Chapter 21 - Trade And Commerce Flashcards
What was the empire important for before 1960?
Essential imports of food + raw materials
What percentage of B investment went to the empire?
58%
Where did B get imports in more from 1965?
Western Europe 30.6%
What percentage of imports were from the Commonwealth in 1965?
29.8%
Who did B export to more by 1965?
Western Europe 32.5%
What percentage was exported to the Commonwealth by 1965?
27.9%
What helped the European economy recover from the war quicker than expected?
Marshall Aid
Liberal democracy
Advancements in science + technology
What was the result by mid-1950s?
Full employment
High growth rates
High living standards
What did B make that rivalled the EEC?
EFTA
European Free Trade Area
Why did B eventually join the EEC in 1973?
EEC flourished
Sterling devaluation of 1967 - destroyed ‘sterling area’
Who was the main supplier of commodities to the wider world after WW2?
USA
What did B do to cut the cost of food imports?
Continued rationing
Prioritised industrial production for exports
Tried to develop African colonies
What did the development of African colonies also do?
Increased dollar reserves
Ensured steady supply of goods
What Act was used to help development?
The Colonial Development and Welfare Acts of 1940 and 1945
Helped agricultural production + new technologies
What was set up to co-ordinate the major projects?
The Colonial Development Corporation
Renamed commonwealth Development Corporation in 1963
