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Key Topic 4: The British Empire And International Relations > WW1: Economic Turning Point > Flashcards

WW1: Economic Turning Point Flashcards

1
Q

What type of nation did Britain emerge as?

A

A debtor nation

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2
Q

How did WW1 change relations with the empire?

A

Much closer economic relationship with the empire than what had previously existed. The empire was an economic lifeline that Britain could call upon to cushion the economic impact of the war.

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3
Q

What did dominions do during the war?

A

Develop alternative trade links

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4
Q

What did Canada establish with the USA?

A

Important links through the export of agricultural products

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5
Q

What happened during the interwar years?

A

Imperial trade, particularly with the dominions increased

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6
Q

Between 1910-14, what percentage of imperial imports into Britain?

A

25%

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7
Q

During what years were 25% of imperial imports into Britain?

A

1910-14

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8
Q

What percentage of exports from Britain into the empire between 1910-14?

A

36%

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9
Q

During what years was the percentage of exports from Britain into the empire 36%?

A

1910-14

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10
Q

What was the percentage of imperial imports into Britain in 1935-39?

A

39.5%

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11
Q

During what years were 39.5% of imperial imports into Britain?

A

1935-39

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12
Q

What percentage of exports from Britain into the empire in 1935-39?

A

49%

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13
Q

During what years were 49% of exports from Britain into the empire?

A

1935-9

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14
Q

How did many conservatives regard imperial trade?

A

Solution to Britains post war problems and many favoured the introduction of tariffs controls

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15
Q

When did Britain abandon its free trade policy?

A

1932

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16
Q

What did Britain do in 1932?

A

Abandon its free trade policy

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17
Q

What forced Britain to tighten its economic bond to colonies?

A

Depression which began in 1929

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18
Q

What was the impact of the depression that began in 1929?

A

Forced Britain to tighten its economic bond with its colonies

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19
Q

What happened in the mid-1932 Imperial Economic Conference in Ottawa?

A

Agreements were set up for imperial preference (preferential trade arrangements between Britain and Dominions and between the dominions themselves). There were the imposition of high tariffs (10%)

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20
Q

What was the impact of the mid 1932 Imperial Economic Conference in Ottawa?

A

Made Britains balance of payment worse
Dominions benefited
Reinforced unity

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21
Q

What happened after 1932?

A

The percentage of increase in imports was greater than the percentage increase in exports

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22
Q

What had commercial rivals done during World War One?

A

Seizing British markets, particularly in India, the Far East and Latin America

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23
Q

What were British staple industries (Old established industries) reliant upon?

A

Exports, therefore, they suffered as a result of the new trading patterns caused by the war

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24
Q

What happened between 1913 to 18?

A

Japanese Cotton textile production grew by 55%

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25
Q

When had the Japanese Cotton textile production grew by 55%?

A

1913-18

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26
Q

What happened between 1913 to 1929?

A

Japan’s share of textile trade with China rose from 20% to 26%

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27
Q

When had Japan’s share of textile trade with China rose from 20% to 26%?

A

1913-29

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28
Q

What happened to the British share of tiles with China between 1913-29?

A

Fell from 16.5% to 9.5%

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29
Q

Between what period did the British shares of the textile trade with China fall from 16.5% to 9.5%?

A

1913-29

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30
Q

What was Japan’s share of the Indian import trade between 1913-18?

A

Rose from 1% to 21%

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31
Q

When had Japanese shares of the Indian import trade risen from 1% to 21%?

A

1913-18

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32
Q

What position did Japan replace the British as?

A

Japan replaced Britain as the world’s leading exporters

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33
Q

Between 1910-19, what percentage did the textile industry make up of the Britains total exports?

A

40%

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34
Q

When was textiles worth 40% of the British export industry?

A

1910-19

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35
Q

What industry was worth 40% of the British total export sector between 1910-19?

A

Textiles

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36
Q

Between 1930-8, what percentage did the textile industry make up of the Britains total exports?

A

24%

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37
Q

When was textiles worth 24% of the British export industry?

A

1930-8

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38
Q

What industry was worth 24% of the British total export sector between 1930-8?

A

Textiles

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39
Q

Between 1910-19, what percentage did the coal industry made up Britains total exports?

A

10%

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40
Q

Between 1920-9, what percentage did the coal industry made up Britains total exports?

A

8%

41
Q

When was coal worth 8% of the British export industry?

A

1920-9

42
Q

When was coal worth 10% of the British export industry?

A

1910-19

43
Q

How much was the iron and steel industry as a percentage of exports between 1910-19?

A

£62.9 million

44
Q

How much was the iron and steel industry as a percentage of exports between 1930-8?

A

£54.1 million

45
Q

How much was the iron and steel industry as a percentage of exports between 1920-9?

A

£96.5 million

46
Q

How much was the textile industry as a percentage of exports between 1910-19?

A

£200.2 million

47
Q

How much was the textile industry as a percentage of exports between 1920-9?

A

£288.9 million

48
Q

How much was the textile industry as a percentage of exports between 1930-8?

A

£106 million

49
Q

How much was the coal industry as a percentage of exports between 1910-19?

A

£50 million

50
Q

How much was the coal industry as a percentage of exports between 1920-9?

A

£65.2 million

51
Q

How much was the coal industry as a percentage of exports between 1930-8?

A

£37.7 million

52
Q

Who became the main supplier of raw materials to Britain and its allies?

A

USA

53
Q

What did the US become the main suppliers of, to Britain and its allies?

A

Raw materials, food and merchant shipping

54
Q

What allowed the US to overtake the British as the worlds largest producers of merchant shipping?

A

New production methods

55
Q

How much world tonnage did the British produce between 1909–13?

A

58.7%

56
Q

When was the British world tonnage production equals to 58.7%?

A

1909-13

57
Q

What was the British world production in 1923?

A

44.7% of world tonnage

58
Q

When was British production of world tons worth 44.7%?

A

1923

59
Q

How much did the British borrow by the end of the war?

A

$4 billion

60
Q

Who was the British dependent upon?

A

USA

61
Q

What happened to inflation?

A

Grew more severe, as Britain increased the quantity of money in circulation in order to finance the borrowing from the USA

62
Q

What happened in 1914?

A

Britain withdrew from the Gold standard

63
Q

When did the Britain withdraw from the Gold Standard?

A

1914

64
Q

When did the British return on the Gold Standard?

A

1925

65
Q

What happened in 1925?

A

Britain returned to the gold standard

66
Q

What was the value of the pound in 1925?

A

$4.85

67
Q

When was the value of the pound $4.85?

A

1925

68
Q

What was the impact of setting the value of the pound at $4.85 in 1925?

A

Pound was overvalued by 10%

69
Q

What was the impact of the currency being overvalued by 10% in 1925?

A

Less internationally competitive

70
Q

What nation did the US become?

A

Creditor nation, principal source of lending and the main source of raw materials

71
Q

What was Britain not able to do internationally?

A

Use its wealth to reinforce its international status

72
Q

Why did the British abandon the gold standard in 1914?

A

Low gold supply

73
Q

How much, in comparison to the Boer did, did WW1 cost?

A

13 times more

74
Q

What was the impact of the low gold supply?

A

The British had to abandon the gold standard in 1914

75
Q

What was production focused on?

A

Warfare and therefore goods that they dominated in were taken over by competitors

76
Q

What happened in 1931?

A

Financial crisis forced the British off the gold standard again

77
Q

When had a financial crisis forced the British off the gold standard?

A

1931

78
Q

How much did India contribute to the war effort?

A

£146 million

79
Q

Who contributed £146 million to the war effort?

A

India

80
Q

What was the impact of India contributing £146 million to the war effort?

A

Inflation and shortages in the country

81
Q

What fraction of Indian imports came from Britain in 1914?

A

2/3

82
Q

Why did British exports to India fall?

A

Wartime disruptions to trade

Competitiveness of international competitors

83
Q

What happened to Indian manufacturers?

A

Captured more domestic demand

84
Q

What was the tax on Indian imports in 1917?

A

11%

85
Q

When was the tax of imports on Indian imports worth 11%?

A

1917

86
Q

What was the tax on Indian imports in 1931?

A

25%

87
Q

When was the tax of imports on Indian imports worth 25%?

A

1931

88
Q

Why did the British raise the import tax on Indian imports?

A

Desperate for revenue in order to pay for the nationalist rising on Indian imports

89
Q

What did Canada emerge as?

A

Industrial power

90
Q

Who did Canada open trade and investment up to?

A

US

91
Q

Who did Australia and New Zealand rely on for food and what was the impact?

A

British and were therefore hit hard by the war

92
Q

What did Britain do in 1925?

A

Return on the gold standard to promote international business

93
Q

What did the Colonial Development Act of 1929 promise to do?

A

Gave Treasury more funds to support colonial development projects

94
Q

What percentage of cocoa imports were coming to Britain in 1913?

A

50.9%

95
Q

What percentage of cocoa imports were coming to Britain in 1934?

A

90.7%

96
Q

What percentage of British exports went to India and Burma in 1909-13?

A

11.9%

97
Q

What percentage of British exports were going to India and Burma between 1934-8?

A

8%

98
Q

When did the British abandon free trade?

A

1932

Key Topic 4: The British Empire And International Relations (18 decks)

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