Шифр 74. THE GOLDEN AGE OF BRTSH NATONAL ECONOMY. n the middle of the nineteenth century Great Britain became the

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1. In the middle of the nineteenth century Great Britain became the greatest industrial state in the world. In the world market British exports had the leading place but their nature changed significantly. Up to the middle of the century exports had been almost entirely of consumer goods, mainly cotton textiles. Now there began the export of means of production, machinery of all kinds, railway lines, railway equipment, iron and coal. This export of capital goods is known to have helped the development of national economies of other countries.

2. Free trade was the natural aim of the strongest trading nation, and this policy was implemented by the removal of British import duties on food and raw materials. We believe the expansion of the world market to have been also stimulated by the steady rise of prices following the discovery of gold in California, U.S.A., and in Australia in 1848. In this market British industry had a virtual monopoly. Exports trebled between 1850 and 1870, the latter year exceeding the total exports of France, Germany and Italy combined.