Sample Essay

Advent of new products and services also increased international trade. There were improvements in the design of steam engine and steal was available on large scale at cheap prices. Electricity and chemical industry also started to expand.Britainleft behind in many aspects fromGermanyandUnited States. The introduction of industrial cartels into corporations, alliances and mergers and technical advancements like use of internal combustion engines and electricity was beneficial for British business in Victorian era.

The use of modern techniques and monopolistic mass production methods increased output and lowered the cost of production. This resulted in an exceeded production than demand. The long depression of 1873-1896 which was marked by fifteen years of economic instability and affected largely the profit rates and price deflation.

During this time of great economic depression Britain lost its leadership on large scale over other economies of the continental Europe. The major reason of this great depression was the shortage of money in order to support trade. There was a collapse of Vienna stock exchange on May 09, 1873. The price of silver fall and caused loses to the assets value. Due to the depression of 1873 government de-pegged their currencies to save money. It is also believed that 1873 depression was also caused by the shortage of gold which had undermined the gold standard

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