What was the basic economic structure established by england

Answer 1

The basic economic structure established by England, particularly during the 18th and 19th centuries, was capitalist in nature. This structure was largely driven by industrialization and the rise of factories, which transformed the economy from an agrarian society to one centered around manufacturing.

Some key features of this economic structure included:

1. Private ownership and entrepreneurship: Individuals and companies were able to own and operate businesses, making economic decisions based on profit motives.

2. Free market: The economy operated with minimal government intervention, allowing market forces to determine prices, wages, and the allocation of resources.

3. Division of labor: Specialization and division of labor in factories led to increased efficiency and productivity.

4. Urbanization: Industrialization led to the growth of urban areas as people moved to cities in search of employment opportunities.

5. Enclosure movements: The enclosure of common lands increased agricultural productivity and created a surplus labor force that could be absorbed by industrial factories.

6. Imperialism and colonialism: The economic structure was supported by the exploitation of colonies and their resources, such as raw materials and captive markets for finished goods.

7. Banking and finance: The development of a robust banking system, including the establishment of the Bank of England in 1694, facilitated investment, credit, and the accumulation of capital.

8. Mercantilism: England practiced a form of economic policy known as mercantilism, which focused on accumulating wealth through exports, colonization, and protectionist trade policies.

Overall, the economic structure established by England during this period laid the foundation for the country's industrial revolution and the subsequent rise of the British Empire as a global economic power.