• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

Significance of Cotton to the British Industry

Extracts from this document...

Introduction

How significant to the British economy was the cotton industry in the period up to 1914? The cotton industry can be considered to be the biggest and the most important part of the textile industry at the time of the Industrial Revolution. It grew from practically nothing to the greatest industry in the country. This had a particularly large impact on a society, which had been economically quiet for a long time. Due to an increasing demand for cotton, even in poorer regions of the world, Britain began to benefit hugely from trade links. As Farnie claimed 'The growth of exports..transformed the pattern of trade and provided the British Empire with a new economic base'. From 1750-1830, retained imports of cotton increased from 2,820 thousand lb to 173 million lb. This staggering increase shows just how much of the British economy was accounted for by the cotton industry alone. Productivity improvements also continued at an average of 2.1% per annum in the spinning sector and 2.7% in weaving. ...read more.

Middle

The cotton industry seemed to expand far faster than other textile industries. The rise of the cotton plantations of the southern USA meant the huge demand of the British cotton factories could be met. Additionally, the machines supplied were particularly suited for use with cotton. During the 18th century, there were a series of important inventions that may have in fact been the reason for the enormous impact that cotton had on the British industry. Kay's flying shuttle in 1933 seemed to trigger a line of extraordinary inventions that was to revolutionise the British cotton industry. Wheels were fitted to the shuttle and a spring at each side to drive the shuttle to and fro across the loom. This simple improvement meant one weaver could weave as much cloth as two weavers did before. This was closely followed by Hargreave's spinning jenny in 1764. By 1780 the jenny was capable of spinning 80 spindles and was used in many spinner's homes. Arwright's frame in 1769 was large and expensive but was used widely in factories. ...read more.

Conclusion

The growth of the export sector provided the greatest spur to production accounting for 60% of the total sales in 1871. In the years when climatic conditions demanded a lightweight cloth and high poverty levels demanded low price products, cotton moved away from its traditional markets and Asian markets such as China and India grew noticeably. In fact, India became critical to the Lancashire cotton industry. The export of cotton cloth to India accounted for 16.6% of total cloth by value produced in Britain in 1851. This had reached 19.4% in 1873. In conclusion, the British economy benefited greatly from the cotton industry. Due to new mechanisation and revolutionary new ideas and technology, cloth could be made to a very high standard. Cheaper and often more wearable than wool or silk, cotton began to be exported all over the world and not just in Europe. This made up a significant portion of not only the British textile industry but the economy as a whole. However, it is important to consider cotton in comparison to other industries. In reality not a great deal changed in the way cotton was manufactured so perhaps its impact up to 1914 was not as substantial as it appears. ...read more.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our GCSE Economy & Economics section.

Found what you're looking for?

  • Start learning 29% faster today
  • 150,000+ documents available
  • Just £6.99 a month

Not the one? Search for your essay title...
  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

See related essaysSee related essays

Related GCSE Economy & Economics essays

  1. Retailing In India - A Government Policy Perspective

    annually for every full-time IT employee and $2,000 for every processing one. These measures, following similar concessions by the Philippines, might have been needed to offset perceived risk when the industry was in its infancy. But they are almost certainly irrelevant today when India commands more than a quarter of the global market.

  2. How Can British Airways Increase Profitability?

    The diagram above shows the profit maximising level of output for British airways. Between output 0 and output B it will make a loss, as total cost is higher than total revenue. At output B it breaks even. Between output B and D British Airways is making a profit because total revenue is higher than total cost.

  1. CAPM and its significance

    and determine which to choose for different investors. However, if an alternative investment opportunity is introduced where investors can freely invest and borrow at risk free rate, we simply conjured more efficient market opportunities where a line starts from risk free point and also tangents the 'efficient curve' (illustrated in graph below).

  2. The structure of the airline industry.

    Its new design makes it the "quietest, most environmentally friendly aircraft in its class". The use of these new airplanes is improving AirTran's on-time performance and the heightened fuel efficiency helps the bottom line. Coping with September 11th AirTran cut back its operations by about 20% in the wake of September 11th.

  1. The sports shoe industry in China

    over 25) or for becoming pregnant. Pay: The legal minimum wage in Gungdong Province is $1.93 (15Rmb) per hour, The legal minimum for overtime pay is $0.36 (3Rmb) an hour. However, workers in these factories are given $0.96-$1.45 (8-12 Rmb) per hour; workers make $0.19-$0.33 (1.5-2.5Rmb)

  2. The airline industry

    Since fuel accounts for approximately 12 % of airlines total operating costs (Norbjerg and Market, 2002) volatile oil prices have significant cost implications for the industry and although many airlines limit their exposure to fluctuating oil prices by hedging their 'fuel consumption' through options in the futures market it is

  1. Cotton Textiles In Preston

    I can tell this from the photographs that I took. The dates show from the photos of Preston dated 1968 to 1992 and I can also see from Preston between the wars that it has been happening all 20th centaury.

  2. The Quest for Optimal Asset Allocation Strategies in Integrating Europe.

    not been sufficient to induce cross-border capital flows as predicted by various asset pricing models. Accounting for factors such as risk aversion and uncertainties, exchange rate risk, has been shown to explain some part of the equity home bias, although the puzzle remains largely unsolved (Lewis 1999).

  • Over 160,000 pieces
    of student written work
  • Annotated by
    experienced teachers
  • Ideas and feedback to
    improve your own work