This is a history of the economy of Britain. This article needs to be cleaned up to conform to a higher standard of quality. ... British military history is a long and varied topic, extending from the prehistoric and ancient historic period, through the Roman invasions of Julius Cæsar and Claudius and subsequent Roman occupation; warfare in the Mediaeval period, including the invasions of the Saxons and the Vikings in the Early Middle Ages... The History of British society demonstrates innumerable changes over the many centuries since prehistoric times, just as all human society has developed. ...

Early history

In Britain's earliest history agriculture was overwhelmingly dominant. The most important export was cassiterite, which gave the country its name (cassiterite being called tin in Anglo Saxon). Much of the impetus behind the Roman invasion of Britain was the desire to control the exports of this useful metal. Cassiterite is a tin oxide mineral, SnO2. ... The Anglo-Saxons refers collectively to the groups of Germanic tribes who achieved dominance in southern Britain from the mid-5th century, forming the basis for the modern English nation. ... Roman invasion of Britain: Britain was the target of invasion by forces of the Roman Republic and Roman Empire several times during its history. ...

Middle ages

Initially started to support William the Conqueror's (c. 1029-1087) holdings in France, England's policy of active involvement in continental European affairs endured for several hundred years. William I ( 1027 – September 9, 1087), was King of England from 1066 to 1087. ... Events Births July 2 - Caliph Al-Mustansir of Cairo (d. ... Events May 9 - The remains of Saint Nicholas were brought to Bari. ... Motto: (French for God and my right) Anthem: Multiple unofficial anthems Capital London Largest city London Official language(s) English (de facto) Government Constitutional monarchy  - Queen Queen Elizabeth II  - Prime Minister Tony Blair MP Unification    - by Athelstan AD 927  Area    - Total 130,395 km² (1st in UK)   50,346 sq... This article is about the continent. ...

The Black Death which has become more recently known as the Black Plague, struck England and Europe particularly hard during the 14th Century and its effects were felt well into the 15th Century. England also suffered from a bullion famine as the silver mines of Europe either closed or fell to the Ottoman Empire, as in Serbia. By the end of the 14th century, foreign trade, originally based on wool exports to Europe, had emerged as a cornerstone of national policy. Illustration of the Black Death from the Toggenburg Bible (1411). ... World map showing Europe Political map (neighboring countries in Asia and Africa also shown) Europe is one of the seven traditional continents of the Earth. ... This 14th-century statue from south India depicts the gods Shiva (on the left) and Uma (on the right). ... (14th century - 15th century - 16th century - other centuries) As a means of recording the passage of time, the 15th century was that century which lasted from 1401 to 1500. ... A precious metal is a rare metallic element of high, durable economic value. ... General Name, Symbol, Number silver, Ag, 47 Chemical series transition metals Group, Period, Block 11, 5, d Appearance lustrous white metal Atomic mass 107. ... now. ... Motto: none Anthem: Bože pravde (English: God of Justice) Capital Belgrade Largest city Belgrade Official language(s) Serbian1 Government Republic  - President Boris Tadić  - Prime Minister Vojislav KoÅ¡tunica Formation and independence    - Formation of Serbia 814   - Formation of the Serbian Empire 1345   - Independence from the Ottoman Empire July 13, 1878... See Alpaca wool, Angora wool (of rabbits) and Cashmere wool (of goats) for information about other wools. ... World map showing Europe Political map (neighboring countries in Asia and Africa also shown) Europe is one of the seven traditional continents of the Earth. ...

England conducted extensive trade with the Low Countries and Italy, exporting vast quantities of wool to those countries' textile industries. For many years England did not have the skilled workforce or the population density to itself participate in manufacturing, but turmoil on the continent as a result of the end of the Italian Renaissance and the wars of religion caused by the Protestant Reformation led to an influx of skilled dyers and weavers. By the 17th century England was a leader in textile production. The Low Countries, the historical region of de Nederlanden, are the countries (see Country) on low-lying land around the delta of the Rhine, Scheldt, and Meuse (Maas) rivers. ... The Italian Renaissance began the opening phase of the Renaissance, a period of great cultural change and achievement in Europe that spanned the period from the end of the 14th century to about 1600, marking the transition between Medieval and Early Modern Europe. ... The Protestant Reformation, also referred to as the Protestant Revolution or Protestant Revolt, was a movement in the 16th century to reform the Catholic Church in Western Europe. ... (16th century - 17th century - 18th century - more centuries) As a means of recording the passage of time, the 17th century was that century which lasted from 1601-1700. ...

In contrast Scotland's main trading partners were France and the Baltic towns of the Hanseatic League. Motto: (Latin for No one provokes me with impunity)1 Anthem: Multiple unofficial anthems Capital Edinburgh Largest city Glasgow Official language(s) English, Gaelic, Scots2 Government Constitutional monarchy  - Queen of the UK Queen Elizabeth II  - Prime Minister of the UK Tony Blair MP  - First Minister Jack McConnell MSP Unification    - by... The Baltic Sea The Baltic region (sometimes briefly The Baltics) is an ambiguous term used to denominate an arbitrary region connected to the Baltic Sea (also called The Baltics). ... Carta marina of the Baltic Sea region (1539). ...

England had long been a naval power, dependent on a fleet for the defence of the British Isles. The revolution in ship design of the Age of Navigation aided this immensely. For the first time ships were large and sturdy enough to safely ply the Atlantic Ocean, and the oceanic trade became the primary one in Europe, replacing the Mediterranean trade as wealth shifted from southern to western Europe. It has been suggested that this article or section be merged into British and Irish Isles. ... The Mediterranean Sea is an intercontinental sea positioned between Europe to the north, Africa to the south and Asia to the east, covering an approximate area of 2. ...

Slavery and overseas expansion

In 1562 John Hawkins (also Hawkyns), a pirate and also a cousin of Francis Drake, was given permission by Queen Elizabeth I to take Africans and sell them as slaves. On his voyages, Hawkins encountered several disputes with the Spanish and Portuguese over slave trading rights, animosity between British, Spanish and Portuguese slave traders was bitter. Hawkins helped secure the defeat of the Spanish Armada in 1588 which firmly established England as the major slave trade power. Britain's interests outside Europe grew steadily. It was also attracted by the spice trade, English mercantile interests spread first to the Far East. In search of an alternate route to the Spice Islands, John Cabot reached the North American continent in 1498. John Hawkins For the biographer of Dr. Samuel Johnson, see Sir John Hawkins. ... The Spanish Armada or Great/Grand Armada (Old Spanish: Grande y Felicísima Armada, large and most fortunate navy; but called by the English, with ironic intention, la Armada Invencible, the Invincible Fleet) refers to the Spanish-controlled fleet which sailed against England in 1588, with the intention of escorting... 1588 was a leap year starting on Friday of the Gregorian calendar or a leap year starting on Monday of the Julian calendar. ... World map showing Europe Political map (neighboring countries in Asia and Africa also shown) Europe is one of the seven traditional continents of the Earth. ... Spices at the central market of Agadir, Morocco in May 2005 The spice trade has been of major economic importance throughout human history and it particularly helped spur the Age of Exploration. ... Far East is an inexact term often used for East Asia and Southeast Asia combined, sometimes including also the easternmost territories of Russia, i. ... Spice Islands most commonly refers to the Maluku Islands (formerly the Moluccas), which lie on the equator, between the Celebes and the New Guinea islands in what is now Indonesia. ... Giovanni Caboto. ... World map showing North America A satellite composite image of North America. ... To meet Wikipedias quality standards, this article or section may require cleanup. ... 1498 was a common year starting on Saturday (see link for calendar) of the Gregorian calendar. ...

The usual British practice was to take control of an area and rule it with a governor supported by military forces. In most colonies fewer than 1% of the people were British (that is, the administrators, soldiers, traders and missionaries); they were on temporary duty and concentrated in a few leading cities. Beginning about 1600 an entirely different approach began in selected areas, whereby large numbers of British settlers moved permanently to a new area, raising families and creating a new society that was a replica of village life in the motherland. Thus Sir Walter Raleigh set up the first colony on Roanoke Island in 1584, but its 100 or so residents mysteriously disappeared in 1587. The first surviving English settlement began in 1607 at Jamestown, Virginia. During the next two centuries, England, and after the 1707 Act of Union, Britain, extended its influence abroad and consolidated its political development at home. Alternatively, Professor Walter Raleigh was a scholar and author circa 1900. ... A map of the Roanoke area, by John White Roanoke Island is an island in the Outer Banks of North Carolina, United States. ... 1584 was a leap year starting on Sunday of the Gregorian calendar or a leap year starting on Wednesday of the Julian calendar. ... This article or section does not cite its references or sources. ... Events January 1 - John V is crowned King of Portugal March 26 - The Acts of Union becomes law, making the separate Kingdoms of England and Scotland into one country, the Kingdom of Great Britain. ... The Acts of Union were twin Acts of Parliament passed in 1707 (taking effect on 26 March) by the Parliament of England and the Parliament of Scotland. ...

Great Britain, through the wealth generated by its extensive slave (and slave-related) trading, its cut-throat competition with the Dutch (which lead to a series of Anglo-Dutch Wars). British leadership in the Industrial Revolution produced the wealth and the new technology--especially steamships and telegraphy--that facilitated the creation and routine maintenance of a worldwide empire. Meanwhile London developed a system of finance and insurance that provided the economic basis for trade, shipping and imperial administration. British scientists played a role--inventing new navigation aids, for example, and in botany investigating all sorts of exotic plants for their economic value. The painting Dutch attack on the Medway, June 1667 by Pieter Cornelisz van Soest, painted c. ... A Watt steam engine in Madrid. ...

The organizational skills and new wealth enabled Britain to defeat its great continental rival, Napoleon's France. By the end of the Napoleonic Wars in 1815, Britain was the foremost global power; the Royal Navy ruled the waves. Peace in Europe allowed the British to focus their interests on more remote parts of the world and in by 1900 the British Empire reached its peak. The reign of Queen Victoria (1837-1901) witnessed the spread of British technology, commerce, language, and government throughout the world. The Empire at its height encompassed roughly one quarter of the world's area and population. British colonies contributed to Britain's extraordinary economic growth and strengthened its voice in world affairs, but they were expensive and probably were a net economic loss to the mother country. For other uses, see Napoleon (disambiguation). ... Combatants Allies: • Great Britain/United Kingdom, • Prussia, • Austria, • Sweden, • Russia, • and Others • France • Denmark-Norway • Poland Casualties Full list The Napoleonic Wars consisted of a series of wars fought during Napoleon Bonapartes rule over France. ... The Battle of New Orleans 1815 was a common year starting on Sunday (see link for calendar). ... The Royal Navy of the United Kingdom is the oldest of the British armed services (and is therefore the Senior Service). ... The British Empire in 1897, marked in pink, the traditional colour for Imperial British dominions on maps. ... Victoria (Alexandrina Victoria; 24 May 1819 – 22 January 1901) was the Queen of the United Kingdom of Great Britain and Ireland from 20 June 1837, and the first Empress of India from 1 January 1877, until her death in 1901. ... | Queen Victoria, Queen of the United Kingdom (1837 - 1901) 1837 was a common year starting on Sunday (see link for calendar). ... 1901 (MCMI) was a common year starting on Tuesday (see link for calendar) of the Gregorian calendar (or a common year starting on Wednesday of the 13-day-slower Julian calendar). ...

The age of mercantilism

The basis of the British Empire was founded in the age of mercantilism, an economic theory that stressed maximizing the trade inside the empire, and trying to weaken rival empires. The modern British Empire was based upon the preceding English Empire which first took shape in the early 17th century, with the English settlement of the eastern colonies of North America, which would later become the original United States, as well as Canada's Maritime provinces, and the colonisations of the smaller islands of the Caribbean such as Trinidad and Tobago, the Bahamas, Barbados, and Jamaica. A painting of a French seaport from 1638, at the height of dookie mercantilism. ... The British Empire in 1897, marked in pink, the traditional colour for Imperial British dominions on maps. ... World map showing North America A satellite composite image of North America. ... The Maritimes or Maritime provinces are a region of Canada on the Atlantic coast, consisting of New Brunswick, Nova Scotia and Prince Edward Island. ... World map depicting Caribbean: West Indies redirects here. ...

These sugar plantation islands, where slavery became the basis of the economy, were part of Britain's most important and successful colonies. The American colonies also utilized slave labour in the farming of tobacco, cotton, and rice in the south. Naval material and furs in the north were less financially successful, but had large areas of good agricultural land and attracted far larger numbers of British immigrants who would also utilize slave labor to farm agricultural commodities. Magnification of typical sugar In non-scientific use, the term sugar means sucrose, also called table sugar or saccharose, a white crystalline solid disaccharide. ... To meet Wikipedias quality standards, this article or section may require cleanup. ... on tobacco usage see Tobacco smoking Species Nicotiana acuminata Nicotiana alata Nicotiana attenuata Nicotiana benthamiana Nicotiana clevelandii Nicotiana excelsior Nicotiana forgetiana Nicotiana glauca Nicotiana glutinosa Nicotiana langsdorffii Nicotiana longiflora Nicotiana obtusifolia Nicotiana paniculata Nicotiana plumbagifolia Nicotiana quadrivalvis Nicotiana repanda Nicotiana rustica Nicotianasuaveolens Nicotiana sylvestris Nicotiana tabacum Nicotiana tomentosa Ref: ITIS... Cotton ready for harvest. ... Species Oryza glaberrima Oryza sativa Rice refers to two species (Oryza sativa and Oryza glaberrima) of grass, native to tropical and subtropical southern & southeastern Asia and to Africa, which together provide more than one fifth of the calories consumed by humans[1]. (The term wild rice can refer to wild...

Britain's American empire was slowly expanded by war and colonization. The ever growing American colonies pressed westward in search of new agricultural lands. Conflict arose with the Dutch over trade and empire; First Anglo-Dutch War (1652 - 1654); Second Anglo-Dutch War (1665 - 1667); Third Anglo-Dutch War (1672 - 1674); England gained control of New Amsterdam, which was renamed New York, but ceded Suriname. They defeated the French, first expanding their hold over the maritime provinces. Then during the Seven Years' War the British defeated the French at the Plains of Abraham and captured all of New France in 1760. This gave Britain control over almost all of North America. Fourth Anglo-Dutch War (1780 - 1784); Anglo-Dutch Treaty of 1814; Anglo-Dutch Treaty of 1824. This article or section does not cite its references or sources. ... The Royal Prince and other vessels at the Four Days Fight, 11–14 June 1666 by Abraham Storck depicts a battle of the Second Anglo-Dutch War. ... The Battle of Texel, 11–21 August 1673 by Willem van de Velde, the younger, painted 1683, depicts a battle of the Third Anglo-Dutch War. ... New Amsterdam (Dutch: Nieuw Amsterdam) was the name of the 17th century fortified settlement on Manhattan Island in the New Netherland territory (1614-1674) situated originally between 38 and 42 degrees latitude. ... Official language(s) English de facto Capital Albany Largest city New York City Area  Ranked 27th  - Total 54,520 sq mi (141,205 km²)  - Width 285 miles (455 km)  - Length 330 miles (530 km)  - % water 13. ... Combatants Prussia, , Great Britain, , Hanover, Hesse-Kassel, Brunswick, , Ireland, , Portugal , Austria, , France, , Russia, Saxony, , Sweden, , Spain The Seven Years War (1754 and 1756–1763), some of the theatres of which are called the Pomeranian War and the French and Indian War (see below), was a war in the mid-18th... The Battle of the Plains of Abraham, fought September 13, 1759, was a decisive battle during the French and Indian War, the U.S. name for the North American phase of the Seven Years War. ... New France (French: la Nouvelle-France) describes the area colonized by France in North America during a period extending from the exploration of the Saint Lawrence River, by Jacques Cartier in 1534, to the cession of New France to the Kingdom of Great Britain in 1763. ... 1760 was a leap year starting on Tuesday (see link for calendar). ... World map showing North America A satellite composite image of North America. ... At the end of the 18th century, unrest was growing in the Netherlands. ... The Anglo-Dutch Treaty of 1814, also known as the Convention of London (one of several) was a treaty signed between the United Kingdom and the United Provinces in London on August 13, 1814. ... The Anglo-Dutch Treaty of 1824, also known as the Treaty of London (one of several), was a treaty signed between the United Kingdom and the United Kingdom of the Netherlands in London on March 17, 1824. ...

The Industrial Revolution

It has been suggested that this section be split into a new article entitled Economy of Britain during the Industrial Revolution. (Discuss)

Slave trading had generated astounding wealth for Britain. In the late eighteenth and early nineteenth century a series of technological advances led to the Industrial Revolution. Britain's position as the world's pre-eminent trader helped fund research and experimentation. The nation was also gifted by some of the world's greatest reserves of coal, the main fuel of the new revolution. Image File history File links Splitsection. ... A Watt steam engine in Madrid. ... Coal Coal is a fossil fuel extracted from the ground by underground mining or open-pit mining (surface mining). ...

It was also fueled by a rejection of mercantilism in favour of The predominance of Adam Smith's laissez-faire capitalism. The fight against Mercantilism was led by a number of liberal thinkers, such as Richard Cobden, Joseph Hume, Francis Place and John Roebuck. Adam Smith, FRSE, (baptised and probably born June 5, 1723 O.S. (June 16 N.S.) – July 17, 1790) was a Scottish political economist and moral philosopher. ... Laissez-faire is short for laissez faire, laissez passer, a French phrase meaning to let things alone, let them pass. First used by the eighteenth century Physiocrats as an injunction against government interference with trade, it is now used as a synonym for strict free market economics. ... Capitalism is an economic system in which the means of production are mostly privately owned, and capital is invested in the production, distribution and other trade of goods and services, for profit in a competitive free market. ... Liberalism is an ideology, philosophical view, and political tradition which holds that liberty is the primary political value. ... Richard Cobden Richard Cobden (June 3, 1804 – April 2, 1865) was an a British manufacturer and Radical and Liberal statesman, associated with John Bright in the formation of the Anti-Corn Law League. ... Joseph Hume (January 22, 1777 - February 20, 1855) was a British doctor and politician, born in Montrose, Scotland. ... Francis Place (3rd November, 1771 - 1st January, 1854) was an early supporter of contraceptives, and a radical of the early nineteenth century who befriended and supported many important figures, including Joseph Hume, Sir Francis Burdett, and Jeremy Bentham. ... This article is about the English inventor. ...

The Industrial Revolution saw a rapid transformation in the British economy and society. Previously large industries had to be near forests or rivers for power. The use of coal-fuelled engines allowed them to be placed in large urban centres. These new factories proved far more efficient at producing goods than the cottage industry of a previous era. These manufactured goods were sold around the world, and raw materials and luxury goods were imported to Britain. The use of the term has expanded, and is used to refer to any event which allows a large number of people to lalalawork part time. ...

During the Industrial Revolution the empire became less important and less well-regarded. The British defeat in the American War of Independence (1775-1783) deprived it of one of its most populous colonies. This loss of the southern American colonies was coupled with a realisation that colonies were not particularly economically beneficial. It was realised that the costs of occupation of colonies often exceeded the financial return to the taxpayer. In other words, formal empire afforded no great economic benefit when trade would continue whether the overseas political entities were nominally sovereign or not. The American Revolution helped demonstrate this by showing that Britain could still control trade with the colonies without having to pay for their defence and governance. Capitalism encouraged the British to grant their colonies self-government. The end of the old colonial system was most evident in the repeal of the Corn Laws, the agricultural subsidies on colonial grain. The end of these laws opened the British market to unfettered competition, grain prices fell, and food became more plentiful. The repeal greatly injured Canada, however, whose grain exports lost a great deal of their profitability. The American Revolutionary War (1775–1783), also known as the American War of Independence, was a war fought primarily between Great Britain and revolutionaries within thirteen of her North American colonies. ... 1775 was a common year starting on Sunday (see link for calendar). ... 1783 was a common year starting on Wednesday (see link for calendar). ... The Corn Laws, in force between 1815 and 1846, were import tariffs ostensibly designed to protect British farmers and landowners against competition from cheap foreign grain imports. ...

Some argue that this push for free trade was merely because of Britain economic position and was unconnected with any true philosophic dedication to free trade. Roughly between the Congress of Vienna and the Franco-Prussian War, Britain reaped the benefits of being the world's sole modern, industrialised nation. Following the defeat of Napoleon, Britain was the 'workshop of the world', meaning that its finished goods were produced so efficiently and cheaply that they could often undersell comparable, locally manufactured goods in almost any other market. If political conditions in a particular overseas markets were stable enough, Britain could dominate its economy through free trade alone without having to resort to formal rule or mercantilism. Britain was even supplying half the needs in manufactured goods of such nations as Germany, France, Belgium, and the United States. The Congress of Vienna by Jean-Baptiste Isabey, 1819. ... Combatants Second French Empire North German Confederation allied with south German states (later German Empire) Commanders Napoleon III Helmuth von Moltke Strength 500,000[citation needed] 550,000[citation needed] Casualties 150,000 dead or wounded 284,000 captured 350,000 civilian [citation needed] 100,000 dead or wounded 200... For other uses, see Napoleon (disambiguation). ...

Britain, in this sense, continued to adhere to the Cobdenite notion that informal colonialism was preferable — the established consensus among industrial capitalists during the age of Pax Britannica between the downfall of Napoleon and the Franco-Prussian War.

Sovereign areas already hospitable to informal empire largely avoided formal rule, even often during the shift to New Imperialism. China, for instance, was not a backward country unable to secure the prerequisite stability and security for western-style commerce, but a highly advanced empire unwilling to admit western (often drug-pushing) commerce, which may explain the West's contentment with informal 'Spheres of Influence'. China, unlike tropical Africa, was a securable market without formal control. A world map showing the continent of Africa. ...

The victory of forces of the British East India Company at Plassey (1757) opened the great Indian province of Bengal to British rule, though later (1770) famine exacerbated by massive expropriation of provincial government revenues aroused controversy at home. The nineteenth century saw Company rule extended across India after expelling the Dutch, French and Portuguese. Following the Indian Mutiny of 1858 India became a crown colony. The territory continued to expand as Ceylon (now Sri Lanka) and Burma were added to Britain's Asian territories, which extended further east to Malaya and (1841) to Hong Kong following a successful war in defence of the Company's opium exports to China. The British East India Company, sometimes referred to as John Company, was a joint-stock company which was granted an English Royal Charter by Elizabeth I on December 31, 1600, with the intention of favouring trade privileges in India. ... The Battle of Plassey was a battle that took place on June 23, 1757, near Plassey (Palashee (পলাশী) in Bengali), a small village on the Bhagirathi River (a distributary of Ganges River) located just north of Kolkata and south of Murshidabad in India. ... Bengal, known as Bôngo (Bengali: বঙ্গ), Bangla (বাংলা), Bôngodesh (বঙ্গদেশ), or Bangladesh (বাংলাদেশ) in Bangla, is a region in the northeast of South Asia. ... Alternative meaning: Nineteenth Century (periodical) (18th century — 19th century — 20th century — more centuries) As a means of recording the passage of time, the 19th century was that century which lasted from 1801-1900 in the sense of the Gregorian calendar. ... An engraving titled Sepoy Indian troops dividing the spoils after their mutiny against British rule gives a contemporary view of events from the British perspective. ... 1858 (MDCCCLVIII) is a common year starting on Friday of the Gregorian calendar (or a common year starting on Sunday of the 12-day-slower Julian calendar). ... Map of Peninsular Malaysia Peninsular Malaysia (Malay: Semenanjung Malaysia) is the part of Malaysia which lies on the Malay Peninsula, and shares a land border with Thailand in the north. ... Opium, or opïum is a narcotic analgesic drug which is obtained from the unripe seed pods of the opium poppy (Papaver somniferum L. or the synonym paeoniflorum). ...

Second Industrial Revolution

Main article: Second Industrial Revolution

During the First Industrial Revolution, the industrialist replaced the merchant as the dominant figure in the capitalist system. In the latter decades of the nineteenth century, when the ultimate control and direction of large industry came into the hands of financiers, industrial capitalism gave way to financial capitalism and the corporation. The establishment of behemoth industrial empires, whose assets were controlled and managed by men divorced from production, was a dominant feature of this third phase. The Second Industrial Revolution (1871–1914) involved significant developments for society and the world. ... Created by uploader using a popular Office program. ... Created by uploader using a popular Office program. ... Image File history File links Created by uploader using a popular Office program. ... Image File history File links Created by uploader using a popular Office program. ... The Industrial Revolution is the name given to the massive social, economic, and technological change in 18th century and 19th century Great Britain. ... Merchants function as professionals who deal with trade, dealing in commodities that they do not produce themselves, in order to produce profit. ... Capitalism is an economic system in which the means of production are mostly privately owned, and capital is invested in the production, distribution and other trade of goods and services, for profit in a competitive free market. ... Events and Trends Beginning of the Napoleonic Wars (1803 - 1815). ... Financier (IPA: /ˌfi nãn ˈsjei/) is an elegant term for a person who handles large sums of money, usually involving money lending, financing projects, large-scale investing, or large-scale money management. ... A corporation is a legal person which, while being composed of natural persons, exists completely separately from them. ...

New products and services were also introduced which greatly increased international trade. Improvements in steam engine design and the wide availability of cheap steel meant that slow, sailing ships could be replaced with steamships, such as Brunel's SS Great Western. Electricity and chemical industries also moved to the forefront. In many of these sectors Britain had far less of an edge than other powers such as Germany and the United States, who both rose to equal and even surpass Britain in economic heft. A steam engine is an external combustion heat engine that makes use of the thermal energy that exists in steam, converting it to mechanical work. ... The old steel cable of a colliery winding tower Steel is a metal alloy whose major component is iron, with carbon content between 0. ... Traditional wooden cutter beating. ... Paddle steamers - Lucerne-Switzerland Left: original paddlewheel from a paddle steamer on the lake of Lucerne. ... Brunel before the launching of the Great Eastern. ... The steamship SS Great Western (named for the Great Western Railway Company) was the first steamship purposely built for the Atlantic crossing. ... Lightning strikes during a night-time thunderstorm. ... Chemical engineering as a discipline is a little over a hundred years old. ...

Amalgamation of industrial cartels into larger corporations, mergers and alliances of separate firms, and technological advancement (particularly the increased use of electric power and internal combustion engines fuelled by coal and petroleum) were mixed blessings for British business during the late Victorian era. The ensuing development of more intricate and efficient machines along with monopolistic mass production techniques greatly expanded output and lowered production costs. As a result, production often exceeded domestic demand. Among the new conditions, more markedly evident in Britain, the forerunner of Europe's industrial states, were the long-term effects of the severe Long Depression of 1873-1896, which had followed fifteen years of great economic instability. Businesses in practically every industry suffered from lengthy periods of low — and falling — profit rates and price deflation after 1873. A cartel is a group of legally independent producers whose goal it is to fix prices, limit supplies and limit competition. ... A colorized automobile engine The internal combustion engine is a heat engine in which the burning of a fuel occurs in a confined space called a combustion chamber. ... Coal Coal is a fossil fuel extracted from the ground by underground mining or open-pit mining (surface mining). ... Pumpjack pumping an oil well near Sarnia, Ontario Ignacy Łukasiewicz - inventor of the refining of kerosene from crude oil. ... Queen Victoria (shown here on the morning of her Accession to the Throne, 20 June 1837) gave her name to the historic era The Victorian era of Great Britain marked the height of the British industrial revolution and the apex of the British Empire. ... In economics, a monopoly (from the Latin word monopolium - Greek language monos, one + polein, to sell) is defined as a persistent market situation where there is only one provider of a product or service. ... Mass production is the production of large amounts of standardised products on production lines. ... The Long Depression was a economic depression that affected much of the world from the early 1870s until the mid-1890s. ... 1873 (MDCCCLXXIII) was a common year starting on Wednesday (see link for calendar). ... 1896 (MDCCCXCVI) was a leap year starting on Wednesday (see link for calendar). ...

Long-term economic trends led Britain, and to a lesser extent, other industrialising nations such as the United States and Germany, to be more receptive to the desires of prospective overseas investment. Through their investments in industry, banks were able to exert a great deal of control over the British economy and politics. Cut-throat competition in the mid-1800s caused the creation of super corportations and conglomerates. Many companies borrowed heavily to achieve the vast sums of money required to takeover their rivals, resulting in a new capitalist stage of development. The First Provincial Bank of Taiwan in Taipei, Republic of China was formerly the central bank of Taiwan Province and issued the New Taiwan dollar. ... Politics is a process by which decisions are made within groups. ... 1800 (MDCCC) was an exceptional common year starting on Wednesday of the Gregorian calendar, but a leap year starting on Sunday of the Julian calendar. ... Conglomerate is: A large company; see conglomerate (company). ... For other uses, see Debt (disambiguation). ... A takeover in business refers to one company (the acquirer) purchasing another (the target). ... Capitalism is an economic system in which the means of production are mostly privately owned, and capital is invested in the production, distribution and other trade of goods and services, for profit in a competitive free market. ...

By the 1870s, financial houses in London had achieved an unprecedented level of control over industry. This contributed to increasing concerns among policymakers over the protection of British investments overseas — particularly those in the securities of foreign governments and in foreign-government-backed development activities, such as railroads. Although it had been official British policy to support such investments, with the large expansion of these investments in the 1860s, and the economic and political instability of many areas of investment (such as Egypt), calls upon the government for methodical protection became increasingly pronounced in the years leading up to the Crystal Palace Speech. At the end of the Victorian-era, the service sector (banking, insurance and shipping, for example) began to gain prominence at the expense of manufacturing. // Events and Trends Technology The invention of the telephone (1876) by Alexander Graham Bell. ... London (pronounced ) is the capital city of England and the United Kingdom. ... This is the top-level page of WikiProject trains Rail tracks Rail transport refers to the land transport of passengers and goods along railways or railroads. ... // Events and trends Technology The First Transcontinental Railroad in the United States is built in the six year period between 1863 and 1869. ... ... The tertiary sector of industry, also called the service sector or the service industry, is one of the three main industrial categories of a developed economy, the others being the secondary industry (manufacturing and primary goods production such as agriculture), and primary industry (extraction such as mining and fishing). ...

Foreign investment

Foreign trade thus tripled in volume between 1870 and 1914, although (again) most of the activity occurred among the industrialized countries, or between them and their suppliers of primary goods or their new markets. In 1913, only 11 percent of the world's trade took place between primary producers themselves. Britain ranked as the world's largest trading nation in 1860, but by 1913 it had lost ground to both the United States and Germany: British and German exports in that year each totalled $2.3 billion, and those of the United States exceeded $2.4 billion. More significant was the emigration of their goods and capital. 1870 (MDCCCLXX) was a common year starting on Saturday (see link for calendar) of the Gregorian calendar or a common year starting on Monday of the 12-day-slower Julian calendar. ... 1914 (MCMXIV) was a common year starting on Thursday. ... 1913 (MCMXIII) was a common year starting on Wednesday. ... 1860 is the leap year starting on Sunday. ...

As foreign trade increased, so in proportion did the amount of it going outside the Continent. In 1840, £7.7 million of her export and £9.2 million of her import trade was done outside Europe; in 1880 the figures were £38.4 million and £73 million. Europe's economic contacts with the wider world were multiplying, much as Britain's had been doing for years. In these non-industrial regions (such as the Russian and Ottoman empires), which were the principal sources of surplus French capital, and other overseas territories that lacked both the knowledge and the power to direct the capital flow, served to colonize rather than develop them, destroying native industries and creating dangerous political and economic pressures which would, in time, produce the so-called 'north/south divide'. The contemporary Dependency Theory, devised largely by Latin American academics, draws on this inference. 1840 is a leap year starting on Wednesday (link will take you to calendar). ... 1880 (MDCCCLXXX) was a leap year starting on Thursday (see link for calendar). ... International Relations Theory Realism Liberalism Idealism Neoconservatism Institutionalism Functionalism Marxism Critical theory Isolationism Dependency theory is the body of social science theories by various intellectuals, both from the Third World and the First World, that create a worldview which suggests that the wealthy nations of the world need a peripheral...

Breakdown of Pax Britannica and New Imperialism

It has been suggested that this section be split into a new article entitled Economy of the British Empire. (Discuss)

In a scramble for overseas markets between the Franco-Prussian War and World War, Europe added almost 9 million square miles (23,000,000 km²) — one-fifth of the land area of the globe — to its overseas colonial possessions. Ushering out the cavalier colonialism of the mid-Victorian era, the age of Pax Britannica, the late nineteenth century Romantic Age was an era of "empire for empire's sake". But scholars debate the causes and ramifications of this period of colonialism, dubbed "The New Imperialism" to distinguish it from earlier eras of overseas expansion, such as the mercantilism of the sixteenth to eighteenth centuries or the liberal age of 'free trade' colonialism of the mid-nineteenth century. The term New Imperialism refers to the policy and ideology of imperial colonial expansion adopted by Europes powers and, later, Japan and the United States, during the late 19th and early 20th centuries; approximately from the Franco-Prussian War to World War I (c. ... Image File history File links Splitsection. ...

Continental political developments in the late 19th century, relating to the overall breakdown of the Concert of Europe, also rendered this imperial competition feasible, in spite of Britain's centuries of long-established naval and maritime superiority. As unification of Germany by the Prussian 'Garrison State' went forward, contending capitalist powers were thus ready to compete with Britain over stakes in overseas markets. The aggressive nationalism of Napoleon III and the relative political stability of France under the liberal Third Republic also rendered France more capable of challenging Britain's global preeminence. Germany, Italy, and France were simply no longer as embroiled in continental concerns and domestic disputes as they were before the Franco-Prussian War. Alternative meaning: Nineteenth Century (periodical) (18th century — 19th century — 20th century — more centuries) As a means of recording the passage of time, the 19th century was that century which lasted from 1801-1900 in the sense of the Gregorian calendar. ... Coat of Arms of the Kingdom of Prussia, 1701-1918 Prussia (German: ; Latin: Borussia, Prutenia; Lithuanian: ; Polish: ; Old Prussian: PrÅ«sa) was, most recently, a historic state originating in East Prussia, an area which for centuries had substantial influence on German and European history. ... Napoléon III, Emperor of the French (Charles Louis Napoléon Bonaparte) (20 April 1808 – 9 January 1873) was President of France from 1849 to 1852, and then Emperor of the French under the name Napoléon III from 1852 to 1870. ... Combatants Second French Empire North German Confederation allied with south German states (later German Empire) Commanders Napoleon III Helmuth von Moltke Strength 500,000[citation needed] 550,000[citation needed] Casualties 150,000 dead or wounded 284,000 captured 350,000 civilian [citation needed] 100,000 dead or wounded 200...

Contemporary world-systems theorist Immanuel Wallerstein perhaps better addresses the counter-arguments to Hobson without degrading his underlying inferences. Wallerstein's conception of imperialism as a part of a general, gradual extension of capital investment from the "center" of the industrial countries to an overseas "periphery" thus coincides with Hobson's. According to Wallerstein, "Mercantilism... became the major tool of [newly industrializing, increasingly competitive] semi-peripheral countries [Germany, France, Italy, Belgium, etc.] seeking to become core countries." Wallerstein hence perceives formal empire as performing a function "analogous to that of the mercantilist drives of the late seventeenth and eighteenth centuries in England and France." Immanuel Wallerstein Immanuel Wallerstein (born 1930) is a U.S. sociologist. ...

The expansion of the Industrial Revolution hence contributed to the emergence of an era of aggressive national rivalry, leading to the late nineteenth century 'scramble for Africa' and formal empire. Hobson's theory is thus useful in explaining the role of over-accumulation in overseas economic and colonial expansionism while Wallerstein perhaps better explains the dynamic of inter-capitalist geopolitical competition.

Recent developments made it easier and more appealing for "semi-peripheral" newly industrialized states to challenge Pax Britannica overseas. With the expansion of the Industrial Revolution, Britain could no longer reap the benefits of being the sole modern, industrial nation. Britain by the outbreak of the Franco-Prussian War was no longer the 'workshop of the world', meaning that its finished goods were no longer produced so efficiently and cheaply that they could often undersell comparable, locally manufactured goods in almost any other market.

As these other newly industrial powers, the United States, and Japan after the Meiji Restoration began industrializing at a rapid rate, Britain's comparative advantage in trade of any finished good began diminishing. Just as the power of German and North American capitalisms increased, the relative decline of the British capitalist economy began in the last third of the nineteenth century, contributing to a breakdown of Britain's natural superiority in industry and commerce. Britain's share of world trade fell from one-fourth in 1880, one-sixth in 1913, and one-eighth in 1948. Britain was no longer supplying half the needs in manufactured goods of such nations as Germany, France, Belgium, and the United States. Britain was even growing incapable of dominating the markets of India — a crown colony by 1858 that Disraeli would later deem "the brightest jewel of the crown" —, Manchu China, the coasts of Africa, and Latin America. 1880 (MDCCCLXXX) was a leap year starting on Thursday (see link for calendar). ... 1913 (MCMXIII) was a common year starting on Wednesday. ... 1948 (MCMXLVIII) was a leap year starting on Thursday (the link is to a full 1948 calendar). ... 1858 (MDCCCLVIII) is a common year starting on Friday of the Gregorian calendar (or a common year starting on Sunday of the 12-day-slower Julian calendar). ... Benjamin Disraeli, 1st Earl of Beaconsfield, KG, PC, FRS (21 December 1804 – 19 April 1881) was an English statesman and literary figure. ...

To make matters worse, British manufactures in the staple industries of the Industrial Revolution were beginning to experience real competition abroad. The German textiles and metal industries, for example, had by the beginning of the Franco-Prussian War surpassed those of Britain in organization and technical efficiency and usurped British manufacturers in the domestic market. By the turn of the century, the German metals and engineering industries would be producing heavily for the free trade market of what was once "workshop of the world" as well. In midst of Britain's relative industrial decline, the fact that invisible financial exports actually kept Britain "out of the red" is somewhat indicative of both Britain's pressure to secure overseas markets in both nominally independent states and colonies and its newly precarious hegemony over overseas markets. A Watt steam engine in Madrid. ...

For the most part, formal empire has its roots in the breakdown of Pax Britannica. With the rise of industrial capitalism in Germany, North America, and Japan, its finished goods no longer had a comparative or absolute advantage in any other market. Industrialization progressed dynamically in Germany and the United States especially, allowing them to clearly prevail over the "old" French and English capitalisms. The "neo-mercantilist" practices of newly industrializing states such as Germany, the United States, and Japan cut Britain off from outlets and even created competition for Britain in sales to these 'peripheral' areas.

With contending, emerging 'semi-peripheral' capitalist powers once dependent on British industry ready to vie for competing stakes in overseas markets, inter-capitalist competition also took form of protectionism through higher tariffs, further aggravating the push toward overseas markets: in Germany in 1879, and again following 1902: in the United States in 1890; in France in 1892, 1907, and 1910. The only country to escape this trend was Britain, whose essential strength lay precisely in its preeminence on the world market. German, American, and French imperialists, as mentioned, argued that Britain's world power position gave the British unfair advantages on international markets, thus limiting their economic growth.

This affected Britain in two ways. First, of course, new interest of the emergent industrial powers in colonial expansion brought them into direct competition with Britain. The expansion of the Second Industrial Revolution and the rise of similar economic practices (such as amalgamation of industry) in Germany and the United States intensified the competition for overseas markets and hence formal colonialism.

New Imperialism, as one means of facilitating the inexorable movement of capital from domestic markets to overseas areas, was thus enabled by recent changes in the North Atlantic balance of power, such as the unification of Germany under Prussia and relative political stability under France's Third Republic, but driven by changing economic realities and the spread of industrial capitalism beyond Britain.

By the time Benjamin Disraeli ushered in the age of New Imperialism with his watershed Crystal Palace Speech, which was delivered by no mere coincidence after the Franco-Prussian War and during the Long Depression, Britain was no longer the world's sole modern, industrial nation. Pessimists thus inferred that unless Britain acquired secure colonial markets for its industrial products and secure sources of raw materials, the other industrial states would seize them themselves and would precipitate a more rapid decline of British business, power, and standards of living. The prospect of having to compete to remain the forerunner of the world's economies and empires due to recent changes in the global economy and continental balance of power thus left it ripe for Disraeli's Conservative rule in the 1870s, which would usher in an era of extreme national rivalry that would one day culminate in the Great War. Benjamin Disraeli, 1st Earl of Beaconsfield, KG, PC, FRS (21 December 1804 – 19 April 1881) was an English statesman and literary figure. ...

In this sense, historian Bernard Porter argues that formal imperialism for Britain was a symptom and an effect of its relative decline in the world, and not of strength. Symbolic overtures, in fact, such as Queen Victoria's grandiose title of "Empress of India", celebrated during Disraeli's second premiership in the 1870s, helped to obscure this fact. Joseph Chamberlain thus argued that formal imperialism was necessary for Britain because of the relative decline of the British share of the world's export trade and the rise of German, American, and French economic competition. Victoria (Alexandrina Victoria; 24 May 1819 – 22 January 1901) was the Queen of the United Kingdom of Great Britain and Ireland from 20 June 1837, and the first Empress of India from 1 January 1877, until her death in 1901. ...

As mentioned, the 'Scramble for Africa', rationalized by Rudyard Kipling-style racism and Social Darwinism in predominantly Protestant empires and the paternalistic (but republican and progressive) French-style "mission of civilization", was attractive to many European statesmen and industrialists who wanted to accelerate the process of securing colonies upon anticipating the prospective need to do so. Their reasoning was that markets might soon become glutted, and that a nation's economic survival depend on its being able to offload its surplus products elsewhere. Rudyard Kipling Joseph Rudyard Kipling (December 30, 1865 – January 18, 1936) was a British author and poet, born in India. ... To meet Wikipedias quality standards, this article or section may require cleanup. ... Protestantism is one of three primary branches of Christianity. ... In a broad definition, a republic is a state or country that is led by people whose political power is based on principles that are not beyond the control of the people of that state or country. ...

At a time when the abandonment of free trade limited the European market, some business and government leaders, such as Leopold II and Jules Ferry, concluded that sheltered overseas markets would solve the problems of low prices and over-accumulation of surplus capital caused by shrinking continental markets. Among the new conditions were the short-term effects of the severe economic depression of 1873, which had followed fifteen years of great economic instability. Business after 1873 in practically every industry suffered from lengthy periods of low profit rates and deflation; profits were falling because too much capital were chasing too few markets, especially after the rise of newly industrializing states in export trade with its traditional markets in continental Europe, China, and Latin America.

In addition, such surplus capital was often more profitably invested overseas, where cheap labor, limited competition, and abundant raw materials made a greater premium possible. Another inducement to imperialism, of course, arose from the demand for raw materials unavailable in Europe, especially copper, cotton, rubber, tea, and tin, to which European consumers had grown accustomed and European industry had grown dependent.

Following the lead of Britain under Disraeli, even the once hesitantly imperialistic Bismarck was eventually brought to realize the value of colonies for securing (in his words) "new markets for German industry, the expansion of trade, and a new field for German, activity, civilization, and capital". Examples of strategic competition following the passing of the scene of Bismarck, the era's premier diplomat, that would intensify the drive to consolidate existing spheres of influence and grab new colonies, include the Moroccan Crisis of 1905, the Tangier Crisis resulting from Kaiser Wilhelm's recognition of Moroccan independence, and the second Moroccan Crisis, in which Germany sent its navy to Morocco, thereby testing the precarious Anglo-French Entente. The Entente Cordiale, in fact, was a gentlemen's agreement between Britain and France to curtail further German expansion. The Entente Cordiale and the Franco-Russian alliances were also made because of a common interest. 1905 (MCMV) was a common year starting on Sunday (see link for calendar). ... The Entente Cordiale (French for friendly understanding) is a series of agreements signed on April 8, 1904, between the United Kingdom and France. ... A Gentlemens agreement is an informal agreement between two parties. ...

The absolutist Central Powers, led by a newly unified, dynamically industrializing Germany, with its expanding navy — doubling in size between the Franco-Prussian War and the Great War — were a strategic threat to the markets of these relatively declining empires that would one day consist of the Great War Allies. British policymakers feared the prospect of another German military victory over France, which could have reasonably resulted in a German take-over of France's formal colonies, a sort of reversal of the actual outcome of the Great War, after which Britain occupied the vast majority of German and Ottoman colonies as "protectorates". This prospect was especially frightening considering that French colonies tended to be closely situated to Britain's; Nigeria, for instance, was surrounded by French territory, India was near French Indochina, and so forth.

Britain and the colonization of Africa, imperialism in Asia

It has been suggested that this section be split into a new article entitled Economy of the British Empire. (Discuss)

Further information: Colonialism

Until the dismissal of the aging Chancellor Bismarck by the belligerent Kaiser Wilhelm II, the expropriation of vast, unexplored areas of Asia and Africa by emerging imperial powers such as Italy and Germany and more-established empires such as Britain and France was nevertheless relatively orderly. The 1885 Congress of Berlin, initiated by Bismarck to establish international guidelines for the acquisition of African territory, formalized this new phase in the history of Western imperialism. Between the 1870 Franco-Prussian War and the Great War (the age of New Imperialism), Europe added almost 9 million square miles (23,000,000 km²) — one-fifth of the land area of the globe — to its overseas colonial possessions. Map of West Africa, ca. ... Western imperialism in Asia traces its roots back to the late 15th century with a series of voyages that sought a sea passage to India in the hope of establishing direct trade between Europe and Asia in spices. ... Image File history File links Splitsection. ... See colony and colonisation for examples of colonialism which do not refer to Western colonialism. ... The introduction to this article is too long. ... German Emperor Wilhelm (born Friedrich Wilhelm Viktor Albrecht, Prince of Prussia 27 January 1859–4 June 1941), was the last German Emperor and King of Prussia (de: Deutscher Kaiser und König von Preußen), ruling from 15 June 1888 to 9 November 1918. ... The Congress of Berlin was a meeting of the European Great Powers and the Ottoman Empires leading statesmen in Berlin in 1878. ... Imperialism is a policy of extending control or authority over foreign entities as a means of acquisition and/or maintenance of empires. ... Combatants Second French Empire North German Confederation allied with south German states (later German Empire) Commanders Napoleon III Helmuth von Moltke Strength 500,000[citation needed] 550,000[citation needed] Casualties 150,000 dead or wounded 284,000 captured 350,000 civilian [citation needed] 100,000 dead or wounded 200... Ypres, 1917, in the vicinity of the Battle of Passchendaele. ... The term New Imperialism refers to the policy and ideology of imperial colonial expansion adopted by Europes powers and, later, Japan and the United States, during the late 19th and early 20th centuries; approximately from the Franco-Prussian War to World War I (c. ...

Since the "Scramble for Africa" was the predominate feature of New Imperialism and formal empire, opponents of Hobson's accumulation theory often point to frequent cases when military and bureaucratic costs of occupation exceeded financial returns. In Africa (exclusive of South Africa) the amount of capital investment by Europeans was relatively small before and after the 1885 Congress of Berlin, and the companies involved in tropical African commerce were small and politically insignificant, exerting only a tiny influence on domestic politics. First, this observation might detract from the pro-imperialist arguments of Leopold II of Belgium, Italian premier Francesco Crispi, and French Republican Jules Ferry, but Hobson argued against imperialism from a slightly different standpoint. He concluded that finance was manipulating events to its own profit, but often against broader national interests. Cecil Rhodes: Cape-Cairo railway project. ... Here are some people named Hobson : J.A. Hobson, English economist Peter Hobson, English psychology professor Thomas Hobson, English stable manager responsible for origin of the phrase Hobsons choice Valerie Hobson, British actress William Hobson, first Governor-General of New Zealand See also: Hobson, a village in County Durham... King Leopold II (April 9, 1835 – December 17, 1909), succeeded his father, Leopold I of Belgium, to the Belgian throne in 1865 as Leopold II, King of the Belgians, and remained king until his death. ... Francesco Crispi (October 4, 1819 - August 12, 1901) was a 19th century Italian politician. ... Jules Ferry, French statesman Jules François Camille Ferry (April 5, 1832 – March 17, 1893) was a French statesman. ...

Second, any such statistics only obscure the fact that African formal control of tropical Africa had strategic implications in an era of feasible inter-capitalist competition, particularly for Britain, which was under intense economic and thus political pressure to secure lucrative markets such as India, China, and Latin America. In Britain's case this process of capitalist diffusion had in many regions led it to acquire colonies in the interests of commercial security; France and Germany would later follow suit. For example, although the then inconspicuously moribund Czarist Empire proved to be little threat to Great Britain following its stunning defeat in the 1905 Russo-Japanese War, British Conservatives in particular feared that Russia would continue to usurp Ottoman territory and acquire a port on the Mediterranean or even Constantinople — a long touted goal of orthodox Russia. Combatants Imperial Russia Empire of Japan Commanders N/A N/A Strength 500,000 Soldiers 400,000 Soldiers Casualties 134,817+ KIA/POW, 170,000 MIA etc. ... Map of Constantinople. ...

These fears became especially pronounced following the 1869 completion of the near-by Suez Canal, prompting the official rationale behind British premier Disrareli's purchase of the waterway. The close proximity of the Czar's (territorially) expanding empire in Central Asia to India also terrified Lord Curzon, thus triggering the Afghan Wars. Cecuk Rhodes and Milner also advocated the prospect of a "Cape to Cairo" empire, which would link by rail the extrinsically important canal to the intrinsically mineral and diamond rich South, from a strategic standpoint. Though hampered by German conquest of Tanganyika until the end of the Great War, Rhodes successfully lobbied on behalf of such a sprawling East African empire. Ships moored at El Ballah during transit The Suez Canal (Arabic: قناة السويس, Qanā al-Suways, French: Le Canal de Suez), west of the Sinai Peninsula, is a 163-km-long (101 miles) and, at its narrowest point, 300-m-wide (984 ft) maritime canal in Egypt between Port Said (Būr... Benjamin Disraeli, 1st Earl of Beaconsfield (December 21, 1804 - April 24, British Conservative Prime Minister of the United Kingdom and author. ... George Nathaniel Curzon, 1st Marquess Curzon of Kedleston (January 11, 1859 - March 20, 1925), was a conservative British statesman and sometime Viceroy of India. ... A series of three wars between the United Kingdom and Afghanistan in the 19th century and early 20th century was formerly called the Afghan Wars but is now referred to as the Anglo-Afghan wars perhaps to distinguish them from the civil strife in the 1980s. ... Cecil John Rhodes (July 5, 1853 - March 26, 1902) was a British imperialist and the effective founder of the state of Rhodesia (since Zimbabwe), named after himself. ... Milner can refer to: Milner, Georgia Alfred Milner, 1st Viscount Milner Brenda Milner Robin Milner This is a disambiguation page — a list of articles associated with the same title. ... Rhodes: Cape to Cairo The Cape-Cairo Railway is an uncompleted project to cross Africa from south to north by rail. ... // For other uses, including the shape ◊, see Diamond (disambiguation). ... Flag of Tanganyika Tanganyika was an East African republic within the Commonwealth of Nations, named after Lake Tanganyika, which formed its western border. ...

Formal colonies were often, in hindsight, strategic outposts to protect large zones of 'investment', such as India, Latin America, and China. Britain, in as sense, continued to adhere to the Cobdenite notion that informal colonialism was preferable — the established consensus among industrial capitalists during the age of Pax Britannica between the downfall of Napoleon and the Franco-Prussian War. What changed since the Disraeli's Crystal Palace Speech was not necessarily a preference for colonialism over informal empire, but the attitude toward formal rule in largely tropical areas once considered too 'backward' for trade. Sovereign areas already hospitable to informal empire largely avoided formal rule during the shift to New Imperialism. China, for instance, was not a backward country unable to secure the prerequisite stability and security for western-style commerce, but a highly advanced empire unwilling to admit western (often drug-pushing) commerce, which may explain the West's contentment with informal 'Spheres of Influences'. China, unlike tropical Africa, was a securable market without formal control. Richard Cobden Richard Cobden (June 3, 1804 – April 2, 1865) was an a British manufacturer and Radical and Liberal statesman, associated with John Bright in the formation of the Anti-Corn Law League. ... Pax Britannica (Latin for the British Peace, modelled after Pax Romana) refers to a period of British imperialism after the Battle of Waterloo, which led to a period of overseas British expansionism. ... ... See colony and colonisation for examples of colonialism which do not refer to Western colonialism. ... These lollipops were found to contain heroin when inspected by the US DEA The illegal drug trade is a global black market activity consisting of production, distribution, packaging and sale of illegal psychoactive substances. ...

Following the First Opium War (1839-1842), British commerce, and later capital invested by other newly industrializing powers, was securable with a smaller degree of formal control than in Southeast Asia, West Africa, and the Pacific. But in many respects, China was a colony and a large-scale receptacle of Western capital investments. Western powers did intervene military there to quell domestic chaos, such as the horrific Taiping Rebellion (1851-1864) and the anti-imperialist Boxer Rebellion (1901). For example, General Gordon, later the imperialist 'martyr' in the Sudan, is often accredited as having saved the Manchu dynasty from the Taiping insurrection. The First Opium War or the First Anglo-Chinese War was fought between Great Britain and the Qing Empire in China from 1839 to 1842 with the aim of forcing China to import British opium. ... Combatants Qing Empire Taiping Heavenly Kingdom Commanders Xianfeng Emperor, Empress Dowager Cixi, Zeng Guofan (military) Hong Xiuquan, Li Xiucheng (military) Seal of the Heavenly Kingdom The Taiping Rebellion (1851–1864) was perhaps the bloodiest civil war in human history, a clash between the forces of the Qing Empire in China... Combatants Eight-Nation Alliance (ordered by contribution): Japan Russia United Kingdom France United States Germany Italy Austria-Hungary Righteous Harmony Society Qing China Commanders Edward Seymour Alfred Gaselee Ci Xi Strength 20,000 initially 49,000 total Over 100,000 Casualties 230 foreigners, thousands of civilians Unknown This article is... Chinese Gordon as Governor of Sudan Charles George Gordon, C.B. (28 January 1833 – 26 January 1885), known as Chinese Gordon, Gordon Pasha, and Gordon of Khartoum, was a British army officer and administrator. ...

Colonialism in India, however, should dissuade sweeping generalizations and over-simplifications regarding the roles of inter-capitalist competition and accumulated surplus in precipitating the era of New Imperialism. Formal empire in India, beginning with the Government of India Act of 1858, was a means of consolidation, reacting to the abortive Sepoy Rebellion in 1857, which was in itself a conservative reaction among Indian traditionalists to the Dalhousie era of liberalization and consolidation of the subcontinent. Local concerns in particular zones of investment, hence, should be of concern as well. 1858 (MDCCCLVIII) is a common year starting on Friday of the Gregorian calendar (or a common year starting on Sunday of the 12-day-slower Julian calendar). ... An engraving titled Sepoy Indian troops dividing the spoils after their mutiny against British rule gives a contemporary view of events from the British perspective. ... James Andrew Broun-Ramsay, 1st Marquess and 10th Earl of Dalhousie (April 22, 1812–December 19, 1860) was a British statesman, and a colonial administrator in India. ...

Formal empire in Sub-Saharan Africa, the last vast region of the world largely untouched by "informal imperialism" and "civilization", was also attractive to Europe's ruling elites for other potential reasons. First, insofar as the "Dark Continent" was agricultural or extractive, and no longer "stagnant" since its integration with the world's interdependent capitalist economy, it required more capital for development that it could provide itself. Second, during a time when in nearly every year since the 1813 liberalization of trade onward Britain's balance of trade showed a deficit, and a time of shrinking and increasingly protectionist continental markets, Africa offered Britain an open market that would garner it a trade surplus — a market that bought more from the metropole than it sold overall. Britain, like most other industrial countries, had long since begun to run an unfavorable balance of trade (which was increasingly offset, however, by the income from overseas investments). As perhaps the world's first post-industrial nation, financial services became an increasingly more important sector of its economy. Invisible financial exports, as mentioned, kept Britain out of the red, especially capital investments outside Europe, particularly to the developing and open markets in Africa, predominantly white 'settler colonies', the Middle East, the Indian Subcontinent, Southeast Asia, and the South Pacific. A family of Russian settlers in the Caucasus region, ca. ... This article refers to a colony in politics and history. ...

Each of Britain's major elites also found some advantages in formal, overseas expansion: mammoth monopolies wanted imperial support to secure overseas investments against competition and domestic political tensions abroad; bureaucrats wanted more occupations, military officers desired promotion, and the traditional but waning landed gentry wanted formal titles. Observing the rise of trade unionism, socialism, and other protest movements during an era of mass society in both Europe and later North America, the elite in particular was able to utilize imperial "jingoism" to co-opt the support of the impoverished industrial working class. Riding the sentiments of the late nineteenth century Romantic Age, imperialism inculcated the masses with 'glorious' neo-aristocratic virtues and helped instill broad, nationalist sentiments. Jingoism is a term describing chauvinistic patriotism, usually with a hawkish political stance. ... Liberty Leading the People by Eugène Delacroix Nationalism is an ideology [1] that holds that a nation is the fundamental unit for human social life, and takes precedence over any other social and political principles. ...

Twentieth century

Overview

By the time of Queen Victoria's death in 1901, other nations, including the United States and Germany, had developed their own industries; the United Kingdom's comparative economic advantage had lessened, and the ambitions of its rivals had grown. The losses and destruction of World War I, the depression in its aftermath during the 1930s, and decades of relatively slow growth eroded the United Kingdom's preeminent international position of the previous century. The Great Depression hit the nation especially harshly, as it had still not fully recovered from the war. See also the Great Depression in the United Kingdom. 1901 (MCMI) was a common year starting on Tuesday (see link for calendar) of the Gregorian calendar (or a common year starting on Wednesday of the 13-day-slower Julian calendar). ... Combatants Allied Powers: United Kingdom France Italy Russia United States Serbia Central Powers: Austria-Hungary Bulgaria Germany Ottoman Empire Commanders Douglas Haig John Jellicoe Ferdinand Foch Georges Clemenceau Nicholas II Woodrow Wilson John Pershing Wilhelm II Reinhard Scheer Franz Josef I Conrad von Hötzendorf İsmail Enver Ferdinand I Casualties... Woodrow Wilson and the American peace commissioners during the negotiations on the Treaty of Versailles. ... This article or section does not cite its references or sources. ... The Great Depression redirects here. ... This article deals with the effects of the Great Depression of the 1930s on the United Kingdom. ...

In World War II, there was again a great deal of destruction to British infrastructure, and the years after the war also saw Britain lose almost all of her remaining colonies as the empire dissolved. In the 1945 general election, the Labour Party was elected, introducing sweeping reforms of the British economy. Taxes increased, industries were nationalised, and a welfare state with national health, pensions, and social security was created. This article is becoming very long. ... Clement Attlee Winston Churchill The United Kingdom General Election of 1945 held on 5 July 1945 but not counted and declared until 26 July 1945 (due to the time it took to transport the votes of those serving overseas) was one of the most significant general elections of the 20th... The Labour Party has been, since its founding in the early 20th century, the main democratic socialist [1] political party in the United Kingdom. ... It has been suggested that Welfare capitalism be merged into this article or section. ...

The next years saw some of the most rapid growth Britain had ever experienced, recovering from the devastation of the Second World War and then expanding rapidly past the previous size of the economy.

By the end of the 1960s, this growth began to slow, and by the 1970s Britain entered a long running period of relative economic malaise. This led to the election of Margaret Thatcher, who cut back severely on the government's role in the economy and weakened labour unions. Margaret Hilda Thatcher, Baroness Thatcher, LG, OM, PC, FRS (born 13 October 1925) was Prime Minister of the United Kingdom from 1979 to 1990. ... A union (labor union in American English; trade union, sometimes trades union, in British English; either labour union or trade union in Canadian English) is a legal entity consisting of employees or workers having a common interest, such as all the assembly workers for one employer, or all the workers...

1900–1928: the early 20th century

By the turn of the twentieth century, Britain’s economic fortunes were in relative decline. Germany and the United States were becoming the biggest threats in terms of domestic economic production, having vastly superior natural resources than Britain. Furthermore, Germany had developed its own policy of imperialism which led to friction with other imperial powers in Europe up to the First World War. (19th century - 20th century - 21st century - more centuries) Decades: 1900s 1910s 1920s 1930s 1940s 1950s 1960s 1970s 1980s 1990s The 20th century lasted from 1901 to 2000 in the Gregorian calendar (often from (1900 to 1999 in common usage). ... Imperialism is a policy of extending control or authority over foreign entities as a means of acquisition and/or maintenance of empires. ... Combatants Allied Powers: United Kingdom France Italy Russia United States Serbia Central Powers: Austria-Hungary Bulgaria Germany Ottoman Empire Commanders Douglas Haig John Jellicoe Ferdinand Foch Georges Clemenceau Nicholas II Woodrow Wilson John Pershing Wilhelm II Reinhard Scheer Franz Josef I Conrad von Hötzendorf Ä°smail Enver Ferdinand I Casualties...

The First World War (1914–1918) saw absolute losses for Britain’s economy. It is estimated that she lost a quarter of her total wealth in fighting the war. Failure to appreciate the damage done to the British economy led to the pursuit of traditional liberal economic policies which plunged the country further into economic dislocation with high unemployment and sluggish growth. By 1926, a General Strike was called by trade unions but it failed, and many of those who had gone on strike were blacklisted, and thus were prevented from working for many years later. 1914 (MCMXIV) was a common year starting on Thursday. ... 1918 (MCMXVIII) was a common year starting on Tuesday of the Gregorian calendar (see link for calendar) or a common year starting on Wednesday of the Julian calendar. ... 1926 (MCMXXVI) was a common year starting on Friday (link will take you to calendar). ... A general strike is a strike action by an entire labour force in a city, region or country. ...

1929–1945: the Great Depression and Second World War

In 1929, the Wall St Crash affected Britain resulting in leaving the Gold Standard. Whereas Britain had championed the concept of the free market when it ruled the world through its empire, it gradually withdrew to adopting Tariff Reform as a measure of protectionism. By the early 1930s, protectionism once again signalled the economic problems the British economy faced. When the Labour Government collapsed in 1931, it was replaced by a National Government representing all the parties as an indication of the economic troubles that had beset the country. Britain was not alone, with equal economic troubles affecting most European countries, most powerfully Germany. 1929 (MCMXXIX) was a common year starting on Tuesday (link will take you to calendar). ... To meet Wikipedias quality standards, this article or section may require cleanup. ... This article is on the monetary principle. ... This article or section does not cite its references or sources. ... 1931 (MCMXXXI) was a common year starting on Thursday (link is to a full 1931 calendar). ... National governments or national unity governments are broad coalition governments consisting of all parties (or all major parties) in the legislature and are often formed during times of war or national emergency. ...

In political terms, the economic problems found expression in the rise of radical movements who promised solutions which conventional political parties were no longer able to provide. In Britain this was seen with the rise of the Communist Party of Great Britain (CPGB) and the Fascists under Oswald Mosley. Their political strength was limited however and never provided any real alternative to conventional political parties in the UK. The Communist Party of Great Britain (CPGB) was the largest communist party in the United Kingdom. ... My Life, the autobiography of Oswald Mosley Sir Oswald Ernald Mosley, 6th Baronet (November 16, 1896 – December 3, 1980), was a British politician principally known as the founder of the British Union of Fascists. ...

At the same time, the economic power created by the empire was starting to weaken. A process of decolonisation had been set in train in the aftermath of World War I. The empire had been an essential base in the success of Britain’s economy; providing cheap resources, labour and vital strategic points for defence. However, during the interwar period came the rise of movements seeking self-determination and self-government, most notably personified with Mahatma Gandhi. With the white empire having become a Commonwealth, (a loose association of states bound by ties of history), it was only a matter of time before the rest of the empire followed suit. Decolonization generally refers to a movement following the Second World War in which the various European colonies of the world were granted independence. ... Woodrow Wilson and the American peace commissioners during the negotiations on the Treaty of Versailles. ... Mohandas Karamchand Gandhi (Gujarati: મોહનદાસ કરમચંદ ગાંધી, DevanāgarÄ«: मोहनदास करमचंद गांधी, Romanized: mohandās karamcand gāndhÄ«, IPA: ) (October 2, 1869 – January 30, 1948) was a major political and spiritual leader of the Indian independence movement. ... The Commonwealth of Nations (CN), usually known as the Commonwealth, is a voluntary association of 53 independent sovereign states, almost all of which are former colonies of the United Kingdom. ...

Britain’s economic problems are cited as the reason for appeasement. Delaying a commitment to war was a means of buying time to divert scarce economic resources into the production of military hardware and armaments. It has been suggested that Appeasement of Hitler be merged into this article or section. ...

1945–1959: the post-War era

It has been suggested that this section be split into a new article entitled Modern economic history of Britain. (Discuss)

After World War II, the British economy had again lost huge amounts of absolute wealth. Her economy was driven entirely for the needs of war and took some time to be reorganised for peaceful production. Anticipating the end of the conflict, the United States had negotiated throughout the war to liberalise post-war trade and the international flow of capital in order to break into markets which had previously been closed to it, including the British Empire's Pound Sterling bloc. This was to be realised through the Atlantic Charter of 1941, through the establishment of the Bretton Woods system in 1944, and through the new economic power that the US was able to exert due to the weakened British economy. Image File history File links Splitsection. ... ISO 4217 Code GBP User(s) United Kingdom Inflation 2. ... Churchill meets FDR aboard USS Augusta at their 1941 secret meeting at Argentia, Newfoundland. ... This article is about the year. ... Wikipedia does not have an article with this exact name. ... 1944 (MCMXLIV) was a leap year starting on Saturday (the link is to a full 1944 calendar). ...

Immediately after the war had ended, the USA halted Lend-Lease. This had been fundamental to the sustainability of the British economy during the war and it was expected by the British that it would continue during the period of transition. Instead, the Labour Government under Clement Attlee sent John Maynard Keynes to negotiate a loan, known as the Washington Loan Agreement in December 1945. The terms of this were not as favourable as the British had hoped for and included crucially a convertibility clause, in line with the US policy of liberalisation. In this, the USA expected that within two years, the British currency would become fully convertible. The Lend-Lease program was a program of the United States during World War II that allowed the United States to provide the Allied Powers with war material without becoming directly involved in the war. ... Clement Richard Attlee, 1st Earl Attlee, KG, OM, CH, FRS, PC (3 January 1883 – 8 October 1967) was Prime Minister of the United Kingdom of Great Britain and Northern Ireland from 1945 to 1951. ... John Maynard Keynes, 1st Baron Keynes, CB (pronounced canes, IPA ) (5 June 1883 – 21 April 1946) was a British economist whose ideas, called Keynesian economics, had a major impact on modern economic and political theory as well as on many governments fiscal policies. ... 1945 (MCMVL) was a common year starting on Monday (the link is to a full 1945 calendar). ...

The winter of 1946–1947 proved to be very harsh curtailing production and leading to shortages of coal which again affected the economy so that by August 1947 when convertibility was due to begin, the economy was not as strong as it needed to be. When the Labour Government enacted convertibility, there was a run on Sterling, meaning that Sterling was being traded in for dollars, seen as the new, more powerful and stable currency in the world. This damaged the British economy and within weeks it was stopped. By 1949, the British pound was over valued and had to be devalued though this is often considered a measure of last resort for Governments. 1946 (MCMXLVI) was a common year starting on Tuesday. ... 1947 (MCMXLVII) was a common year starting on Wednesday (the link is to a full 1947 calendar). ... 1949 (MCMXLIX) was a common year starting on Saturday (the link is to a full 1949 calendar). ...

The Labour Governments of 1945–1951 enacted a political programme rooted in collectivism including the nationalisation of industries and state direction of the economy. Both wars had demonstrated the possible benefits of greater state involvement. This underlined the future direction of the post-war economy, and was supported in the main by the Conservatives. However, the initial hopes for nationalisation were not fulfilled and more nuanced understandings of economic management emerged, such as state direction, rather than state ownership. Throughout though, the basis remained the same: applying the economic theories of Keynes and continued state involvement. 1945 (MCMVL) was a common year starting on Monday (the link is to a full 1945 calendar). ... 1951 (MCMLI) was a common year starting on Monday; see its calendar. ... Collectivism is a term used to describe any doctrine that stresses the importance of a collective, rather than the importance of the individual. ... Nationalization is the act of taking assets into state ownership. ...

Two world wars had taken their toll on the Empire. Decolonisation began with Indian independence in 1947. For many countries formerly part of the Empire, they argued that, in effect, they had won their independence by fighting for Britain during the two wars. However, British power was already shown to be weakened as it became impossible to resist the tide of self determination which ensued. What began under the Labour Government of 1945–1951 was continued under the Conservatives from 1951–1964 with the exception of the Suez Crisis of 1956. After Suez, the Conservatives made it a central feature of their foreign policy rhetoric with Harold Macmillan's Winds of Change speech. 1947 (MCMXLVII) was a common year starting on Wednesday (the link is to a full 1947 calendar). ... 1951 (MCMLI) was a common year starting on Monday; see its calendar. ... 1964 (MCMLXIV) was a leap year starting on Wednesday (the link is to a full 1964 calendar). ... Combatants Israel Great Britain France Egypt Commanders Moshe Dayan Charles Keightley Pierre Barjot Gamal Abdel Nasser Strength 175,000 Israeli 45,000 British 34,000 French 300,000 Casualties 177 Israeli KIA 16 British KIA 91 British WIA 10 French KIA 33 French WIA 1,650 KIA 4,900 WIA... 1956 (MCMLVI) was a leap year starting on Sunday of the Gregorian calendar. ... The Wind of Change speech was a historically-important address made by British Prime Minister Harold Macmillan to the Parliament of South Africa, on 3 February 1960 in Cape Town. ...

The loss of Empire and the material losses incurred through two world wars had affected the basis of Britain’s economy. First, its traditional markets were changing as Commonwealth countries made bilateral trade arrangements with local or regional powers. Second, the initial gains Britain made in the world economy were in relative decline as those countries whose infrastructure was seriously damaged by war repaired these and reclaimed a stake in world markets. Third, the British economy changed structure shifting towards a service sector economy from its manufacturing and industrial origins leaving some regions economically depressed. Finally, part of consensus politics meant support of the Welfare State and of a world role for Britain; both of these needed funding through taxes and needed a buoyant economy in order to provide the taxes. It has been suggested that Welfare capitalism be merged into this article or section. ...

1960–1979: the Sixties and Seventies

It has been suggested that this section be split into a new article entitled Modern economic history of Britain. (Discuss)

As these factors coalesced during the 1960s, the slogan used by Prime Minister Harold MacMillan "(most of our people have) never had it so good" seemed increasingly hollow. The Conservative Government presided over a ‘stop-go’ economy as it tried to prevent inflation spiralling out of control without snuffing out economic growth. Growth continued to struggle, at about only half the rate of that of Germany or France at the same time. The Labour Party under Harold Wilson from 1966–1970 was unable to provide a solution either, and eventually was forced to devalue the pound again in 1967. Image File history File links Splitsection. ... The Prime Minister of the United Kingdom of Great Britain and Northern Ireland is in practice the most important political office in the UK. He acts as the head of Her Majestys Government and like other Prime Ministers in Westminster Systems is (along with his Cabinet) the de facto... Maurice Harold Macmillan, 1st Earl of Stockton, OM, PC (10 February 1894 – 29 December 1986), was a British Conservative politician and Prime Minister of the United Kingdom from 1957 to 1963. ... The Labour Party has been, since its founding in the early 20th century, the main democratic socialist [1] political party in the United Kingdom. ... James Harold Wilson, Baron Wilson of Rievaulx, KG, OBE, FRS, PC (11 March 1916 – 24 May 1995) was one of the most prominent British politicians of the 20th Century. ... 1966 (MCMLXVI) was a common year starting on Saturday (the link is to a full 1966 calendar). ... 1970 (MCMLXX) was a common year starting on Thursday (the link is to a full 1970 calendar). ... 1967 (MCMLXVII) was a common year starting on Sunday of the Gregorian calendar (the link is to a full 1967 calendar). ...

Both political parties had come to the conclusion that Britain needed to enter the European Economic Community (EEC) in order to revive her economy. This decision came after establishing a European Free Trade Area (EFTA) with other, non EEC countries since this provided little economic stimulus to Britain’s economy. Levels of trade with the Commonwealth halved in the period 1945–1965 to around 25% while trade with the EEC had doubled during the same period. Charles de Gaulle vetoed the British attempt at membership in both 1963 and 1967. In 1973 the Conservative Prime Minister, Edward Heath, led Britain into the EEC. The European Community (EC), most important of three European Communities, was originally founded on March 25, 1957 by the signing of the Treaty of Rome under the name of European Economic Community. ... The European Free Trade Association (EFTA) was established on May 3, 1960 as an alternative for European states that were not allowed or did not wish to join the European Community (now the European Union). ... 1945 (MCMVL) was a common year starting on Monday (the link is to a full 1945 calendar). ... 1965 (MCMLXV) was a common year starting on Friday (the link is to a full 1965 calendar). ... This article or section does not cite its references or sources. ... 1963 (MCMLXIII) was a common year starting on Tuesday (the link is to a full 1963 calendar). ... 1967 (MCMLXVII) was a common year starting on Sunday of the Gregorian calendar (the link is to a full 1967 calendar). ... 1973 (MCMLXXIII) was a common year starting on Monday. ... Sir Edward Richard George Ted Heath, KG, MBE (9 July 1916 – 17 July 2005), soldier and politician, was Prime Minister of the United Kingdom from 1970 to 1974 and leader of the Conservative Party from 1965 to 1975. ...

However, with the decline of Britain’s economy during the 1960s, the trade unions began to strike leading to a complete breakdown with both the Labour Government of Harold Wilson and later with the Conservative Government of Edward Heath (1970–1974). In the early 1970s, the British economy suffered more as strike action by trade unions led to a three day week. In all, over nine million days were lost to strike action under Heath’s Government alone. However, despite a brief period of calm negotiated by the Labour Government of 1974 known as the Social Contract, a break down with the unions occurred again in 1978, leading to the Winter of Discontent, and eventually leading to the end of the Labour Government, then being led by Jim Callaghan. 1970 (MCMLXX) was a common year starting on Thursday (the link is to a full 1970 calendar). ... 1974 (MCMLXXIV) was a common year starting on Tuesday. ... The 1970s decade refers to the years from 1970 to 1979, inclusive. ... 1974 (MCMLXXIV) was a common year starting on Tuesday. ... Social contract theory (or contractarianism) is a concept used in philosophy, political science, and sociology to denote an implicit agreement within a state regarding the rights and responsibilities of the state and its citizens, or more generally a similar concord between a group and its members, or between individuals. ... 1978 (MCMLXXVIII) was a common year starting on Sunday. ... The Winter of Discontent is a nickname given to the British winter of 1978–79, during which there were widespread strikes by Trade unions demanding larger pay rises for their members. ... James Callaghan is also a former MP for Heywood & Middleton. ...

Also in the 1970s, oil was found in the North Sea, off the coast of Britain. The North Sea is a sea of the Atlantic Ocean, located between the coasts of Norway and Denmark in the east, the coast of the British Isles in the west, and the German, Dutch, Belgian and French coasts in the south. ...

1979–1990: the Thatcher era

It has been suggested that this section be split into a new article entitled Modern economic history of Britain. (Discuss)

When Margaret Thatcher became Prime Minister in 1979, her main priority was to reduce the power of the unions and their ability to paralyse the economy, a battle which culminated in the Miners' Strike of 1984. She also applied monetarist policies to reduce inflation, and reduced public spending--these deflationary measures contributed to the 1979-80 recession. Her rhetoric was of a trimmer civil service and good housekeeping. Major state controlled firms were privatised, including British Aerospace (1981), British Telecom (1984), British Leyland (1984), Rolls-Royce (1987), and British Steel (1988). The electricity, gas and water industries were split up and sold off. The ultimate success of Thatcher’s approach has been contested, but the political landscape has changed, with the chief opposition to Thatcher's Conservatives, the Labour Party, advocating many of the same economic methods, but with a greater social dimension. Image File history File links Splitsection. ... Margaret Hilda Thatcher, Baroness Thatcher, LG, OM, PC, FRS (born 13 October 1925) was Prime Minister of the United Kingdom from 1979 to 1990. ... This page refers to the year 1979. ... The miners strike of 1984-5 was a major piece of industrial action affecting the British coal industry. ... 1984 (MCMLXXXIV) was a leap year starting on Sunday of the Gregorian calendar. ... Monetarism is a set of views concerning the determination of national income and monetary economics. ... British Aerospace (BAe) was a UK aircraft manufacturer, now part of BAE Systems. ... BT Group plc (which trades as just BT, and is commonly known by its former name, British Telecom) is the privatised former British state telecommunications operator. ... The British Leyland Motor Corporation (often abbreviated to simply BL), was a Britain in 1968. ... Rolls-Royce plc is the second-largest aircraft engine maker in the world, behind General Electric Aviation. ... British Steel is a large British steel producer, privatised in 1988 under the Thatcher government. ...

Since 1973, the UK has been a member of the European Union and its predecessors. Various British governments have signed on to measures which have been aimed at improving economic conditions, such as the Single European Act (SEA), signed by Margaret Thatcher. This allowed for the free movement of goods within the European Union area. The ostensible benefit of this was to give the spur of competition to the British economy, and increase its ultimate efficiency. 1973 (MCMLXXIII) was a common year starting on Monday. ... The Single European Act (SEA) was the first major revision of the Treaty of Rome. ...

Exchange controls, in operation since the war, were abolished in 1979. British net assets abroad rose approximately ninefold from £12 billion at the end of 1979 to nearly £110 billion at the end of 1986, a record post-war level and second only to Japan.[1] Privatisation of nationalised industries increased share ownership in Britain. The proportion of the adult population owning shares went up from 7% in 1979 to 25% in 1989.^[1] Foreign exchange controls are various forms of controls imposed by a government on the purchase/sale of foreign currencies by residents or on the purchase/sale of local currency by nonresidents. ...

During much of the 1980s Britain experienced a period of boom, including an unprecedented housing boom. However, the period was also characterised by continued social strife. Unemployment skyrocketed and social ills such as homelessness and absolute poverty, which had been almost entirely eradicated in Britain during the post-war era, became common features of British life again. There was rioting in various city centres including Toxteth and Brixton, violent clashes during the miner's strike, and a wave of civil disobedience culminating in rioting when the Thatcher government introduced, ultimately unsuccessfully, the Poll Tax. While the policies of Thatcherism took hold in Britain, a similar set of policies were also being adopted in the U.S. through so called "Reaganomics", named for the American president who championed them. A homeless man pushes a cart down the street. ... Poverty that is so extreme that people cannot even meet the basic human necessities like food, clothes and shelter is known as absolute poverty. ... Map sources for Toxteth at grid reference SJ355885 Toxteth is an area of inner-city Liverpool, England, starting approximately a mile south from the city centre. ... Brixton is an area of South London, part of the London Borough of Lambeth. ... A poll tax, soul tax, or capitation is a tax of a uniform, fixed amount per individual (as opposed to a percentage of income). ... Reaganomics (a portmanteau of Reagan and economics, coined by radio broadcaster Paul Harvey) is a term that has been used to both describe and decry the free market advocacy economic policies of U.S. President Ronald Reagan, who served from 1981 to 1989. ...

It is not clear whether Thatcherism was the only reason for the boom in Britain in the 1980s, as there was also a world wide boom around the same time. However many of the economic policies put in place by the Thatcher governments have been kept since, and the Labour Party which had once been so opposed to the policies had by the late 1990s quietly dropped all opposition to them.

1990–1997: the Major years

It has been suggested that this section be split into a new article entitled Modern economic history of Britain. (Discuss)

In 1990 Margaret Thatcher stood down from the office of Prime Minister after not getting the political support she felt she needed to continue. John Major was elected her successor. Image File history File links Splitsection. ... Sir John Major, KG, CH (born 29 March 1943) is an English politician who served as Prime Minister of the United Kingdom from 1990 to 1997. ...

The British pound was tied to EU exchange rates, using the Deutsche Mark as a basis, as part of the Exchange Rate Mechanism (ERM); however, this resulted in disaster for Britain. The restrictions imposed by the ERM put pressure on the pound, leading to a run on the currency, initiated by George Soros. Black Wednesday in 1992 ended British membership of the ERM but also brought about a deep recession, affecting many who had benefitted from the economic boom of the late 1980s. It also damaged the Conservatives' credibility of economic management, and contributed to the end of the 18 years of consecutive Conservative government in 1997. The Deutsche Mark (DM, DEM) was the official currency of West and, from 1990, unified Germany. ... The European exchange rate mechanism (or ERM) was a system introduced by the European Community in March 1979, as part of the European Monetary System (EMS), to reduce exchange-rate variability and achieve monetary stability in Europe, in preparation for Economic and Monetary Union and the introduction of a single... George Soros George Soros (pronounced ) (born August 12, 1930, in Budapest, Hungary, as György Schwartz) is a Jewish-American financial speculator, stock investor, and liberal political activist. ... In British politics and economics, Black Wednesday refers to September 16, 1992 when the government was forced to withdraw the Pound from the European Exchange Rate Mechanism (ERM) by currency speculators—most notably George Soros who earned over US$1 billion in doing so. ... 1992 (MCMXCII) was a leap year starting on Wednesday. ...

1997 to present: New Labour

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In 1997, the Labour Party swept to power with a huge majority in the House of Commons. On entering power Tony Blair's Labour Party stuck with the former Conservative government's spending plans. The Chancellor, Gordon Brown, gained a reputation as the "prudent Chancellor" and helped to inspire renewed confidence in Labour's ability to manage the economy. One of the first acts that the new Labour government embarked on was to give the power to set interest rates to the Bank of England, effectively ending the use of interest rates as a political tool. Labour also introduced the minimum wage to the United Kingdom, which has been raised from time to time since its introduction. The Blair government also introduced a number of strategies to cut unemployment. Unemployment has fallen back to the level it was in the late 1970s, although it still remains significantly higher than it was during the post-war era and the 1960s. Image File history File links Splitsection. ... The House of Commons is the lower house of the Parliament of the United Kingdom. ... Anthony Charles Lynton Blair (born 6 May 1953)[1], known as Tony Blair, is the Prime Minister of the United Kingdom, First Lord of the Treasury, Minister for the Civil Service, Leader of the UK Labour Party, and Member of the UK Parliament for the constituency of Sedgefield in North... The Chancellor of the Exchequer is the title held by the British cabinet minister responsible for all financial matters. ... James Gordon Brown (born 20 February 1951) is the Chancellor of the Exchequer in the United Kingdom and a British Labour Party politician. ... To meet Wikipedias quality standards, this article or section may require cleanup. ... The minimum wage is the minimum rate a worker can legally be paid (usually per hour) as opposed to wages that are determined by the forces of supply and demand in a free market. ...

The 21st century

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By 2000 the world was a very different place to the world of 1900, and Britain too had undergone massive change. Image File history File links Splitsection. ... This article is about the year 2000. ... 1900 (MCM) was an exceptional common year starting on Monday. ...

In the Labour Party's second term in office, beginning in 2001, the party increased taxes and borrowing. The government wanted the money to increase spending on public services, notably the National Health Service, which they claimed was suffering from chronic under-funding. {{redirect|NHS} The logo of the NHS for England. ...

Growth rates have consistently been between 2% and 3% since the year 2000 and inflation has levelled off at around 2%. The Bank of England's control of interest rates has been a major factor in the stability of the British economy in recent years. The pound has continued to fluctuate however, reaching a low against the dollar in 2001 (to a rate of $1.37 per £1), but rising again in 2004/2005 to a rate of approximately $1.80 per £1. Against the Euro, the pound has become steady at a rate of approximately €1.45 per £1. ISO 4217 Code GBP User(s) United Kingdom Inflation 2. ...

For further details on Britain’s contemporary economy, see Economy of the United Kingdom. The United Kingdom has the fifth largest economy in the world in terms of market exchange rates and the sixth largest by purchasing power parity (PPP) exchange rates, while showing a high level of income inequality (Gini index), and the highest poverty rate amongst the large economies. ...

Notes

1. ^ Nigel Lawson, The View from No. 11: Memoirs of a Tory Radical (Bantam, 1992), p. 207.

References

• D. H. Aldcroft and H. W. Richardson, The British Economy, 1870-1939 (1969).
• B. W. E. Alford, British Economic Performance, 1945-1975 (1988).
• J. H. Clapham; An Economic History of Modern Britain: The Early Railway Age, 1820-1850 Cambridge University Press, 1926
• M. J. Daunton; Progress and Poverty: An Economic and Social History of Britain, 1700-1850 Oxford University Press, 1995
• Michael Ball and David Sunderland. An Economic History of London, 1800-1914 Routledge, 2001.
• D. K. Fieldhouse, Economics and Empire, 1830-1914 (1973).
• Roderick Floud and Paul Johnson. The Cambridge Economic History of Modern Britain (2004)
• Roderick Floud and Deirdre McCloskey, eds. The Economic History of Britain since 1700 2 vol (1994)
• Sara Horrell; "Living Standards in Britain 1900-2000: Women's Century" National Institute Economic Review 2000. pp 62+.
• A. S. Milward, The Economic Effects of the Two World Wars on Britain (1970).
• G. C. Peden, British Economic and Social Policy: Lloyd George to Margaret Thatcher (1985).
• Henry Pelling, A History of British Trade Unionism (1963).
• Rex Pope; Atlas of British Social and Economic History since C.1700 Routledge, 1990
• S. Pollard, Britain's Prime and Britain's Decline: The British Economy, 1870-1914 (1989).
• S. Pollard, The Development of the British Economy, 1914-1967 (1967).
• E. Roberts, Women and Work, 1840-1940 (1988).
• S. B. Saul, The Myth of the Great Depression, 1873-1896 (1969).

See also

• History of coal mining
• Economy of the United Kingdom
• Pound Sterling
• UK topics
• History of the United Kingdom
• Dialectics of progress