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6 Cards in this Set

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- As soon as Saʿid became Egypt's viceroy in 1854, de Lesseps described to him his plan for constructing and financing this waterway, which would be the largest public-works project in Egypt since the pyramids. Saʿid consented, but it took some time for De Lesseps to secure approval from the sultan of the Ottoman.
- In 1858 La Compagnie Universelle du Canal Maritime de Suez (Universal Company of the Maritime Suez Canal) was formed with authority to cut a canal and to operate it for 99 years, after which ownership would return to the Egyptian government. The company was originally a private Egyptian concern, its stock owned chiefly by French and Egyptian interests. In 1875 the British government purchased Egypt's shares.
How was Egypt drawn into supporting and financing the construction of the Suez Canal?
- The canal was strategically important, because it was the ocean trade link between the UK and its colonies in India, the Far East, Australia, and New Zealand. In its entirety, the area was strategically important to North Africa and the Middle East.
What was the strategic importance of the Suez Canal for the first Global Economy
- Gave shippers sufficiently fresh information about markets and prices to place orders and arrange shipping more efficiently
- Allowed shipping lines to communicate with ships in harbor, providing more flexibility
What kinds of effects, do you reason, the international telegraph had on international commerce?
Mohammed Said provided the work force of 60,000 Egyptian peasants. As for the terms of the 2nd concession to De Lesseps. 20,000 men at a time worked in six month shifts. This unwilling workforce was called _______
Corvee Labor
(born Nov. 19, 1805, Versailles, France — died Dec. 7, 1894, La Chenaie, near Guilly) French diplomat, builder of the Suez Canal. A career diplomat, he held posts in Egypt and elsewhere until 1849. In 1854 he was authorized by the viceroy of Egypt to build a canal across the isthmus of the Suez. He organized a company in 1858, with half its capital from French people, and construction began at Port Said in 1859. The Suez Canal was officially inaugurated in 1869. In 1879 Lesseps organized another company to build a Panama canal, but he gave up the project because of political and economic difficulties. He was prosecuted but cleared of charges of misappropriating funds, though French government members were accused of bribe taking.
Ferdinand De Lesseps
(1819-1892), American merchant, financier, and promoter of the first transatlantic submarine cable. ______ West was born in Stockbridge, Massachusetts. He amassed a fortune as head of the paper merchandising firm that he founded. Interested in the possibility of transatlantic telegraphy, after 1854 he obtained a charter giving him the exclusive right for 50 years to use the coasts of Newfoundland as a transoceanic cable terminal. He was called Field the Great!
Cyrus Field