Hist268 18th cent British economic growth

Hist268 18th cent British economic growth - 1 History26801...

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 1 History268-01 Final Paper Prompt #4 7 May 2013 18 th  Century British Economic Growth England in 1783 to 1802 fostered the development of the Industrial Revolution  due to the ideal environment for mechanized growth. Primarily, the most advanced  technology of the time was found in the shops of British inventors trying to improve the  productivity of their factories. Furthermore, the growing population, although taxing on  food supplies, increased the available workforce that could be hired to run the new  technology in factories. Moreover, British influence could be found across the globe, thus opening new trade possibilities that could be used to grow both imports and exports.  However, the British would have fallen into the Malthusian Trap of overpopulation and  poverty had the government not adopted mercantilist foreign strategies. Through the  course of this essay, I will cite examples of international trade, foreign policy, and  military conflict to demonstrate how mercantilism allowed for England to capitalize on  industrial opportunities, thus leading to sustained economic growth in the 18 th  Century.   Perhaps the greatest influence of mercantilism on the British Economy came in  the form of exploiting dominance in trade to satisfy domestic demand for finished goods  in addition to raw materials vital to developing industries Primarily, the English utilized  the nation of India, as the English East India Company had developed a market for 
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 2 imported calicos and muslins. 1  For example, the West Indies accounted for one hundred  percent of the cotton goods exported between 1784 and 1786, with a value of 766  thousand pounds of sterling. 2 Moreover, domestic textiles imported a portion of the raw  cotton needed for production through India and the English East India Company. In  addition, the cotton mills in Lancashire benefitted from trade via the ocean, as their  proximity to the port in Liverpool reduced overland transport and the cost of transporting  materials to the factory. 3  Therefore, the British benefited from trade with India as the  exchange developed a market for imported finish goods in addition to providing cheaper  raw materials needed for the production of finished cotton goods in domestic textiles.  Similarly, the British capitalized on the benefits offered to them by partaking in the  Triangle Trade with the New World and the Caribbean. Principally, the trade offered an  opportunity for the British to invest in future production by aiding the slave trade  between West Africa and the American colonies. Furthermore, England benefited from 
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  • Fall '13
  • Grimmer-Solen
  • History, Ronald Findlay

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