British Economy

Sheffield - A typical industrial town

The "Workshop of the World"

The term "workshop of the world" has many times been used to describe Britain in the nineteenth century, and the description is very accurate. In the first three quarters of the century, British factories turned out more manufactured goods than any other country on the planet.21 These manufacturing industries took shape between 1815 and 1850 when the steam engine could be put to practical use in mining and the iron and steel industries.

The source of Britain’s power lay in the fact that they had enough coal, iron and steel to support their new industry. With raw materials readily available, an enormous quantity of heavy industrial goods, like iron ships and steam engines, as well as machinery for Britain’s wool and cotton industry could be produced. This industrial empire was supported by a strong and efficient banking system and the development of a nation-wide railway system.22

The Industrial Masters

*Isambard Kingdom Brunel*

The growth of industry in Britain was synonymous with the growth of a middle class. Unlike the aristocracy, the new industrialists were very often ‘self-made men’ who had started out with virtually nothing and worked their way up. They were careful with money and believed in hard work. Besides, they did not lead an extravagant life but preferred to reinvest their money in industrial ventures.

The man who more than anyone represented the thriving middle class industrialist was Isambard Kingdom Brunel (1806 - 1859). He was the man behind The Great Western Railway and in 1845 he built ‘Great Britain’, the first large ship made of iron with a screw propeller.23

Economic Problems

One of the largest obstacles to the growth of British industry was the Corn Law that had been introduced after the Napoleonic wars. The law keept prices at a high level, thereby reducing people’s ability to purchase manufactured goods. Not until the middle class were able to gain representatives in the House of Commons after the introduction of the Reform Bill in 1832 were they in a position to protest. During the first half of the 1840s economic crises struck Britain several times, and the government was finally forced to abolish it in 1846, giving a clear indication of how much the importence of the middle class had increasead in these three decades.