Economic Developments 2 Flashcards
Info that is NOT on the specification
What are the contextual influences on the economy?
- the great depression
- WW2
- post-war Britain
How did the Great Depression impact the economy?
it was a time of misery, mass unemployment, and unsuccessful governments
How did WW2 impact the economy?
defeating forces of evil in unity
How did post-war Britain impact the economy?
establishment of the welfare state, and post-war consensus
What is the foreign economy like?
- economic growth in Europe (especially West Germany) = leaving Britain behind
- trade and commonwealth not enough to sustain place in foreign economy
- became essential to join the EEC
What did the 1963 rejection from the EEC symbolise for Britain?
failure in economic modernisation
What are the two economic societies set up called?
Neddy and Nicky
Who created these societies?
Selwyn Lloyd
What is Neddy?
- NEDC
- National Economic Department Council
- responsible for long-term plans
What is Nicky?
- NIC
- National Incomes Commission
- keep an eye out on wages and prices
What is the Beeching Report?
- a review into public expenditure
- recommended massive cuts in Britain’s rail network
- closure of 30% of railway network
- caused public outrage
What is a summary of British economy in post-war Britain?
- economy still growing
- cycle of ‘stop-go’ economics not broken
- slipping behind foreign competitors
- economic issues from 50s not yet solved
What is Keynesian economics?
- operating using a mixed economy
- avoiding extreme inflation and deflation - implementing stop-go economics
When was Keynesian economics adapted?
post-war Britain by the labour party
Who is Reginald Maudling?
Selwyn Lloyd’s replacement (Neddy and Nicky creator) as Chancellor of the Exchequer
