IR 212 Lecture 7: Lecture 7
Document Summary
Key terms: capitalism, transaction costs, city of london, british foreign investment to 1914. British were able to double their army without having to pay taxes - large portion of military in india. India is crucial for british power - india is the largest importer of textiles and for military to raise forces for battle. Egypt canal is important to respond effectively to security threats to transport the military. Whitehall (ministries)/westminster (parliament) - other districts of london. City wanted to make money and the government wanted more power. Relative political weight of the two actors matter. 1870"s there was an upsurge of national pride in the empire - conservatives under benjamin disraeli declared queen victoria empress of india. Darwin page 112 - explaining the key to a century of british prosperity and power: hw. Britain kept a persistent balance of pay,ets surplus despite its persistent merchandise trade deficit.
