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3 - Economy and finance

Published online by Cambridge University Press:  10 January 2011

Roger Morriss
Affiliation:
University of Exeter
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Summary

The geographical expansion of the British state in the eighteenth century benefited from a pre-existing maritime economy of global dimensions, within which was constructed a structure of trade and navigation laws intended to promote trade between mother country and colonies. Trade within and beyond the empire, built upon networks of credit, helped to support the state's system of credit, debt and taxation, of which some of the leading beneficiaries were contractors operating in the colonies. The maritime economy and financial system proved resilient and adaptive to wars of growing scale. Indeed, the combination gave Britain her special power. Moreover, reform and rising trust enhanced confidence in Britain's economic capacity to sustain war. But the process of reform was a long one. Private profiteers had to be checked and control of public expenditure shifted slowly from Parliament to the Treasury. By their spending, the military departments during the second half of the eighteenth century were able to exert considerable influence on the growth of the British economy, for they added to domestic demand, had some flexibility in the management of their money and audited their own accounts. Yet from the late 1790s public insistence on individual responsibility and a growth of Treasury control gradually checked the power of the bureaucracy and counteracted fears of the uncontrolled growth of debt.

Type
Chapter
Information
The Foundations of British Maritime Ascendancy
Resources, Logistics and the State, 1755–1815
, pp. 78 - 130
Publisher: Cambridge University Press
Print publication year: 2010

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References

Dickson, P. G. M., ‘War finance, 1689–1714’, in New Cambridge Modern History, vol. VI: 1688–1725, ed. J. S. Bromley (Cambridge, 1970) 284–93CrossRefGoogle Scholar
Wilkinson, C., The British Navy and the State in the Eighteenth Century (Woodbridge, Suffolk, 2004), 220Google Scholar

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  • Economy and finance
  • Roger Morriss, University of Exeter
  • Book: The Foundations of British Maritime Ascendancy
  • Online publication: 10 January 2011
  • Chapter DOI: https://doi.org/10.1017/CBO9780511779756.006
Available formats
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  • Economy and finance
  • Roger Morriss, University of Exeter
  • Book: The Foundations of British Maritime Ascendancy
  • Online publication: 10 January 2011
  • Chapter DOI: https://doi.org/10.1017/CBO9780511779756.006
Available formats
×

Save book to Google Drive

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Google Drive.

  • Economy and finance
  • Roger Morriss, University of Exeter
  • Book: The Foundations of British Maritime Ascendancy
  • Online publication: 10 January 2011
  • Chapter DOI: https://doi.org/10.1017/CBO9780511779756.006
Available formats
×