Economy 1918-1929 Flashcards
give 4 economic problems WW1 create
high debt (£2 billion)
inflation had risen
reduction in exports to other countries
increase in the workforce during the war
give 3 examples of industries that increased production during the war
heavy industry
agriculture
cotton/textiles
give 3 reasons why there was a post-war boom
the de-mobolised soldiers were integrated back into society (increase in employment)
new businesses and agriculture small holdings
Britain was bale to export goods again
give 2 reasons why there was problems in agriculture
smallholders had invested in inappropriate concerns
less global trade, less British products were brought
give 2 reasons why there was a problem in the worldwide economy
high production eroded profits
Germany and Poland had an increase in coal production which decreased British profits
what was the Safeguarding of Industry Act 1921 about
An Act to impose duties of customs on certain goods with a view to the safeguarding of certain special industries and the safeguarding of employment in industries in the United Kingdom against the effects of the depreciation of foreign currencies
what was the negatives of the Safeguarding of Industry Act 1921
it only covered 3% of all exports
give 2 reasons why there was a problem in the manufacturing methods
no methods to make industries more cost-effective
relied on traditional methods
give 2 reasons why the growth of USA affected the economy of Britain
primacy in economic and finance went to USA
USA expanded it’s trade and industries in WW1 whereas Britain did not and raised it’s prices. leading to an economic boom
what was the Geddes Axe 1921 and what does it reflect about the state of the post-war economy
tax increased per head
e.g. £18 in 1919 £24 in 1921
shows how the government had no money so had to rely on taxes to pay off debt and to afford the construction after WW1
give 3 examples of staple industries
coal
textiles
shipbuilding
what county was based around the textile industry
Lancashire
what place was based off the coal industry
South Wales
what place was based around the ship building industry
North East (Newcastle)
give an explanation on to why the textiles industry decreased
high competition
India made up 50% of cotton exports in 1915
why did the shipbuilding industry decline
it declined i 1929 when reduction in world trade made the situation worse
why did the coal industry decline (3 reasons)
higher demand for gas
foreign competition from Poland and Germany
introduction of the gold standard in 1925
why had industrial relations between the trade unions and government deteriorated since the war
trade union membership had doubled giving them more power
throughout 1919-1921 there were a series of strikes over pay, conditions and question of nationalism causing major disruption and a considerable loss in working days
give 2 statistics that show the disruption due to trade union strikes
1919- 35 million working days lost
1921- 85 million working days lost
summarise what happened in the Red Clydeside incident
January 1919
Clyde Workers Committee
demanded 40 hour week
opposed the cuts to wages post war
70,000 troops armed with machine guns
leaders arrested and sentenced
how did the Sankey Commission occur
the formation of the triple alliance
summarise Sankey Commission
June 1919
recommended wage rises, low hours in working days
rejected due to the rejection to nationalisation
miners left rejected and lost
give 2 reasons why did miners go on the Black Friday Strike
Sankey commission rejected
unemployment was extremely high
when was Black Friday Strike
1st April 1921
