The Irish Potato Famine
In the middle of the eighteenth century, Ireland was an agricultural nation. There were approximately eight million people living in the nation. Most of the people were living in an extremely harsh condition. In addition, there were a small percentage of people who were educated. According to The History Place, “Only about a quarter of the population could read and write.” Reasonably, farming became one of the most popular professions back then. Before the potato famine, the Irish people were able to grow large quantities of healthy potatoes. Landlords could benefit from the production as long as the potato did not deplete the soil. The high potato prices ...view middle of the document...
In seven years, the Irish population decreased by 25 percent, as up to 100 million people fled abroad, due to the lack of food supply. This unprecedented famine is known as the Irish Potato Famine.
According to history, every famine affected one’s country economically more or less. Ireland was one of them. However, the financial ruin also crossed the Irish Sea and came upon the shores of Britain. Britain experienced a crash in 1847 due to the fact that British speculators had bad investments and resulted in a negative impact on London’s Bank. The prices of wheat and corn reached the ceiling in 1846, but in the following year, prices dropped to the bottom. British investors took tremendous losses.
Troubles never come single. At the same time, British investors spent a huge amount of money in the railway industry. But the railway industries were ruined as railway shares collapsed. Soon after that, the lack of money lead to the British banks refusing further credit. Eleven banks failed outright. There were more than a hundred established companies that went bankrupt. Stock prices tumbled.
The unexpected British financial crisis meant that the Government had no money available to support Ireland even though Ireland was in its greatest time of need. “British officials, greatly preoccupied with their own domestic troubles, would now pay little attention to Ireland.” However, there was one exception, which is the Irish Poor Law.
According to History, we know that Ireland was under the...