1922-1929 (The Search For Stability)- Economic (Economic Issues) Flashcards
when was the General Strike?
May 1926
How long did the general strike last?
9 days
give 4 positives of post war economic readjustment?
- new industries growing fast
- CEGB=National Grid=felxible power to homes and businesses
- ec. growth between 23 and 29 faster than before 1914
- growth in service sector
what did Baldwin realise wasn’t the way forward?
protectionism
when did GB conver to gold standard?
1925
who did Baldwin end GBs relationship with in 1924?
Russia
what was primarily blamed for post war economic problems?
coming off the gold standard (hence the 1925 return)
what had taken over the £ as the dominant currency post war, and where was the new centre of banking (after London lost it)
$+NYC
what was the change in the exchange rate when back on gold standard?
$3.40 to $4.86
why was the new higher value of the £ bad for unemployment?
exports became uncompetitave, especially in staple industries, causing unemployment
how many were employed in the mines?
1+m
give 3 problems of the coal mines in the early-mid 1920s?
- poor conditions/pay despite Miners Federation being well organised with a tradition of militancy
- 1922-24= 3606 miners killed, 600k injured
- industry in decline- profitable Ruhr crisis was short lived
why was all TU activity viewed with suspicion?
fear of a socialist revolution
how many days of work were lost through strike in 1926?
162.2m
what was the loss in 1925 caused by expensive exports?
£2.1m
what did mine owners call for which miners rejected, and what did this lead to?
lower wages and longer hours
a lockout
who did miners call to for help?
dockers and railworkers
what did the gov do to appease both miners and mine owners?
subsidies for miners wages and owners profits
what was the commission formed to investigate the problems of the coal industry called, and when was it formed?
Samuel Commission
Sept 1925
when did the Samuel Commission show its findings, and what were the key points?
March 1926
- rejected nationalisation
- gov should help mines be reconstructed
- opposed longer hours
- wage cuts essential to save jobs
who do the miners appeal to?
TUC
after the mine owners final terms are rejected by miners, what do the declare from 01/05/1925?
lockout
what was the miners slogan?
“not a penny off the pay, not an hour on the day”
what could Baldwin be criticised for?
not putting enough pressure on owners to accept a compromise
