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history empire Chapter 3 > trade and commerce > Flashcards

trade and commerce Flashcards

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1
Q

what is the gold standard

A

a monetary system where a countries currency or paper money has a value directly linked to gold

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2
Q

what is imperial preference

A

home producers 1st
empire producers 2nd
forien products last

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3
Q

when did many contries abandon the gold standard

A

during ww1

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4
Q

when did the us return to the gold standard

A

1919

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5
Q

when did br return to the gold standard

A

1925

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6
Q

when was the wall street crash

A

1929

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7
Q

what led people to lose confidant e in br economics in the 1920s

A

economic stagnation
london decline as a financial centre

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8
Q

when was br forced to abandon the gold standard for the 2nd time

A

1931

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9
Q

when was the brettan woods agreement

A

1944

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10
Q

when was the sterling crisis

A

1947

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11
Q

how did ww1 leave british economy

A

the war was economically exhausting and public financing left br in debt
sterling had to leave gold standard

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12
Q

what happened to br overseas investment post ww1

A

most of had been wiped out

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13
Q

what was the result of ww1 on the british export market

A

br lost some of their domination and not all was won back eg textiles

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14
Q

why did br need dominance in the export market

A

to help run the empire

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15
Q

what was the result of ww1 on the br financial sector

A

suffered as there ability to pay back loans diminished

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16
Q

what was the result of the great depression on br economy

A

intensified problems

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17
Q

how much did india contribute to ww1

A

almost £146 mill

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18
Q

how did india suffer economically during ww1

A

inflation and shortages

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19
Q

in 1914 what number of india’s imports come from britain’s do how did this change

A

2/3
this began to fall

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20
Q

how did the level of taxes on indian imports change and what did this protect

A

11% 1917-25% 1931
from competitors

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21
Q

how did ww1 effect canada

A

benefited emerging as an industrial power
formed closer ties with the us

22
Q

how were aus and new z effected by the war

A

as exporters of food the relied heavily on the british market so they were hit hard by the war

23
Q

what act was passed in 1929

A

colonial development act

24
Q

how does british focus shift post ww1

A

focus on the importance of the empire for british commerce and imports increased

25
Q

how did exports fare post ww1

A

badly

26
Q

what helped to ease the impact of ww1

A

most currencies were fixed against the pound and many kept their reserves in sterling

27
Q

how did the % of cotton goods going to empire change

A

1913 51.7%
1934 52-2%

28
Q

how did the % of rail carriages going to empire change

A

1913 58.4%
1934 68.3%

29
Q

what category of exports began to fall and why

A

textiles
competition eg with japan

30
Q

until when did the empire remain a key export recipient

A

the 1930s

31
Q

until when did the empire remain a key export recipient

A

the 1930s

32
Q

between the wars what did some believe br should go back to and who opposed this

A

imperial preference
doninions

33
Q

when was the ottawa conference

A

1932

34
Q

what was decided at the ottawa conference

A

10% tax on all colonies bar crown colonies
britain and the dominions gave each others exports preference

35
Q

what did the ottawa conference show

A

it reinforced the importance of the empire for britain

36
Q

what was imperial trade like

A

not all uniform as curtain parts of the empire increased their commercial links than others

37
Q

how did ww2 hit the empire

A

even harder than the 1st

38
Q

what defeats in ww2 were particularly crippling

A

W, E, SE Asia

39
Q

what impact did ww2 have on british trade

A

a severe and dramatic one

40
Q

what % of the british fleet was lost during the war

A

54%

41
Q

what happened to britains balance of trade during ww2

A

it was in a deficit

42
Q

what was the impact of the loss of colonies during the ww2

A

it disrupted trade eg rubber from malaya

43
Q

how much of overseas assets were sold because of ww2

A

1/3

44
Q

under what agreement did britain borrow money from usa

A

lend lease

45
Q

for what was britain increasingly dependant on the empire for from ww2

A

imports

46
Q

how were colonial reserves used during ww2

A

to pay for the war

47
Q

when was lend lease ended

A

august 1945

48
Q

what replaced lend lease

A

br got a £900 mill loan with conditions attached such as the £ had to be freely convertable by spring 1947

49
Q

what did the sterling crisis of 1947 reveal

A

how weak br economey was

50
Q

when was the colonial development and welfare act

A

1940 and 1945

51
Q

what did the colonial development and welfare act of 1940 say

A

wrote of some colonial debts
provided colonial grants/loans of up to £5 mill per year

52
Q

what did the colonial development and welfare act of 1945 say

A

increased the aid avaliable to colonies to £120 over 10 years
required each colony to produce a 10 year development plan showing how they would use such funds

history empire Chapter 3 (10 decks)

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