4.3 - Trade and Commerce Flashcards
Exports of Commonwealth 1948 vs 1965
45% compared to 30%
Exports of Europe 1948 vs 1965
20% compared to 30%
Exports of Commonwealth 1948 vs 1965
46% compared to 28%
Exports of Europe 1948 vs 1965
25% compared to 33%
Why was trade outside the commonwealth and Western Europe important?
It had always been crucial for economic relations.
What was the significance of Europe to Britain post-WW2?
Europe’s importance to Britain was growing.
What economic impact did the devaluation of the pound in 1947 have?
It made exports cheaper but reduced investment.
What was the purpose of the Colonial Development and Welfare Acts (CDaWAs)?
To develop colonies economically.
What role did the USA play in the global economy after WW2?
It was the only nation not economically damaged by the war.
What was the US Marshall Plan of 1948-52?
It provided Britain with $3.3 billion.
How did Britain attempt to pay for vital imports in the post-war period?
By earning dollars and building foreign exchange reserves.
What strategies did Britain use to reduce food imports?
Continued rationing and prioritized industrial production for export.
Why was trade with the Empire and Commonwealth important until the 1960s?
It provided essential imports when foreign exchange reserves were limited.
What was the Colonial Development Corporation?
It coordinated major projects to develop agriculture, industry, and trade in colonies.
What was a notable failure of the Colonial Development Corporation?
The Tanganyika Groundnuts Scheme of 1948.
What contributed to Europe’s emergence as a favorable trading partner by the 1960s?
Recovery from the war, US support, advances in science and technology.
What was Britain’s initial reaction to the formation of the EEC in 1957?
Britain chose not to join and formed the EFTA instead.
Why did Britain apply to join the EEC in 1963 and 1967?
Increasingly torn between Commonwealth trade links and European relations.
What were the reasons for Britain’s rejection from the EEC in 1963 and 1967?
Exports to Europe outstripped those to the Empire and France’s concerns about the Commonwealth.
What was the Sterling Devaluation of 1967?
It lowered the exchange rate of the pound, impacting Britain’s imperial pretensions.
What was the economic impact of the Sterling Devaluation in 1967?
It made British exports cheaper but imports more expensive.
What did the further devaluation in 1967 signify about Britain’s colonial strategies?
It showed that strategies to strengthen the colonies had failed.
