Economy of the British Empire
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After the defeat of France in the Revolutionary and
Napoleonic Wars The Napoleonic Wars (1803–1815) were a series of major global conflicts pitting the French Empire and its allies, led by Napoleon I, against a fluctuating array of European states formed into various coalitions. It produced a period of Fren ...
(1792–1815), the
British Empire The British Empire was composed of the dominions, colonies, protectorates, mandates, and other territories ruled or administered by the United Kingdom and its predecessor states. It began with the overseas possessions and trading posts e ...
emerged as the principal naval and imperial power of the 19th century. Unchallenged at sea, British dominance was later described as ''
Pax Britannica ''Pax Britannica'' (Latin for "British Peace", modelled after '' Pax Romana'') was the period of relative peace between the great powers during which the British Empire became the global hegemonic power and adopted the role of a " global pol ...
'' ("British Peace"), a period of relative peace in Europe and the world (1815–1914) during which the British Empire became the global
hegemon Hegemony (, , ) is the political, economic, and military predominance of one state over other states. In Ancient Greece (8th BC – AD 6th ), hegemony denoted the politico-military dominance of the ''hegemon'' city-state over other city-states. ...
and adopted the role of global policeman.
Porter Porter may refer to: Companies * Porter Airlines, Canadian regional airline based in Toronto * Porter Chemical Company, a defunct U.S. toy manufacturer of chemistry sets * Porter Motor Company, defunct U.S. car manufacturer * H.K. Porter, Inc., ...
, p. 332.
In the early 19th century, the
Industrial Revolution The Industrial Revolution was the transition to new manufacturing processes in Great Britain, continental Europe, and the United States, that occurred during the period from around 1760 to about 1820–1840. This transition included going f ...
began to transform Britain; by the time of
the Great Exhibition The Great Exhibition of the Works of Industry of All Nations, also known as the Great Exhibition or the Crystal Palace Exhibition (in reference to the temporary structure in which it was held), was an international exhibition which took p ...
in 1851 the country was described as the "workshop of the world".


Economic statistics

The following table gives
gross domestic product Gross domestic product (GDP) is a monetary measure of the market value of all the final goods and services produced and sold (not resold) in a specific time period by countries. Due to its complex and subjective nature this measure is oft ...
(GDP) estimates of the
British Empire The British Empire was composed of the dominions, colonies, protectorates, mandates, and other territories ruled or administered by the United Kingdom and its predecessor states. It began with the overseas possessions and trading posts e ...
and its territories in 1870 and 1913, as a percentage of the world economy and the empire's economy, along with comparisons to the
United States The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territori ...
and
Russian Empire The Russian Empire was an empire and the final period of the Russian monarchy from 1721 to 1917, ruling across large parts of Eurasia. It succeeded the Tsardom of Russia following the Treaty of Nystad, which ended the Great Northern War. ...
. The British imperial territory with the largest economy in 1870 was
British India The provinces of India, earlier presidencies of British India and still earlier, presidency towns, were the administrative divisions of British governance on the Indian subcontinent. Collectively, they have been called British India. In one ...
(including what are now
Pakistan Pakistan ( ur, ), officially the Islamic Republic of Pakistan ( ur, , label=none), is a country in South Asia. It is the world's fifth-most populous country, with a population of almost 243 million people, and has the world's second-lar ...
and
Bangladesh Bangladesh (}, ), officially the People's Republic of Bangladesh, is a country in South Asia. It is the eighth-most populous country in the world, with a population exceeding 165 million people in an area of . Bangladesh is among the mos ...
), followed by the
United Kingdom The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Europe, off the north-western coast of the European mainland, continental mainland. It comprises England, Scotlan ...
. The territory with the largest economy in 1913 was the United Kingdom, followed by British India.Goedele De Keersmaeker (2017)
''Polarity, Balance of Power and International Relations Theory: Post-Cold War and the 19th Century Compared'', page 90
Springer Science+Business Media Springer Science+Business Media, commonly known as Springer, is a German multinational publishing company of books, e-books and peer-reviewed journals in science, humanities, technical and medical (STM) publishing. Originally founded in 1842 ...
The table does not include GDP estimates for British African territories other than
British Egypt The history of Egypt under the British lasted from 1882, when it was occupied by British forces during the Anglo-Egyptian War, until 1956 after the Suez Crisis, when the last British forces withdrew in accordance with the Anglo-Egyptian agree ...
.


See also

* Demographics of the British Empire *
Economic history of the United Kingdom The economic history of the United Kingdom relates the economic development in the British state from the absorption of Wales into the Kingdom of England after 1535 to the modern United Kingdom of Great Britain and Northern Ireland of the early ...
* Economy of India under Company rule * Economy of India under the British Raj


References

{{Reflist, 30em History of the British Empire British Empire