Key Concepts- Economic conditions (mid-late 1800's)
Economic Prosperity Britain dominated world economy- produced 40% of total goods being traded Had the advantage of the Empire to gather new materials to up the economy Mid 19-th century- high of economic and industrial power Improvements in technology and farming increased production Low taxation Encouraged free trade Better education and health (e.g. Public Heath Act 1875)- happier and healthier workers, had higher income- all allowed for an increased consumption Increase in demand= increase in production= better profits Largely unopposed as economic powerhouse Golden age of agriculture- repeal of Corn Laws (1846) did not hurt farming as was feared, 'High Farming' established (increased productivity), increase in farming knowledge (boosted by knowledge from Empire) meant an increase in the farming market Railway boom boosted trade- heightened by steamboats and engineering Key British industries (coal, iron, steel) continue to develop- export of coal increas