UK economics history

1. UK Economic History
And Analysis

2. 18th Century
1

3. INDUSTRIAL REVOLUTION
◈ This transition included going from hand production
methods to machine, new manufacturing and iron
production processes, the increasing use of steam
power the development of machine tools and the rise
of the factory system (mass production).

4. THE PRECEDING MILLENNIA (THE LIFE
BEFORE INDUSTRIAL REVOLUTION)
◈ Farming was the main occupation of the people 80% to 90% peoples were
involved in farming.
◈ People lived closed to their food source because transportation was not available.
◈ The only Weapons was introduced which can kill to only few peoples at once.
◈ Life expectancy was not more than 35 years because of incurable diseases.
◈ Travel ands communication between far places was nonexistence and or extremely
slow.

5. FACTORS LEADING TO INDUSTRIAL
REVOLURION IN UK:
◈ Agricultural surplus in England due to new techniques in
farming
◈ Mercantilism-trading for profit, accumulation of wealth
◈ Semi skilled workers were readily available
◈ Abundance of coal and iron-UK was an initial pioneer in
these field.
◈ A government that encourage improvements.

6. INVENTIONS THAT SPURRED AND
SUSTAINED THE REVOLUTION:
◈ John Kay's "flying shuttle“-weaving industry
◈ James Hargreaves' "spinning jenny“-enable of spinning
of 100s yarns together

7. ◈ James Watt's "steam engine“
◈ Robert Fulton's "steamboat“
◈ The “Power loom”

8. Impacts of Industrial Revolution:
Positive impacts:
• Factory system.
• Standardization of factory work.
• Means of communication and transportation.
• No more hunger and famine-surplus food could
be transport easily.

9. Impacts of Industrial Revolution:
Negative impact:
• Capitalism- philosophy of profit maximization
• Exploitation of workers
• Traditional weavers and workers were wiped out
machine
• Child labor flourish because it was cheaper to
employee child(and women also)
• Pollution-health and environment concern

10. Phases of Industrial revolution in UK:
◈ 1st phase - 1760-1850
Phase mechanization of textile industry, mining and metallurgy, steam engine
◈ 2nd phase - late 19th century
Scientific inventions, revolutions in steel and chemical, growth of mass
production
◈ 3rd phase - late 20th century (ongoing)
Communication technology, internet, energy and artificial intelligence

11. 19th Century
2

12. Napoleonic wars
1800-1812:

13. Overall Economic Analysis of UK During War:

14. Causes of the
Discontent and
Distress, 1812-22

16. “
The Contribution of Railways
to Britain's Economic Growth
in the 19th century 1830-1850:
“

18. Elements That Was Influenced By The
Emergence of Railway System:
Demand for iron
and steel
Production of
iron and steel
Employment
Demand for coal
and other goods
Cost of
transporting coal
And other goods
Cost of industrial
goods and other
Exports

19. Free Trade 1840-1860:

20. Second Industrial
Revolution 1870-1900:

22. 20th Century
3

23. Great
Depression/Slump
(1919-Mid of1930s):

24. Recovery

25. World War 2 Decline
(1939-1945):

26. Recovery

27. Oil Crises Recession
(1973-1978):

28. Thatcher Era (1979-
1990):

29. Major Years
(1991-1997):

30. 21th Century
4

31. 2000-2007 (War in
Afghanistan & Iraq):

32. 2008 (Great
Recession):

33. 2009-2015:

34. 2016 (Europe
Referendum):

35. Economic Situation in 2017-18:
2017 2018
GDP GROWTH RATE 1.7% -
INFLATION - 2.8%
EMPLOYMENT RATE - 75.4%
UNEMPLOYMENT - 4.2%
REVENUES 744 billion pounds in 2017-18
EXPENSES 802 billion pounds in 2017-18

36. Thanks!
Any questions?