History (week4)

Question 1

Consumer Society

Answer 1

A society in which the buying and selling of goods and services is the most important social and economic activity.

Question 2

What were the characteristics of Britain before 1914?

Answer 2

Britain had very strong income and wealth inequality, limited mechanization in key sectors, and no welfare state.

Question 3

Welfare State

Answer 3

A system in which the government provides social services, such as healthcare, education, and unemployment benefits, to its citizens.

Question 4

What were the factors that led to the emergence of a consumer society in the 1950s - 1970s?

Answer 4

The factors include full employment, high economic growth, rising incomes, and the reduction in income inequality.

Question 5

Gini Coefficient

Answer 5

A measure of income inequality within a population, ranging from 0 (perfect equality) to 1 (complete inequality).

Question 6

How has inequality and the welfare state changed in the UK since the 1980s?

Answer 6

There has been a sharp rise in inequality and erosion of the UK welfare state, transforming it into a high inequality regime.

Question 7

Households below median incomes

Answer 7

Households with incomes at or below the middle of the income distribution.

Question 8

What were the consequences of the credit crunch in 2008?

Answer 8

The credit crunch greatly reduced access to consumer credit and led to a deflationary austerity policy. (reduced consumer spending - increased taxes, lower wages)

Question 9

Stagnation of real earnings

Answer 9

A period of little or no growth in real wages, adjusted for inflation.