4.21 trade and commerce

Question 1

1948 imports and exports from commonwealth %

Answer 1

Imports: 45%
Exports: 46%

Question 2

1960 imports and exports from commonwealth?%

Answer 2

Imports: 32%

Exports: 36%

Question 3

1948 imports and exports % from Western Europe

Answer 3

Imports: 20%

Exports: 25%

Question 4

Western Europe imports and exports % 1960

Answer 4

Imports: 24%
Exports: 26%

Question 5

After the war trade with Europe:

Answer 5

Increased (Britain had to sell overseas investments which used to make up trade deficit)

Question 6

What did the 1947 devaluation of the pound do?

Answer 6

Made exports cheaper however it reduced investment

Question 7

How did the USA rise to global economic dominance after WW2(3)

Answer 7

-didn’t have damaged infrastructure from war and lots of nations had borrowed from them

Dollar becomes main currency

Marshall plan 1948-52 provided Britain with 3.3 billion

Question 8

How did Britain pay for vital imports post ww2

Answer 8

-continued food rationing to reduce food imports and prioritised British industrialisation

-develop export capacity of the colonies

Question 9

How much of British investment was in its empire in 1956

Answer 9

58% (decrease though in subsequent years)

Question 10

What was the colonial development corporation and how successful was it?(4)

Answer 10

Build on colonial development and welfare acts of 1940 and 1945 which were used to expand agricultural production and promote new tech in the colonies

Set up in 1948

Renamed commonwealth development corporation in 1963

Not all schemes successful e.g Tanganyika ground nut scheme 1946

Question 11

Why was Europe a favourable trading partner by the 1960s?

Answer 11

-European economy recovered from war quicker than expected die to US support and liberal democracy that is favourable for investment

By mid 1950s full employment throughout Europe -growth rates were high and living standards were rising

Question 12

What was the British reaction to the EEC in 1957?

Answer 12

Chose not to join- set up their own block in Europe EFFA

Question 13

Why was Britain rejected from the EEC in 1963 and 1967?

Answer 13

The EEC flourishing

France rejected British because it would bring the commonwealth with it-Britain wouldn’t abandon commonwealth for EEC

Question 14

What was the Stirling devaluation 1967?

Answer 14

-lowering pound from 2.8 dollar to 2.4 dollar

Due to a balance in payment crisis -cut British deficit by making exports cheaper

Destroyed striking area and weakened international faith in Stirling -Britain join EEC in 1973

Question 15

When do Britain join EEC?

Answer 15

1973