profit margins -> workers being laid off
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Industrial developments meant less farmers and agricultural workers were needed - decline from 1 million to 600,000 between 1871 and 1900
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