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

Now you know that Britain used to be the “workshop of the world”. Read the following text dealing with the topic of Unit I.

The Victorian boom and the Great Exhibition

Until the 1840s the success of British industrial expansion rested largely on cotton and, to a lesser extent, wool textiles and a proliferation of smaller scale consumer goods. The economy flourished when cotton boomed and exports were high. However, when markets became overstocked and confidence was shaken, the economy went into recession. This pattern of boom and slump continued throughout the 19th century. However, the success of the economy came to rest on much broader foundations by the 1840s with the expansion of railway networks first at home then abroad. Furthermore, there was growing demand from other industrializing nations and the range of British manufactures was extended, particularly in iron and steel sectors and in engineering. Risks were great and bankruptcy rates were high but start-up costs in most sectors were relatively low. Capital and credit were easily available and many individuals and families became wealthy and successful. So superior in terms of competitiveness and pricing were most British manufactures of the mid-19th century that the extension of free trade created a further positive dynamic. Even the much debated repeal of the Corn Laws in 1846, which were laws preventing the importation of foreign grains until domestic prices reached very high levels, did not have the disastrous impact predicted by the agricultural lobby. This was because raised investment in the sector, growing specialization and rising urban demands for foodstuffs ushered in a period of 'High Farming' and general profitability. Not only British products but also British ships, British capital and British financial institutions dominated world trading.

The Great Exhibition of 1851 marked the peak of British economic dominance. A huge range of British products were displayed for foreign and domestic visitors in the monumental visionary architectural achievement of the Crystal Palace in Hyde Park. However, the storm clouds were already gathering. Other countries, particularly Germany, and the United States were catching Britain up. They had more abundant and cheaper supplies of energy and raw materials. Railways would soon open up the great granaries of the world in Russia, and North America flooding Europe with cheap grain. The way ahead lay in retreat into the unprotected and more easily exploitable markets of the Empire. Growth in the economy was decelerating from the 1870s. Some sectors, notably arable farming, textiles, iron and steel, engineering and several consumer goods were entering a more difficult phase. Entirely new industries such as chemicals were to be pioneered elsewhere, notably in Germany.

Skim the text to answer the questions.

1. What did the success of British industrial expansion mainly depend on until the 1840s?

2. Why did the economy of Britain flourish then?

3. Why did the success of the economy come to rest?

4. For which reason did many individuals and families become wealthy and successful at that time?

5. What were the Corn Laws for?

6. In which way did the Great Exhibition of 1851 mark the peak of British economic dominance?

7. Explain the expression “the storm clouds were already gathering”.

8. Which countries were the main rivals of Great Britain in the sphere of economy?

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

16. Fill in the gaps with the words and expressions from the text:

1. The economy ______ when cotton boomed and exports were high.

2. There was growing ______ from other industrializing nations.

3. ______ were great and ______ were high.

4. The Great Exhibition of 1851 ______ of British economic dominance.

5. A huge range of British products were displayed for ______.

6. The extension of free trade created a ______.

7. British capital and British financial institutions dominated ______.

8. ______ would soon open up the great granaries of the world in Russia.

9. ______ in the economy was decelerating from the 1870s.

10. Some sectors were entering a ______.

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

18. Translate into Russian:

19. Fill in the prepositions:

1. To rest largely ______ cotton

2. Economy went ______ recession

3. The pattern ______ boom and slump

4. Superior ______ terms of competitiveness

5. Repeal ______ the corn laws

6. Investment ______ the sector

7. The united states were catching Britain ______

20. Now read the third text of this Unit. It touches upon the problems of transformation of the economy in Britain in the 19^th century.

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.

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