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Trade (Section C) - Coggle Diagram
Trade (Section C)
Abolition of slave Trade 1807
Remained in the West Indies until 1834
Many realised paid workers were better uncaptivated
Was not extended to the rest of the empire until 1833
GB benefit from slave trade indirectly until American Civil War
Trade was already in decline due to loss in profits + disease
Adam Smith 'Wealth of Nations' 1776
Mercantilist thinking
Not tried until 1779 in Ireland
Created a new economic model
Not implemented until 1842
Free Trade 1842 - 1846
Abolished the Corn Laws + Sugar Duties
Faced hostilities among some merchants + farmers
Abolished protectionism tariffs
Slow process - wealth of actions was 1776 - Importation Act Peel election
Zanzibar 1890
Used to police some slave traders
Prevented German expansion
some spices + Ivory trade
Geopolitical rather than economic
Loss of American Colonies 1783
Trade was back to normal with America within 5 years
America remains biggest exporter to Britain
Forced merchants to look East for new markets
Singapore 1819
11 million Spanish dollars filed through by 1824
Motivated by private individuals (Raffles) + challenged Dutch at Jakarta
First Entrepot - inspired later examples like Hong Kong
Hong Kong 1842
Treaties of Nanking signed
80 million opium now in China
Private gunboat diplomacy could work to force access
Wei-Hai 1898
Great Game with Russia
No economic value
Geopolitical
Tariff Reform League 1903
lost the election by a landslide
Free trade finally wins the argument
Chamberlain's idea - does not work
Navigation Act 1849
Largely symbolic and had been ignored for decades
Prioritised trade over defence when appealed
Suez Canal 1875
Speed up existing trade
80% British traffic
Shanghai 1842
Sits at the mouth of the Yangtze River - trade now possible with mainland China