Cabot led another voyage to the Americas the following year but nothing was ever heard of his ships again.
Print this page The transformation of the economy For a few decades in the 19th century British manufactured goods dominated world trade.
Most mass manufactured items were produced more efficiently and competitively in Britain than elsewhere. She also had the commercial, financial and political power to edge out rivals at home and abroad. In some industries, most notably textiles, massive changes took place in technology and in the organisation of production causing dramatic productivity growth.
This in turn brought a steep decline in prices. In many other sectors more modest organisational improvements coupled with greater specialisation and the employment of cheap labour brought similar, though less dramatic, results.
An unprecedented range and variety of products thus came within the grasp of a new mass market both within Britain and overseas.
No other country could at first compete so Britain became the workshop of the world. For a few decades in the 19th century British manufactured goods dominated world trade. The period from the late 18th century to the mid-Victorian years witnessed a major shake up and change in both the economy and society.
This was seen in the organisation and finance of industry and commerce, the skills and work practices of production and technology, massive population growth and urbanisation and the development and disciplining of labour.
Canal, river, road and sea transport were all greatly improved. From the s, railways revolutionised the speed of communication and the transport of passengers and, more gradually, freight. The role of government on both national and local levels was considerably transformed.
The dynamism of the economy shifted firmly from agriculture to industry and trade. Some regions, notably coalfield areas, rapidly industrialised. Others saw revolutionary change focused around the development of trade and ship building in port cities.
Some regions concentrated on commercial agriculture and others stagnated. By the mid 19th century, industrialisation had altered the lives of women and children as much as those of men. Ideas of gender and ethnicity as well as class had changed.
Industrialisation had affected consumption and commerce as much as industry, leisure as much as work. It involved shifts in motivations, aspirations, ideologies and aesthetics. Many sectors and many regions changed only slowly. The growth of national income remained slow. It did not reach more than three per cent per annum until well into the Victorian period and then decelerated again from the third quarter of the 19th century.
However, these were exceptions, even in cotton manufacture.In the Transatlantic Slave Trade, triangle ships never sailed empty and some people made enormous profits. This Slave Trade was the richest part of Britain's trade in the 18th century.
This Slave Trade was the richest part of Britain's trade in the 18th century. Latest environmental news, features and updates. Pictures, video and more.
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