Economics (1945-1967) Flashcards
What percentage of UK overseas investment were in Empire companies and governments in 1956
58%
How did the percentage of British imports differ in the commonwealth/Western Europe between 1954 and 1965
1954- 48% (commonwealth), 24% (W Europe)
1965- 29% (commonwealth), 30% (W Europe)
How did the the percentage of British exports differ in the commonwealth/W Europe between 1954 and 1965
1954- 48% (commonwealth), 28% (W Europe)
1965- 28% (commonwealth), 33% (W Europe)
How much did WW2 cost Britain
£120 million
When was the second Colonial Development and Welfare Act
1945
What was the nature of the second CD+W act
increased the aid available to colonies to £120 million over 10 years
How much of British mineral oil did Middle East provide
82%
How much of British wool, butter and meat did Australia provide
66%, 50%, 29%
What did Tropical colonies provide large quantities of for Britain
vital metals (tin, cobalt and gold) and palm oil
What do the large amounts of Empire imports to Britain show about Empire bonds straight after WW2
meant ties were stronger between colonies and Britain3- more so than after WW1
What was the Lend Lease
an arrangement during WW2 by which the US supplied Britain with weapons, food and other necessities
Who was John Maynard Keynes
was an eminent British economist of the inter-war period
What did John Maynard Keynes negotiate in 1945
a massive US loan (approx £900 million)
When was the pound sterling made freely convertible to dollars (Sterling Crisis)
Spring 1947
Why was Malaya economically beneficial to Britain
tin and rubber industry
Which colonies did the British decolonise right after the war which were no longer economically beneficial
India, Burma, Palestine
When was the EEC created
1957
When did the British apply to join the EEC for the first time
1963
When did the British apply to join the EEC for the second time
1967
What was the European Free Trade Association (EFTA)
reduced tariffs among the ‘seven’- Austria, Denmark, Norway, Portugal, Sweden, Switzerland and Britain
When was the European Free Trade Association formed
Nov 1959
Why was Britain’s first application to join the EEC rejected
Charles de Gaulle- Britain not European enough due to its close links with commonwealth and America
What do the 1945 CD+W acts demonstrate about attitudes to Empire at the time
- shows that whilst Britain were ready to give self-gov to colonies still aware of how empire reflected directly on Britain- need to develop them otherwise no retrospective justification of rule
- Britain didn’t think certain colonies would be able to fend for themselves unless Britain helped develop them
- still thought they were inherently better than natives- ‘it is clear that in Africa the period before self-gov can be granted will be longer than in most’
When did the Tanganyika groundnut scheme begin
1948
What was the outcome of the groundnut scheme
- seen as an expensive mistake
- showed the incompetence/naivete of the British gov in colonial affairs
- only 46,000 acres of land had been cleared in the first two years at cost of £21 million (estimate in the white paper was a lot less)
- ultimately failed- overall cost was £36 million to produce 9,162 tons of shelled nuts (less than was imported in seeds)
What was the nature of Gambian Poultry Scheme
- failure
- forced to abandon scheme after just two years as they only produced 34,500lbs of meet and 28,440 eggs (wanted to produce 20 mil eggs a year)
Why was the European recovery from the war quicker than expected
US Marshall Aid as well as changes in industrial relations
What was the Marshall Plan
a programme of US economic aid for the reconstruction of post WW2 Europe (1948-1952)
When was the Colonial Development Corporation set up
1948
