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History Britain > Chapter 2 > Flashcards

Chapter 2 Flashcards

1
Q

What period is referred to as the age of affluence in Britain?

A

The period from 1951 to 1964.

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2
Q

What was a significant economic change in Britain after World War II?

A

Food rationing ended in 1954.

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3
Q

What economic condition was achieved in Britain by 1955?

A

Full employment.

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4
Q

What factors contributed to increased consumer goods purchases in Britain?

A

Increased wages and tax cuts.

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5
Q

What was one effect of rising living standards in Britain during this period?

A

A growth in birth rates.

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6
Q

What was the trend in industrial production in the UK from 1952 to 1959?

A

It increased but not as strongly as in other countries.

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7
Q

What were the industrial production indices for the UK in 1952 and 1959?

A

1952: 101, 1959: 129.

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8
Q

What economic issue arose from increased consumer demand in Britain?

A

A balance of payments problem.

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9
Q

What could a balance of payments problem cause in Britain?

A

A run on the pound.

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10
Q

What is the balance of visible trade for the UK from 1946-50?

A

-160

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11
Q

What is the balance of invisible trade for the UK from 1946-50?

A

+104

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12
Q

What is the overall trade balance for the UK from 1946-50?

A

-56

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13
Q

What is the balance of visible trade for the UK from 1951-55?

A

-345

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14
Q

What is the balance of invisible trade for the UK from 1951-55?

A

+326

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15
Q

What is the overall trade balance for the UK from 1951-55?

A

-19

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16
Q

What is the balance of visible trade for the UK from 1956-60?

A

-94

17
Q

What is the balance of invisible trade for the UK from 1956-60?

A

+223

18
Q

What is the overall trade balance for the UK from 1956-60?

A

+132

19
Q

What economic policy did the Conservative governments follow to manage the economy?

A

‘Stop-go’ economics

20
Q

What happened when the economy slowed down under ‘stop-go’ economics?

A

The government encouraged growth by lowering interest rates and allowing wages to rise.

21
Q

What happened when the economy overheated under ‘stop-go’ economics?

A

The government slowed the economy down by raising interest rates and controlling wage increases.

22
Q

What crisis demonstrated the weaknesses of the British economy in 1956?

A

The Suez crisis

23
Q

What alternative economic control did some Conservatives propose instead of ‘stop-go’?

A

Monetarism

24
Q

What was the consequence of limiting government spending under monetarism?

A

Cuts to house building, welfare, and public services.

25
Q

What was the economic outcome after the Suez crisis?

A

The British economy recovered quickly and sterling recovered against the US dollar.

26
Q

What significant action did the government take in 1959?

A

Made big tax cuts.

27
Q

What major financial action did the government take in 1961?

A

Applied to the International Monetary Fund for a loan.

28
Q

What was established in 1961 to plan economic growth?

A

The National Economic Development Council.

29
Q

What was established in 1962 to manage wages and prices?

A

The National Incomes Commission.

30
Q

What application did the government make by 1961 regarding Europe?

A

Application to join the EEC.

31
Q

What was the financial situation at the time of the general election in 1964?

A

There was a deficit of £800 million.

32
Q

What characterized the UK economy between 1951 and 1964?

A

A fast-growing economy with rising living standards.

33
Q

What were some underlying economic problems during this period?

A

Low productivity, recurring balance of payments issues, and inflation.

34
Q

Did the ‘stop-go’ policy solve all economic problems?

A

No, it did not solve all the problems.

History Britain (3 decks)

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