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By the mid nineteenth century, Britain had been the world's strongest economic power for nearly a century. It was the first industrialised nation and was hailed as the 'workshop of the world'.
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By the mid nineteenth century, Britain had been the world's strongest economic power for nearly a century. It was the first industrialised nation and was hailed as the 'workshop of the world'. In 1850, Britain was supplying more than 60 per cent of the world's coal, half the world's cotton goods, half its iron, and nearly three-quarters of its steel. Britain's staple industries were in fact accounting for 40 percent of the world's manufactured goods. However, in the last quarter of the century, although the industrial output was still increasing as well as the GDP, this once huge economic lead over all the other countries was rapidly being lost. By the onset of the First World War (1914-1918), the USA and Germany had overtaken Britain's manufacturing output in several key industries (see Table 1.1 - 1.3). Table 1.1: Coal Production (million tonnes) 1850 1860 1870 1880 1890 1900 1910 Germany 6 12 34 59 89 149 222 USA 3.4 10 64.9 143 244 350 Britain 57 81 112 149 184 228 268 Table 1.2: Pig Iron Production (million tonnes) 1850 1860 1870 1880 1890 1900 1910 Germany 1.3 2.5 4.1 7.5 9.5 USA 0.8 1.7 3.9 9.4 14 27 Britain 2.2 3.9 6 7.8 8 9 10 Table 1.3: Steel Production...
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