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Lecture 3

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History 2125F/G
Peter Krats

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) History 2125f Lecture 3: Manufacturers and Labour September 20, 2012 - First step in joining American economic empire; still very much a part of British economy Reciprocity: short-lived, road travel has its limits: muddy and bumpy - Steam trains on tracks was an impressive invention: Dorchester, 1836  first locomotive in BNA - Government ready to help, people saw promise of train o Said if you build a railway of certain length, we will help Sam Zimmerman: forward looking entrepreneurs or con artist? - Worked on railroad, called himself engineer; sets out to find railways that have gone broke - Owns variety of railways, towns saw him as a schemer who tricked them - Used legal terminology to trick them: “railways will host a train” but would break after ONE train went over or he’d build them so ste
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