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Modern history British Empire
Trade and Commerce
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Cards (87)
What are some products mentioned in the study material related to agriculture?
Sugar cane
,
cotton
, and
palm oil
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What minerals and resources are mentioned in the mining section?
Copper
, butter, and
diamonds
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What was the impact of the Canadian Pacific Railway on the
economy?
It was designed to manipulate
competitive pricing
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How did the British pricing strategy affect the Indian textiles industry?
It led to the
denotation
of the Indian textiles industry
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What time period is associated with trade and commerce in the study material?
1857
-
1890
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What infrastructure was provided by British companies by the late 1870s?
Steam ships
and railways
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What was Canada granted in the mid-1800s?
To accept
British policies
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What regions were opened up due to the infrastructure developments in Canada?
The
prairie
and western Canada
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Which countries are mentioned as self-governing settler colonies of the period?
Canada
,
Australia
,
New Zealand
, and
South Africa
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What was the purpose of building canals according to the study material?
To establish
trade routes
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What types of waterways are mentioned in the context of trade routes?
Canals
and
rivers
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What type of gold is mentioned in the study material related to mining?
Termocial
gold
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What does the phrase "as business expanded" imply in the context of mining?
It suggests that mining activities increased with
economic growth
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What is mercantilism?
Mercantilism is a system of
regulations
governing trade.
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How do protectionists regulate trade?
Protectionists use
tariffs
, particularly duties on
imported
goods.
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What happened to tariffs under new free trade theories?
Tariffs were
dismantled
under
the
influence
of
new
free
trade
theories.
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Why was Britain considered the world's foremost trading nation?
Britain was the world's foremost trading nation due to its active support for
free trade agreements
.
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How did Britain sometimes achieve its trade agreements?
Britain sometimes resorted to
threats
and
coercion
to achieve trade agreements.
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How did the British government support trade?
The British government supported trade by leaving it free from
trading restrictions
.
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Why was trading within the British Empire attractive?
Trading within the British Empire was attractive due to the lack of
government
trading restrictions and access to diverse goods.
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What was the impact of free trade within the empire on British exports?
Free trade within the empire helped imperial trade and investments grow enormously, providing a market for
around a third
of British exports.
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What happened to British investments overseas during this period?
British investments overseas increased, and
sterling
became the main currency of international trade.
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What was the economic context during the late 18th to mid-19th century?
The economic context was the
Industrial Revolution
from
1750
to
1820-40
.
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What were the key goals of mercantilism?
The key goals of mercantilism were to create a trade surplus and maximize the amount of
bullion
held by the state.
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What is the relationship between mercantilism and protectionism?
Mercantilism is the
aim
, while protectionism is the
method.
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What is the aim of protectionism?
The aim of protectionism is to encourage
exports
and discourage
imports
.
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When was mercantilism introduced in Britain?
Mercantilism
was introduced in Britain with the
Navigation Act
of
1660
.
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Why were European powers concerned about trading with others?
European powers were concerned that trading with others meant strengthening their
enemies
.
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Why could international trade not be entirely avoided?
International trade could not be entirely avoided as it was necessary to grow the economy and keep people
employed
.
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What was the solution to the need for international trade?
The solution was to find new markets (
colonies
) and put restrictions on them.
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What did the Navigation Act state?
The Navigation Act stated that all goods must be shipped in
British
boats and
colonies
could not freely import from other
foreign
countries.
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What percentage of British imports from the empire came from the colonies between 1875-1900?
20%
of British imports from the empire came from the colonies.
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What percentage of British exports went to the empire during the same period?
33.3%
of British exports went to the empire.
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Why did the British government start to rely less on chartered companies?
The British government started to rely less on chartered companies due to
strategic
considerations and the
Indian Mutiny
.
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What was the Great Depression of the 1870s?
The Great Depression was a
worldwide
economic slump from
1870-96
leading to falling prices, trade, investments, and overall profits.
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What was an example of a company set up during the Great Depression?
An example of a company set up during this time is the
Scramble for Africa
.
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Name one of the companies involved in the Scramble for Africa.
Royal Niger Company
, established in
1886
.
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What was established at the Berlin Conference regarding colonies?
The Berlin Conference established that
effective occupation
was necessary to claim a colony.
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What was the British South Africa Company known for?
The British South Africa Company, established in
1889
, was owned by
Cecil Rhodes
.
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What was the purpose of the Imperial Federation League?
The Imperial Federation League was set up to promote
colonial
unity and enterprise.
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