Nobody downloaded yet

British Economy during the 19th and 20th centuries - Book Report/Review Example

Comments (0) Cite this document
Summary
It has been popularly argued that Britain's role as one f the world's strongest economies was in decline from 1870, particularly as Germany and the USA became strong players in the world market. Many arguments and hypotheses have been drafted by historians to explain why this was, but this essay will be concerned with assessing the extent to which the actions f entrepreneurs were to blame for Britain's lack f industrial competitiveness…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER97.7% of users find it useful
British Economy during the 19th and 20th centuries
Read TextPreview

Extract of sample "British Economy during the 19th and 20th centuries"

Download file to see previous pages One f the key historians to condemn the actions f entrepreneurs was Derrick Aldcroft, whose 1969 thesis on the implications f industrialist's actions on the British economy caused controversy. Aldcroft analysed four aspects f entrepreneurial actions; technological progress, methods f production, scientific research and technological education, and commercial methods.
Aldcroft argued that investment in technological progress was more beneficial to the British economy than the accumulation f capital (Aldcroft, 1981). British entrepreneurs were behind their German and American counterparts in this field, as both countries invested more f their profits in newer and more efficient machinery, which could ultimately improve productivity and thus profits. Weiner, who agrees with this opinion stated that, 'insufficient long-term investment hobbled productivity growth, which in turn made such investment ever less attractive, and so on in a downward spiral.' (Weiner, 1981: 129). There are many examples to illustrate this point, but the example to be used here is that f the steel and iron industry. In contrast to Germany, Britain was slow to adopt new processes for coking and steelmaking, and also to modernize her plants. By adopting the German method f 'direct' steelmaking, Britain could have utilised the by-products and waste gases, which would have resulted in more efficient use f resources and thus less money wasted. However, in 1913, less than 28% f the iron to be used in steelmaking utilised the direct process, compared to 75% f German steel as early as 1900 (Aldcroft, 1981). This lack f technological investment had, according to Aldcroft and other accusers f entrepreneurs, an effect on Britain's role as a world competitor, as it caused the prices f our exports to be higher than American and European prices, which in turn made buyers reluctant to buy British.
This leads to the argument that British entrepreneurs were slow to adopt new methods f production in industries, particularly in tool making and engineering, which resulted in Britain losing key markets to her international competitors (Aldcroft, 1981). Britain had traditionally been the key producer f machine tool, but was replaced by America in the 1880's, after which German tool manufacturers became prominent toolmakers. Germany and America succeeded where Britain failed, due to their effective and resourceful methods f production. As opposed to producing a large variety f tools in small and inefficient firms, the German and American toolmakers concentrated on mass-producing only one or two types f tool (Aldcroft, 1981). By adopting the resourceful German and American styles f tool production, British toolmakers could have considerably reduced the costs f production and widened their potential markets.
The third accusation placed upon the industrial businessmen by Aldcroft is that they failed to recognise the importance f a scientific or technological education, and thus prevented enough research in forwarding methods and products (Aldcroft, 1981). This was particularly true f scientific industries such as ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“British Economy during the 19th and 20th centuries Book Report/Review”, n.d.)
British Economy during the 19th and 20th centuries Book Report/Review. Retrieved from https://studentshare.org/miscellaneous/1527357-british-economy-during-the-19th-and-20th-centuries
(British Economy During the 19th and 20th Centuries Book Report/Review)
British Economy During the 19th and 20th Centuries Book Report/Review. https://studentshare.org/miscellaneous/1527357-british-economy-during-the-19th-and-20th-centuries.
“British Economy During the 19th and 20th Centuries Book Report/Review”, n.d. https://studentshare.org/miscellaneous/1527357-british-economy-during-the-19th-and-20th-centuries.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF British Economy during the 19th and 20th centuries

The British Economy Recession

... The British Economy Recession Foreword: This research paper analyzes the reasons of the British economy recession in 20th century. Thesis: During the whole 20th century there were three main reasons of the country’s decline that could be named. In 1901 with the death of Queen Victoria the United Kingdom was on the threshold of the new economically developed era. While the USA and Germany were developing greatly the UK was still lagging behind in its manufacturing and economic indicators. During the whole 20th century there...
4 Pages(1000 words)Essay

The British Economy

...?The British Economy Table of Contents Introduction 3 Brief Overview of UK Economy and British Pound 4 Fixed Exchange Rate System and Role of UK Government 5 Floating Exchange Rate System and Role of UK Government 7 Conclusion 10 Reference 11 Introduction The influence of globalisation on trade and business is the most prominent development for human civilization as it has led to increase the importance of international trade and related activities. The world economies are inter-depended on each other and hence, they have realized the importance of international trade and business. Therefore, free trade policies and trade pact between world...
6 Pages(1500 words)Essay

The British Economy

.... and Schleiminger, G. (1989), The European Payments Union, Financial Diplomacy in the 1950s, Oxford: Clarendon Press. MacDonald, D H (1968), Conversation in Basle with Bridge. BIS Historical Archive Registry Files, Bank of England Policy, Volume 3 & 4. Pollard, S. (1992), The Development of the British Economy 1914-1990, Hodder Arnold, ISBN: 0340561858 Raghuram, G. R. and Zingales, L., (2003), The great reversals: the politics of financial development in the twentieth century, Journal of Financial Economics: 69. Schenk, C. R., (1994), Britain and the Sterling Area, from devaluation to convertibility in the 1950s, London: Routledge. Toniolo, G. (2005), Central Bank Cooperation at the...
6 Pages(1500 words)Essay

Family Photo Albums of the 19th and 20th Centuries

...Photography USA - Family Photo Albums of the 19th and 20th Centuries YOUR FULL THE OF YOUR OR SCHOOL Photography USA - Family Photo Albums of the 19th and 20th Centuries The photograph has become ubiquitous in the modern day. The ease of capturing visual images by disposable cameras and even portable telephones has forever changed the way Americans perceive and display family photography. In contrast to the people of the 19th Century, who witnessed the birth of the camera and its cloth-shrouded operator, experienced the fizzle and smoke of flash powder, and waited to actually view the resulting...
20 Pages(5000 words)Essay

Art from major museum from the collection of 19th, 20th or 21st centuries

...on the year 1793 in Paris which they named Louvre. This famed art museum placed for the first time in France a haven for the arts that were previously and exclusively owned by the aristocracy; it showcased these fabulous arts to individuals of all walks of life. Furthermore, due to the aforementioned significant revolutions, art movements developed in a rapid scale which was largely characterized by “isms”: Impressionism, Realism, Fauvism, and so on. These movements duly represented societies that were freshly liberalized from the stronghold of the Church. France was the pinnacle of success for every artist in the 19th century. Annually, a Salon was held wherein exceptional artists had the grand...
6 Pages(1500 words)Essay

British economy

...explanations touching on the role played by Research & Development (R&D) and innovation. Lastly, the involved said that there was an under-representation when it came to the small firms in the international economy. By the close of the 9th decade of the 20th century the manufacturing sector was displaying some signs of the fighting off the previous severe negative impacts. In spite of this was a short lived relief, yet another economic slump attempted at strangling the industry again. New buds started to sprout in the mid 1900s. Nevertheless, the whole picture depicting a boom, a recession, a recovery and so on served as a major setback overwhelming the reported growth to a long-term...
9 Pages(2250 words)Essay

The British Economy

...The British Economy The British Economy Introduction Notwithstanding that Great Britain has its own economic, scientific and technical potential, which supports traditional leading industrial branches, since 1970th there has been a constant decline in British manufacturing sector. Disintegration of the British Empire weakened national economy, which depended on raw materials and cheap labor force of its colonies for centuries. After the Second World War Great Britain gradually lost its hegemonistic position in political and economic spheres. “Small” colonial wars in Malaya, Nigeria, Kenya, Uganda were...
6 Pages(1500 words)Essay

The British Economy

...The British Economy Registration Number: Information: Introduction Exchange Rate An exchange rate is the charge at which one currency is exchanged for another. There are two basic kinds of exchange rate systems. Fixed Exchange Rate System Flexible Exchange Rate System Till the year 1971. All the major economies of the world were following the exchange rate system. This system valued money based on the price of gold initially and then it started being based on the value of the US dollar. These exchange rates were desirable for the governments because they were able to provide facility. When foreign trading was done, there was no uncertainty. It was after 1971, that some countries could no...
6 Pages(1500 words)Essay

Working class people in New York in the late 19th and early 20th centuries

...Working people in New York in the late 19th and early 20th centuries Introduction It is generally known that the working class people in New York in the late 19th and early 20th centuries were defined by activities that surrounded them other than their jobs. Throughout this period, workers have taken political and cultural positions that have influenced their culture and positions within the industrial environment. There have been numerous debates about the political interest of the working class and, this started in the early 19th century. There have been different disparities amongst different working...
5 Pages(1250 words)Essay

The British Economy

...sectors include -financial, distribution, business, communication, hotels, transport etc. Currently, the country is suffering from high trade deficit due to higher import comparing to lower export. During 2009, net export of goods and services were recorded $351.3 billion; whereas, net imports of goods and services were higher i.e. $473.6 billion (U.S. Department of State, 2010). As per the updated information, the value of 1 British pound is compared to other major foreign currency in the given below. Table 1: British Pound and Other Foreign Currency (Source: MSN Money, 2011) Fixed Exchange Rate System and Role of UK Government The foreign exchange rate is very important for...
6 Pages(1500 words)Essay
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Book Report/Review on topic British Economy during the 19th and 20th centuries for FREE!

Contact Us