Changes in Old and New Industries in the UK Economy from 1870 to 1939
Changes in “Old” and “New” Industries in the UK Economy, 1870 – 1939.
Compare and contrast the economic performance and regional impact of the Lancashire cotton industry before World War 1 and during the inter-war era (1918-1939). From the time of the coronation of Queen Victoria and the outbreak of World War One, Britain stood in a period of economic transition. There are several observations on whom or what caused the rise and fall of the cotton industry. The late 1840s saw Britain enter into a second phase of industrialisation. The railway network was almost complete, and this mode of transportation appeared to stimulate the growth of the coal, iron, steel and engineering industries. Together with the cotton industry, they began to flourish and grew at a rapid pace. Up until the 1870s, they thrived in an incomparable period of steady continuous growth, interspersed only by the two short depressions in 1857 and 1866. Britain had attained command of world trade with her early industrial lead - she had unquestionably become “the workshop of the world” (Davis). In particular in the north of England, the cotton industry had reached its pinnacle. Growth had been seen at an incredible pace across Lancashire, Cheshire and Yorkshire. The cotton industry was not totally concentrated in the north of England but Lancashire was known as the epicentre. The majority of raw cotton imported into England was done so by Lancashire cotton mills. In terms of output Britain was producing almost the same amount of goods as the United States, Germany and France combined. Britain had become a reference point for all to follow. Britain saw the world as her trading partner like no other; Britain by 1913 was thought to be in a position of great strength with unquestionable wealth. This position was more over a false image of the activities of old industries such as the cotton and coal sectors. Britain had become a nation of financial and commercial service providers. During the
Compare and contrast the economic performance and regional impact of the Lancashire cotton industry before World War 1 and during the inter-war era (1918-1939). From the time of the coronation of Queen Victoria and the outbreak of World War One, Britain stood in a period of economic transition. There are several observations on whom or what caused the rise and fall of the cotton industry. The late 1840s saw Britain enter into a second phase of industrialisation. The railway network was almost complete, and this mode of transportation appeared to stimulate the growth of the coal, iron, steel and engineering industries. Together with the cotton industry, they began to flourish and grew at a rapid pace. Up until the 1870s, they thrived in an incomparable period of steady continuous growth, interspersed only by the two short depressions in 1857 and 1866. Britain had attained command of world trade with her early industrial lead - she had unquestionably become “the workshop of the world” (Davis). In particular in the north of England, the cotton industry had reached its pinnacle. Growth had been seen at an incredible pace across Lancashire, Cheshire and Yorkshire. The cotton industry was not totally concentrated in the north of England but Lancashire was known as the epicentre. The majority of raw cotton imported into England was done so by Lancashire cotton mills. In terms of output Britain was producing almost the same amount of goods as the United States, Germany and France combined. Britain had become a reference point for all to follow. Britain saw the world as her trading partner like no other; Britain by 1913 was thought to be in a position of great strength with unquestionable wealth. This position was more over a false image of the activities of old industries such as the cotton and coal sectors. Britain had become a nation of financial and commercial service providers. During the
Bibliography: Council, M. C. (n.d.). spinningtheweb. Retrieved 02 24, 2011, from http://www.spinningtheweb.org.uk: Davis, P. M. (n.d.). The Union Makes Us Strong. Retrieved 01 28, 2011, from www.unionhistory.info: http://www.unionhistory.info/timeline/1850_1880.php Kirby, M. (1981). The Decline of BritishEconomic Power Since 1870. George Allen & Unwin. Sayers, R. (1967 (1973 reprint)). A History of Economic Change in England 1880-1939. Oxford University Press. Tonge, N. (1993). Challenging History-Industrialisation and Society 1700-1914. Thomas Nelson and Sons Ltd.