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Victorian Era Economics

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by

Anthony Clark

on 12 February 2014

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Transcript of Victorian Era Economics

Victorian Era Economics
Upper Class
Owned 40% of the country's wealth
The class consisted of the professional jobs
Majority were scholars (got an education, went to college)
Industries
Coal
Textiles (Silk, cotton, etc.)
Agriculture
Iron & Steel
Engineering
Transport (Ships, trains)
Fed off of each other to contribute to overall economic growth (Coal for power, steel for building, etc.)
Legislation
Poor Laws
Providied poverty relief
Focused on the workhouses (institutions for housing the poor)
Changed people's attitude of the poor, that they could be helped rather than being inevitably poor
Factory Legislation
1833 Reform Bill ( Prohibited the employment of children under 9 except in silk factories)
Mines Commission of 1842 (disclosed that conditions had become worse since the act of 1833 resulted in Increase of child labor in the mines)
Factory acts led to the use of more and better machinery
Middle Class
Lower Class
Job Classes
Professions
Law
Judges
Teachers
Physicians
Skilled Labor
Artisans
Blacksmiths
Semi-Skilled Labor
Miners
Textile Mill Workers
Unskilled Labor
Navy
Rat Catchers
Servants
Butlers
Maids
Cooks
Criminal
Burglars
Mudlarks
Smash and grab
Women (segregated in the work force)
Dress makers
Governesses
Child Labor
Mines
Factories
Could own 1 servant
Usually business owners
More likely to go bankrupt
Usually were in skilled labor
Made about 150 pounds a year
Were mainly servants
Lived in poverty
Lowest of the 4 classes
remain relatively stable
Periodic and violent "upheavals" (riots)
Wages
Lower paid jobs had weekly pay
High pay positions had an annual salary
Lower class had to pay for more daily expenses than the upper class
Value Of Money
1 pound worth about $85 today
1 pound - 20 shilings
1 shilling - 12 pence
240 pence to every pound
Guinea - 21 shillings
Crown - 5 shillings (half-crown - 2 1/2 shillings
Half-sovereign - 10 shillings
Farthing - 1/4 penny
Income
Industrialists & bankers made £1000/ year
Shopkeepers & clerks made less than £50/year
1-2% of population made around £150/year
£150/year was about what a senior clerk made
Maids earned anywhere from £10-£52/year
Rent
The rent on a top-of-the-market house cost £10/year
A 2-up, 2-down with bathrooms cost £8/year (without bathrooms was £7-8)
A 1-up, 1-down back-to-back was £2-4/year
A common lodging house cost a little over £1/year
Thank you for not sleeping and watching our presentation :)
Full transcript