The transformation of the economy

For a few decades in the 19th century British manufactured goods dominated world trade. Most mass manufactured items were produced more efficiently and competitively in Britain than elsewhere. It also had the commercial, financial and political power to edge out rivals at home and abroad. In some industries, most notably textiles, massive changes took place in technology and in the organization of production causing dramatic productivity growth. This in turn brought a steep decline in prices. In many other sectors more modest organizational improvements coupled with greater specialization and the employment of cheap labor brought similar, though less dramatic, results. An unprecedented range and variety of products thus came within the grasp of a new mass market both within Britain and overseas. No other country could at first compete so Britain became the workshop of the world.

The period from the late 18th century to the mid-Victorian years witnessed a major shake up and change in both the economy and society. This was seen in the organization and finance of industry and commerce, the skills and work practices of production and technology, massive population growth and urbanization and the development and disciplining of labor. Canal, river, road and sea transport were all greatly improved. From the 1840s, railways revolutionized the speed of communication and the transport of passengers and, more gradually, freight. The role of government on both national and local levels was considerably transformed. The dynamism of the economy shifted firmly from agriculture to industry and trade. Some regions, notably coalfield areas, rapidly industrialized. Others saw revolutionary change focused around the development of trade and ship building in port cities. Some regions concentrated on commercial agriculture and others stagnated. By the mid-19th century, industrialization had altered the lives of women and children as much as those of men. Ideas of gender and ethnicity as well as class had changed. Industrialization had affected consumption and commerce as much as industry, leisure as much as work. It involved shifts in motivations, aspirations, ideologies and aesthetics.

21. Fill in the gaps with the proper words and phrases:

Commercial, unprecedented, improvement, witness, improve, massive, industrialization, affect, leisure, aspiration.

1. A ______bank is a type of bank that provides services such as accepting deposits, making business loans, and offering basic investment products.

2. Riley has a/an ______ to become an economist.

3. Holidays are days taken off work by an employee for ______.

4. The experience ______ me deeply.

5. ______ is a process of social and economic change whereby a human society is transformed from a pre-industrial to an industrial state.

6. The enlightenment comprises ______ shifts in many areas of Western thought.

7. Buying more servers would ______ performance.

8. The ______ for the prosecution did not seem very credible.

9. A useful addition to, or modification of, a machine, manufacture, or composition is called ______.

10. It was an ______ event.

Skim the text to answer the questions.

1. What kind of power did Britain have to edge its rivals at home and abroad?

2. What caused dramatic productivity growth?

3. What did the period from the late 18th century to the mid-Victorian years witness?

4. What was greatly improved?

5. In which way was the role of government transformed?

6. What did some regions concentrate on?

7. How did industrialization alter the lives of women and children?

8. What else did industrialization affect?

Summarize the main idea of the text in 8-10 sentences.

Now read the last text of Unit I. It tells about some other interesting features of Victorian economy.

New consumers

Demand for goods fuelled the Victorian economy. Though British manufactures dominated European and transatlantic markets, domestic demand provided a secure bedrock for mid-Victorian prosperity. Increased demand resulted from rising incomes particularly for the middle classes and for workers with particular skills such as engineering. Demand was also driven by the sheer increase in numbers of consumers. This was a product of the population explosion and coupled with greater wage dependency, landlessness and urbanization. Increased wage earning opportunities for women and juveniles boosted family spending, notably in textile districts and in the towns. More people were buying a greater variety of textiles, clothing, shoes, household and domestic items - on their list was china, cutlery, mirrors, books, clocks, furniture, curtains and bedding, as well as a variety of small wares, such as buckles, ribbons, buttons, snuff boxes and other fancy goods. More beer, butter, bread, milk, meat, vegetables, fruit, fish and all other foodstuffs were now being bought rather than made or grown at home.

It has been argued that this 'consumer revolution' from the later 18th century and into the Victorian period was also driven by social emulation. This was where each social class aspired to the habits and patterns of consumption of their superiors. This is difficult to substantiate but in a period of social flux and transformation there is no doubt that clothing, personal and household possessions were important ways of communicating one's position in society. Ever-changing fashions and designs also stimulated demand whilst new forms of marketing and retailing made products more easily available to the consumer. This was manifest in the growth of urban and village shops, the use of shop window displays, the development of city department stores (from the 1880s), and the extension of newspaper and billboard advertising.

25. Which of the following statements are true/false according to the text? Correct the false sentences:

26. Find in the text English equivalents for the following:

27. Translate into Russian:

28. Find in the text the antonyms for the following words: