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

Usage license:: Get license information via the feedback formular.

ANALOGY WITH THE ELIZABETHAN AGE 873 nsing; in recent years it has brought about a marked cleavage between the gold-using and the silver-using coun- tries. The financial and commercial relations between England and India have been altered ; Indian production, both of raw products and textiles, has been stimulated by the high silver prices which could be obtained in gold-using countries, and in England the agricultural interest appears to have been depressed by the importation of grain ripened in a silver- using country?, while English manufactures cannot be so profitably exported to the silver areas. The remarkable development of trade, from 1850 to 1874, appears to be directly connected with the rise of prices which followed the discoveries of gold®, while the subsequent depression is equally clearly connected with the dislocation which has been due to the fall in the value of silver relatively to golds. The material prosperity of England is dependent on trade, and the main influences which have affected her industrial and agricultural life during the last half-century have originated in events which occurred in distant parts of the world. The parallel, between the period which followed the Cw TO discovery of the New World and the last half-century, holds for the good, not only in regard to prices, but in other ways as well. Ltn There has been an unprecedented opportunity for the forma- tion of capital; and the new means of communication which have been opened up, have made it possible for enterprising men to invest it, in developing the resources and industry of any part of the globe. In the sixteenth century England was a backward country, and capitalists seeking for invest- ments looked towards it from all the continental monetary centres. During the last half-century London has been the city in which financial business has been chiefly concentrated, and English capital has flowed out to engage in industrial and commercial and engineering undertakings in our colonies, in foreign countries, and in uncivilised lands. There is another aspect in which the parallel holds good; the addition which accrued to the world’s bullion—stimulating L Report of Gold and Silver Commission, in Reports, 1888, Lv, 331. } Bowley, England's Foreign Trade, 98. } Nicholson, Money and Monetary Problems, 180. Ll. Price, Money and its Relation to Prices, 181.

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