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Lecture 3 - Free Trade and
Greater Britain
💡 Between 1870 and 1914 the world experienced a first wave of economic
globalisation with the British economy at its heart. We consider the
structure, origins, performance and impact of Britain's 'open' or
'cosmopolitan' economy at home and abroad during the late Victorian and
Edwardian periods. Two key questions that animate the historiography will
be addresed: Who were the winners and losers in this open
economy? and Did the late Victorian and Edwardian Economy Fail?
💡 This involves moving backwards in time from 1870 to the 1840s as well as
forwards from 1870 to 1914.
Context
Britain was the dominant economic power in 1870
By 1913, Britain was no longer the dominant economic power, being overtaken
by America
Content
...we consider the economic circumstances in which Britons lived their lives
between 1870 and 1914 through a highly-stylised survey of a cosmopolitan
market economy in a globalising world.
Next we trace its origins back to the 1840s and a series of important political
decisions to liberalise trade and develop market institutions
Before examining a contemporary view of this period of global economic
dominance as one of failure and decline.
Lecture 3 - Free Trade and Greater Britain 1
, We close by considering why Britain’s economy remained open despite
mounting criticism of its economic, social, and environmental costs.
Surfing the First Wave of Globalisation
UK is worlds second-largest economy in 1870
GDP (per capita) - Gross Domestic Product - Conceptualised in the 1940s
UK had the highest GDP per capita in 1870
High GDP per capita does not demonstrate the wealth distribution, which at this
time had a very high concentration at the top
Lecture 3 - Free Trade and Greater Britain 2
Lecture 3 - Free Trade and
Greater Britain
💡 Between 1870 and 1914 the world experienced a first wave of economic
globalisation with the British economy at its heart. We consider the
structure, origins, performance and impact of Britain's 'open' or
'cosmopolitan' economy at home and abroad during the late Victorian and
Edwardian periods. Two key questions that animate the historiography will
be addresed: Who were the winners and losers in this open
economy? and Did the late Victorian and Edwardian Economy Fail?
💡 This involves moving backwards in time from 1870 to the 1840s as well as
forwards from 1870 to 1914.
Context
Britain was the dominant economic power in 1870
By 1913, Britain was no longer the dominant economic power, being overtaken
by America
Content
...we consider the economic circumstances in which Britons lived their lives
between 1870 and 1914 through a highly-stylised survey of a cosmopolitan
market economy in a globalising world.
Next we trace its origins back to the 1840s and a series of important political
decisions to liberalise trade and develop market institutions
Before examining a contemporary view of this period of global economic
dominance as one of failure and decline.
Lecture 3 - Free Trade and Greater Britain 1
, We close by considering why Britain’s economy remained open despite
mounting criticism of its economic, social, and environmental costs.
Surfing the First Wave of Globalisation
UK is worlds second-largest economy in 1870
GDP (per capita) - Gross Domestic Product - Conceptualised in the 1940s
UK had the highest GDP per capita in 1870
High GDP per capita does not demonstrate the wealth distribution, which at this
time had a very high concentration at the top
Lecture 3 - Free Trade and Greater Britain 2
