Term
| How did the production of goods change through industrialisation? |
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Definition
| Industries developed from small-scale production of goods in the domestic system, to large-scale production in factories. |
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Term
| What is this transition refered to as? |
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Definition
| The 'Industrial Revolution' |
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Term
| Contrast to a revolution, how do some revisisonists characterise the change? |
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Definition
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Term
| How did economic growth change in the 80's and 90's? |
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Definition
| Sharp rise in both imports and exports; marked increase in economic activity. The annual growth of industrial output, near always at two per cent, now rose to between three or four per cent. |
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Term
| Where was the biggest market for commodities? |
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Definition
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Term
| What are the preconditions for economic growth? |
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Definition
Development of trade, access to raw materials, improvements in agriculture, political stability, free movement of goods and invention.
Underlying these is a growth in population. |
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Term
| Which developments had brought a growth in banking and finance? |
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Definition
| Colonisation, exploration, shipbuilding and the discovery of new overseas markets. |
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Term
| Who was the largest and most influential trading company in England; obtaining a trade monopoly in India and the Far East? |
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Definition
| The East India Company; who traded cotton, sugar, tobacco and slaves in the West Indies. |
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Term
| What did the rise in population cause? |
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Definition
Availability of a large labour force; an increased demand for food, clothing, housing and other commodities.
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Term
| What did the benefits of the rise in population invariably cause? |
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Definition
| An increased production of manufactured goods, especially textiles, and stimulated agrocultural output. |
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Term
| Why was the little hinderence to ventures? |
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Definition
| Political stability; reletively liberal and democratic ideology and the ability for free movement. |
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Term
| Why did Britain have optimal conditions for the IR? |
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Definition
| Endowed with natural resources, which provided power to drive the industrial machines. Streams could be modified to harness water power; plentiful supplies of coal and iron ore. Navigable rivers which facilitated canals. |
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