Trade and Commerce

    Cards (87)

    • What are some products mentioned in the study material related to agriculture?
      Sugar cane, cotton, and palm oil
    • What minerals and resources are mentioned in the mining section?
      Copper, butter, and diamonds
    • What was the impact of the Canadian Pacific Railway on the economy?
      It was designed to manipulate competitive pricing
    • How did the British pricing strategy affect the Indian textiles industry?
      It led to the denotation of the Indian textiles industry
    • What time period is associated with trade and commerce in the study material?
      1857-1890
    • What infrastructure was provided by British companies by the late 1870s?
      Steam ships and railways
    • What was Canada granted in the mid-1800s?
      To accept British policies
    • What regions were opened up due to the infrastructure developments in Canada?
      The prairie and western Canada
    • Which countries are mentioned as self-governing settler colonies of the period?
      Canada, Australia, New Zealand, and South Africa
    • What was the purpose of building canals according to the study material?
      To establish trade routes
    • What types of waterways are mentioned in the context of trade routes?
      Canals and rivers
    • What type of gold is mentioned in the study material related to mining?
      Termocial gold
    • What does the phrase "as business expanded" imply in the context of mining?
      It suggests that mining activities increased with economic growth
    • What is mercantilism?
      Mercantilism is a system of regulations governing trade.
    • How do protectionists regulate trade?
      Protectionists use tariffs, particularly duties on imported goods.
    • What happened to tariffs under new free trade theories?
      Tariffs were dismantled under the influence of new free trade theories.
    • 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.
    • How did Britain sometimes achieve its trade agreements?
      Britain sometimes resorted to threats and coercion to achieve trade agreements.
    • How did the British government support trade?
      The British government supported trade by leaving it free from trading restrictions.
    • 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.
    • 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.
    • What happened to British investments overseas during this period?
      British investments overseas increased, and sterling became the main currency of international trade.
    • 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.
    • 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.
    • What is the relationship between mercantilism and protectionism?
      Mercantilism is the aim, while protectionism is the method.
    • What is the aim of protectionism?
      The aim of protectionism is to encourage exports and discourage imports.
    • When was mercantilism introduced in Britain?
      Mercantilism was introduced in Britain with the Navigation Act of 1660.
    • Why were European powers concerned about trading with others?
      European powers were concerned that trading with others meant strengthening their enemies.
    • 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.
    • What was the solution to the need for international trade?
      The solution was to find new markets (colonies) and put restrictions on them.
    • 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.
    • 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.
    • What percentage of British exports went to the empire during the same period?
      33.3% of British exports went to the empire.
    • 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.
    • 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.
    • 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.
    • Name one of the companies involved in the Scramble for Africa.
      Royal Niger Company, established in 1886.
    • What was established at the Berlin Conference regarding colonies?
      The Berlin Conference established that effective occupation was necessary to claim a colony.
    • What was the British South Africa Company known for?
      The British South Africa Company, established in 1889, was owned by Cecil Rhodes.
    • 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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