Economy 22-29 Flashcards
In this era, new industries were growing quickly. For example, Motor car production wasss…
in mid 20’s triple than 1913
Overall economic growth was faster between x and x than before x?
Faster in 1923-29 than before 1914
How many jobs were creating by the development of the service industry in the 20’s ?
1,000,000
How did Labour attempt to tackle unemployment in 1923/24?
Public works programme aimed to create jobs through public spending. But it was too small a scale over too short a period to have any great effect.
When Churchill returned to the gold standard in 1925, what did the exchange rate of $ increase from to?
What was this impact?
From $3.40 to $4.86
Fixed term payments worth more however, made exports more uncompetitive in staples like coal = unemployment increased.
In the 1st 6 months of 1925, how much did the coal industry lose due to now uncompetitive exports?
£2.1 million
How did Baldwin intervene into the coal industry when the workers called for support from railwaymen and dockers?
Subsidies for coal owners and workers + set up Samuel Commission (rejected : nationalisation and longer hours, accepted: pay cut’s).
Why did the general strike of 1926 fail?
TUC disorganisation and division, government advantage through use of EPA (setting up Organisation for the Maintenance of Supplies - 100,000 volunteers support armed forces transport essentials). Speeches and news articles Baldwin won public sympathy.
What was the result of the General Strike?
Total fail for coal miners and industry, TUC comprise didn’t include them. Costed NUR and TGWU £1million each, 1927 Trades Disputes Act (sympathetic strikes illegal + TU members each consent to paying levy to Labour) = Trade Union membership dropped to below 5 million in 1927 and number of strikes decreased.
What were the structural economic problems caused by the decline of the Staple Industries?
Trade ( Tory tried campaign tariffs, Labour tried treaty with Russia).
Unemployment (Labour tried public work schemes - too small)
Industry - structural unemployment in haste decline of the staple industries.
