How did Britain's involvement in wars from 1793 to 1815 affect British industries?
During 1760 to 1815, Britain remained engaged in numerous wars with Europe, North America and India. The basic rationale behind such wars was to expand the British colonial rule and draw out resources to feed the domestic industries of Britain. However, an overview of this period states that Britain's involvement of wars had adversely affected its industrialisation process. Following are the ways in which the British industries got affected due to Britain's involvement in wars from 1793 to 1815:
1) During this time, the capital borrowed with the motive of industrialisation was rather ploughed in the defence and expansion of the army. This led to a shortfall in the availability of investment for Britain's industries.
2) On the other hand, the factory workers and the farm labourers were moved out of the industries and were made to join the army.
3) At the same time, the war expenses were financed by raising tax rates. As agreed by numerous historians, approximately 35% of the war cost was met via taxes. This left people with a meagre amount of disposable cash and consequently, it led to drastic reduction in the demand for goods in the economy.
4) Wars also led to an acute crisis for necessary goods. This further pushed up the prices of such goods, further worsening the economic situation.
1) During this time, the capital borrowed with the motive of industrialisation was rather ploughed in the defence and expansion of the army. This led to a shortfall in the availability of investment for Britain's industries.
2) On the other hand, the factory workers and the farm labourers were moved out of the industries and were made to join the army.
3) At the same time, the war expenses were financed by raising tax rates. As agreed by numerous historians, approximately 35% of the war cost was met via taxes. This left people with a meagre amount of disposable cash and consequently, it led to drastic reduction in the demand for goods in the economy.
4) Wars also led to an acute crisis for necessary goods. This further pushed up the prices of such goods, further worsening the economic situation.
