The state of the economy - chapter 2 1906-1914 Flashcards
What type of services were on the increase for both men and women?
- Retail
- Transport
- Banking
- Education
What was the biggest single catagory of occupation in 1906?
-Domestic services e.g. maids, cooks and gardners
What industry remained the focus of Britain up to 1913?
-Staple industries
What were the main staple industries?
- Textiles
- Steel
- Coal
- Shipbuilding
What evidence supported an optimistic position of Britain’s economy
- Pre 1914 still owned half worlds shipping
- Despite USA and German competition, output of iron and steel increased
- Coal industry was profitable up till 1914; recorded output of 287 million tonnes in 1913
- Cotton trade was still strong
What was the rate of growth of new industry in comparison to economy as a whole
3.8% per year compared to a whole 2%
What % of employment, income and national investment did farming account for 1906-14
10%
Why did many farmers have to begin changing their focus from wheat to cattle by 1914
- Agricultural depression
- Competition from abroad with cheap grain
1914 what % of goods and services produced in Britain were sold abroad
30%
What % of world trade did Britain possess in 1914
25% down from 40% 1870
What helped to fill the trade gap and balance the payments
Invisible exports
By 1913 what % of Britain’s national wealth was in overseas investment
32%
What were the key areas of concern in Britain’s economy
- Lack of research and investment into new technologies
- Lack of progress in new industries
- A low wage economy
- Free trade
- Shirt comings in education and training
- Problems in agriculture
Key reasons to be concerned over the lack of investment and research into new technology
- Rivals were pioneering more efficient and effective ways of production
- Only 8% of coal was mechanically cut in 1914 compared with 25% in America 1900
- So Britain was falling behind in production
