State of the economy-Economic concerns and external competition Flashcards
1
Q
What happened to British exports from 1870-1914?
A
There was a late Victorian recession as Germany and the US overtook in steel and iron.
2
Q
What had emerged between visible imports and visible exports?
A
A trade gap
3
Q
Why was Britain no longer pre-eminent industrially?
A
There was a lack of research and investment into new technology
4
Q
What impact did Liberal free trade policies have on GB trade and wages?
A
Foreign importers could buy Britain’s supplies for less, decreasing wages.
5
Q
What role did education have in GB’s competition with other countries?
A
Britain were behind in education and had fewer graduates.
