Impact of WW1 on economy Flashcards
1
Q
position of economy in 1914
A
Key beliefs - lassiez faire approach, free trade, limited Gov intervention
+ve = staple industries doing fine - coal 287 million tones mined in 1913
invisibles were doing well and created a good balance of payments
london main financial city in the world
-ve = loss of working days due to strikes
foreign competition in agriculture in AUz and Nz - steel and coal in Ger and wheat in UsA
2
Q
cost of war
A
4 million per day spent gov spending went up from 200 million 1913 to 2600 million in 1918 increased taxes and death duties borrowed more - 5000 from USA sold off overseas investment national debt rose by 1200%
3
Q
how much was spent per day during war
A
4 mil
4
Q
how much did gov spending go up by
A
200 mil to 2600
5
Q
how much money did they borrow from USA
A
5000 mil
6
Q
how any tonnes of coal were mined in 1913
A
287 tonnes
