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The British Empire became the world's largest economy by nominal GDP in 1870 [6] [10] and was responsible for approximately a quarter of global trade at that time, [10] with trade accounting for about one third of its GDP. [11]
The precise extent of either empire at its greatest territorial expansion is a matter of debate among scholars. Several empires in human history have been contenders for the largest of all time, depending on definition and mode of measurement. Possible ways of measuring size include area, population, economy, and power.
Under the terms of the concluding Treaty of Versailles signed in 1919, the empire reached its greatest extent with the addition of 1.8 million sq mi (4.7 million km 2) and 13 million new subjects. [155] The colonies of Germany and the Ottoman Empire were distributed to the Allied powers as League of Nations mandates.
Due to time and expenditure (it was estimated to cost about £10,000) the initiative was abandoned by the British Empire. Martin, who at that time was a founding member of the Statistical Society of London (1834), decided to take it upon himself to compile the blue books from all the British Colonies of the time. [2] [3]
The major multi-volume multi-author coverage of the history of the British Empire is the Oxford History of the British Empire (1998–2001), five-volume set, plus a companion series. [277] Douglas Peers says the series demonstrates that, "As a field of historical inquiry, imperial history is clearly experiencing a renaissance." [278]
London poured money into railway building—a veritable bubble, but one with permanent value. Thomas Brassey brought British railway engineering to the world, with construction crews that in the 1840s employed 75,000 men across Europe. Every nation copied the British model. Brassey expanded throughout the British Empire and Latin America.
The British Empire refers to the possessions, dominions, and dependencies under the control of the Crown.In addition to the areas formally under the sovereignty of the British monarch, various "foreign" territories were controlled as protectorates; territories transferred to British administration under the authority of the League of Nations or the United Nations; and miscellaneous other ...
A Descriptive and Statistical Account of the British Empire, exhibiting its extent, physical capacities, population, industry, and civil and religious institutions. 2 volumes, 1837; Statements Illustrative of the Policy and Probable Consequence of the Proposed Repeal of the Existing Corn Law, 1841. The Literature of Political Economy, 1845.