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Lecture 3

History 2125F/G Lecture Notes - Lecture 3: William Petty, Combination Act 1799, Confidence Trick


Department
History
Course Code
HIS 2125F/G
Professor
Peter Krats
Lecture
3

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History 2125f Lecture 3: Manufacturers and Labour September 20, 2012
Themes: new free trade ideas
- Impacts of free trade/coping
- Continuing growth
- A first industrial wave
- Labour’s reaction to industry, labour’s limits
Hugo Grotius, 1625: why not free trade?
Sir William Petty, Treatise of Taxes and Contributions (1662): limitations of mercantilism
Anders Chydenius, The National Gain (1765): a more open economy would be beneficial
Adam Smith, Inquiry into the Nature and Caufes of the Wealth of Nations: recognized that capitalism is
not good for everyone but the rich get richer
Exit Mercantilism
- Gradual, takes long time
- Industrialists in England get wealthier, want more status, so they begin to buy land and earn the
right to vote
- By 1820s, their ideas start to pressure government
- To make a greater profit, industrialists saw a new economic model where they could buy
cheaper raw materials (from US or other places); removed tariffs
- Navigation Tax removed and industrialists can buy corn very cheap
- Here in colonies, idea was still about mercantilism but back in England, they had decided to find
materials elsewhere
- Riots in Montreal were a cause, burning of parliament buildings, were angry because entire
economic existence was thrown out the window
- But growth and activity persist (Toronto in 1850s and Montreal) busy places
o Realized they had one of greatest supplies of square timber and continued selling to
British; it worked and they remained competitive
o Same with the fish industry kept the east coast busy
- Why was there continuing growth?
o Crucial infrastructure was already in place (mail, currency, banking)
o Britain supplied us with immigrants that they had booted off the land (because they
were controlling larger plots to farm) and land’s value had increased so poor people
couldn’t afford
o They were in rough shape but they desired a new start in British North America
o If they came here and found it awful, the option of the United States was available
New Technology: Steam
- Of critical importance to transportation and manufacturing
- Government a big help: Reciprocity Treaty of 1854, free trade treaty in raw materials
- Good for us because Americans want a lot of raw resources; British North America had an
advantage in this treaty (US saw little economic benefit)
- Lord Elgin, Governor General
- Within the treaty, reciprocity materials were bought in great amounts (gave us money for
railroads)
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