1939-1951 (The People's War and Peace)- Economic Flashcards
what was the emergency powers act 1939?
gave gov the authority to regulate any aspect of life necessary for the war effort
how many royal ordinance factory workers was there?
300k
how many navy/raf factories was there?
265
who was in charge of the ministry for food, and what did they encourage?
lord woolton
home agriculture ('dig for victory')how many entered work as a result of Bevins workforce mobilisation?
4.5m
give 5 measures as a result of the need for post war economic readjustment?
- rationing continued to 1954 (austerity), and things like bread and potatoes even began to be rationed
- rebuild exports
- change back to peacetime production - encouraged new factories in depressed areas
- state planning of production (lead to national production)
- international trade agreements (e.g. bretton woods)
how much debt was gb in by 1945?
£4000m
how much more was gb spending than it recieved?
£750m
how much was given through marshall aid?
$13b (most went to gb)
how much did keynes negotiate a loan for, and what were the 3 conditions?
£5000m
- end trade preference to empire
- accept multilateral trade
- make £ fully convertible to $ in a year
how much did exports rise between 1946-50?
80%
what caused a balance of payments crisis in 1949?
US recession
what was a benefit of the £ being devalued?
cheaper exports
what 3 things did labour keep low, and how was this good?
interest rate
inflation
wages
allowed for fast economic expansion
how much of gb’s economic enterprises did labour take control of through nationalisation?
20%
how much of the workforce did labour take control of through nationalisation?
10%
give 5 industries which the gov now had majority control of after nationalisation?
steel fuel power transport bank of england
give 5 positives of nationalisation?
- supply of gas and electric expanded
- growth civil aviation and cable/wireless comms
- electrification
- coal output increased significantly (1946-51)
- ensured good conditions for workers
give 5 negatives of nationalisation?
- cost lots
- £2700m compensation for private owners
- extra taxes
- endless subsidies needed
give 3 suggestions nationalisation was not a socialist revolution?
- most industries nationalised were unprofitable
- socialists demands for workers control were ignored
- most industries nationalised had a history of state involvement anyway
