Book contents
- Frontmatter
- Contents
- List of Tables
- Preface
- Chapter 1 Introduction
- Chapter 2 The English Economy in the Longue Durée
- Chapter 3 A Historiography of the First Industrial Revolution
- Chapter 4 Slave-Based Commodity Production and the Growth of Atlantic Commerce
- Chapter 5 Britain and the Supply of African Slave Labor to the Americas
- Chapter 6 The Atlantic Slave Economy and English Shipping
- Chapter 7 The Atlantic Slave Economy and the Development of Financial Institutions
- Chapter 8 African-Produced Raw Materials and Industrial Production in England
- Chapter 9 Atlantic Markets and the Development of the Major Manufacturing Sectors in England's Industrialization
- Chapter 10 Conclusion
- Appendixes
- Bibliography
- Index
Chapter 7 - The Atlantic Slave Economy and the Development of Financial Institutions
Published online by Cambridge University Press: 23 December 2009
- Frontmatter
- Contents
- List of Tables
- Preface
- Chapter 1 Introduction
- Chapter 2 The English Economy in the Longue Durée
- Chapter 3 A Historiography of the First Industrial Revolution
- Chapter 4 Slave-Based Commodity Production and the Growth of Atlantic Commerce
- Chapter 5 Britain and the Supply of African Slave Labor to the Americas
- Chapter 6 The Atlantic Slave Economy and English Shipping
- Chapter 7 The Atlantic Slave Economy and the Development of Financial Institutions
- Chapter 8 African-Produced Raw Materials and Industrial Production in England
- Chapter 9 Atlantic Markets and the Development of the Major Manufacturing Sectors in England's Industrialization
- Chapter 10 Conclusion
- Appendixes
- Bibliography
- Index
Summary
THE EVOLUTION OF FINANCIAL INSTITUTIONS – comprising banking houses, discount houses, the stock exchange, and insurance houses – constituted an important part of the development of the English economy between 1650 and 1850. The combined operation of these institutions structured the credit economy in England during and after the Industrial Revolution. Their importance in the development process can be viewed from different angles. Being part of the service sector of the economy, their independent contribution to the growth of national income and employment over time can be examined in its own right. Crafts has estimated that government and defense, and housing and services contributed 27 percent of British national output in the eighteenth century, and 26 percent in the period 1801–31. C. H. Lee takes a broader view of the service sector to include trade, transport, insurance, banking, financial and business services, professional and scientific services, public administration, and defense – in short, the residual of the national income after taking out the contribution of agriculture, mining, industry, and construction. Under his broad conception of the service sector, Lee computes that the contribution of the respective sectors to the estimated overall employment growth rate of 1.73 percent per annum between 1755 and 1851 was 54.9 percent for industry (including manufacturing, mining, and construction), 22.0 percent for agriculture, 19.1 percent for services, and unclassified, 4.0 percent.
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- Information
- Africans and the Industrial Revolution in EnglandA Study in International Trade and Economic Development, pp. 314 - 361Publisher: Cambridge University PressPrint publication year: 2002
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