Robert Walpole and 'Cabinet' government
I can explain how the role of Prime Minister and ‘Cabinet’ government emerged in response to the South Sea Bubble.
Robert Walpole and 'Cabinet' government
I can explain how the role of Prime Minister and ‘Cabinet’ government emerged in response to the South Sea Bubble.
Lesson details
Key learning points
- The South Sea Company was a prominent joint-stock company in the early 18th century.
- Many British people had been persuaded to invest their money in the Company.
- The Company collapsed, provoking a major political crisis.
- Robert Walpole managed the crisis and emerged as the nation's first Prime Minister.
- Walpole formalised the system of cabinet governance.
Common misconception
Walpole created the role of Prime Minister and the idea of Cabinet.
Walpole's leadership saw him become de-facto Prime Minister and he formalised the idea of Cabinet which already existed in a loose, unofficial form.
Keywords
Shares - issued upon investment in a company, ensuring a ‘share’ of future profits
Bubble - in this context it refers to the effect of over-confidence in a company, resulting in over-investment and a false high share price
Bankruptcy - a bank running out of money, due to lending more than they should and people withdrawing what is left
Chancellor of the Exchequer - politician and Member of Parliament in Britain who is in charge of the economy and spending tax money
Cabinet - team of politicians in Britain who work together to run the country in the form of a government
Licence
This content is © Oak National Academy Limited (2024), licensed on Open Government Licence version 3.0 except where otherwise stated. See Oak's terms & conditions (Collection 2).
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Starter quiz
6 Questions
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Exit quiz
6 Questions
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