State of the economy Flashcards
Name three staple industries?
- coal
- steel
- textiles
- shipbuilding
- cotten
Which countries did GB face iron competition from?
Germany & US
what was the coal output by 1913?
287m tons
what were the three most prominent technological based new industries?
- electronic engineering
- chemicals
- motor vehicle production
What % of employment was still based in agriculture by 1914?
10%
What were invisible earnings/exports?
services (banking, insurance, lending/investing money)
BY 1913, was % of Britain’s national wealth was based in overseas investment?
32%
What is a trade gap?
when a countries visible imports exceeds visible exports (imports more than we export)
Why was there a lack of research/investment into new technology?
- lack of money put in for new research
- lack of uni graduates
- poor education in science compared to other countries
Give an example of where competing nations took the lead in new industries?
Germany- chemical industry- artificial dyes
Britain had a low wage economy- what does this mean?
only the rich and middle classes could afford to buy manufactured goods
How did the Liberal’s free trade policy affect trade?
more people were likely to buy British goods rather than foreign goods as it was cheaper
What was Britain not producing enough of?
- inventors
- designers
- technicians
How many chemistry graduates were there per year from Germany in 1908?
400
In global economics, what did London remain the cntre of?
commercial centre of the world (banking)
