The Industrial Revolution

Bibliographic data

Monograph

Identifikator:: 1027928145

URN:: urn:nbn:de:zbw-retromon-159926

Document type:: Monograph

Author:: Cunningham, William http://d-nb.info/gnd/128907487

Title:: The Industrial Revolution

Place of publication:: Cambridge

Publisher:: The University Press

Year of publication:: 1922

Scope:: xxii S., S. 404-886

Digitisation:: 2021

Collection:: Economics Books

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THE PARLIAMENT OF GREAT BRITAIN 413 formation and intervention of capital, but these were im- A.D. 1689 mensely enlarged in the eighteenth century, by the rapid —tre. development of credit in all its forms. The institution and the of the Bank of England not only gave stability to the we Government, but provided the means for material progress Jacihties of every kind, It has been the very heart of the economic mercial life of the country during the last two hundred years, and we must look closely at the character of the new Bank, and the circumstances under which it was launched. We shall then see how these new facilities for the formation and investment of capital gave scope for extension in commerce and in industry. The greater activity at the centre, syn- chronised with an expansion of the sphere in which the commercial system of England was consciously maintained 212. The success of the representative assembly, in controlling the power of the Crown, led indirectly to an enormous expansion of its sphere of influence. At the time of the accession of James L, Parliament had no occasion to concern itself with anything outside the limits of England and Wales, Scotland was a distinct realm, with its own Parliament ; Ireland was also a separate kingdom, in which the House of Commons took little interest; foreign trade was in the hands of companies, which held patents from the Crown ; and as the plantations were founded, they were similarly controlled. It was only as trade reacted on the well- being of English taxpayers, that Parliament had ventured to meddle with it at all. But after the Revolution, this was entirely changed; the increased power of Parliament gave it a status for exercising both an economic and political control over the whole of the territory under English rule. The dominant party in Parliament was inclined, by its traditional principles, to take a somewhat narrow view of its duties to in ajealous Englishmen in distant regions, while the colonists were even sprit: more jealous of the interference of Parliament than of the exercise of authority by the Crown! It was, of course, true that the establishment of the plantations had involved a considerable drain on English resources, both in men and money: there were many people I Fiske. Civil Government, 156.

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