The revival of trade, after the crisis of 1847, was the dawn…

The revival of trade, after the crisis of 1847, was the dawn of a new industrial epoch. The repeal of the Corn Laws and the financial reforms subsequent thereon gave to English industry and commerce all the elbow-room they had asked for. The discovery of the Californian and Australian gold-fields followed in rapid succession. The Colonial markets developed at an increasing rate their capacity for absorbing English manufactured goods. In India millions of hand-weavers were finally crushed out by the Lancashire power-loom. China was more and more being opened up. Above all, the United States—then, commercially speaking, a mere colonial market, but by far the biggest of them all—underwent an economic development astounding even for that rapidly progressive country. And, finally, the new means of communication introduced at the close of the preceding period—railways and ocean steamers—were now worked out on an international scale; they realised actually, what had hitherto existed only potentially, a world-market.   This world-market, at first, was composed of a number of chiefly or entirely agricultural countries grouped around one manufacturing centre—England—which consumed the greater part of their surplus raw produce, and supplied them in return with the greater part of their requirements in manufactured articles. No wonder England’s industrial progress was colossal and unparalleled, and such that the status of 1844 now appears to us as comparatively primitive and insignificant.   And in proportion as this increase took place, in the same proportion did manufacturing industry become apparently moralised. The competition of manufacturer against manufacturer by means of petty thefts upon the working people did no longer pay. Trade had outgrown such low means of making money; they were not worthwhile practising for the manufacturing millionaire, and served merely to keep alive the competition of smaller traders, thankful to pick up a penny wherever they could.   The author mentions “petty thefts upon the working people” in order to:
Continue reading “The revival of trade, after the crisis of 1847, was the dawn…”…