1939-1951 (The People's War and Peace)- Economic Flashcards Preview

Year 13 History- Britain > 1939-1951 (The People's War and Peace)- Economic > Flashcards

Flashcards in 1939-1951 (The People's War and Peace)- Economic Deck (20)
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1

what was the emergency powers act 1939?

gave gov the authority to regulate any aspect of life necessary for the war effort

2

how many royal ordinance factory workers was there?

300k

3

how many navy/raf factories was there?

265

4

who was in charge of the ministry for food, and what did they encourage?

lord woolton
home agriculture ('dig for victory')

5

how many entered work as a result of Bevins workforce mobilisation?

4.5m

6

give 5 measures as a result of the need for post war economic readjustment?

-rationing continued to 1954 (austerity), and things like bread and potatoes even began to be rationed
-rebuild exports
-change back to peacetime production - encouraged new factories in depressed areas
-state planning of production (lead to national production)
-international trade agreements (e.g. bretton woods)

7

how much debt was gb in by 1945?

£4000m

8

how much more was gb spending than it recieved?

£750m

9

how much was given through marshall aid?

$13b (most went to gb)

10

how much did keynes negotiate a loan for, and what were the 3 conditions?

£5000m
-end trade preference to empire
-accept multilateral trade
-make £ fully convertible to $ in a year

11

how much did exports rise between 1946-50?

80%

12

what caused a balance of payments crisis in 1949?

US recession

13

what was a benefit of the £ being devalued?

cheaper exports

14

what 3 things did labour keep low, and how was this good?

interest rate
inflation
wages

allowed for fast economic expansion

15

how much of gb's economic enterprises did labour take control of through nationalisation?

20%

16

how much of the workforce did labour take control of through nationalisation?

10%

17

give 5 industries which the gov now had majority control of after nationalisation?

steel
fuel
power
transport
bank of england

18

give 5 positives of nationalisation?

-supply of gas and electric expanded
-growth civil aviation and cable/wireless comms
-electrification
-coal output increased significantly (1946-51)
-ensured good conditions for workers

19

give 5 negatives of nationalisation?

-cost lots
-£2700m compensation for private owners
-extra taxes
-endless subsidies needed

20

give 3 suggestions nationalisation was not a socialist revolution?

-most industries nationalised were unprofitable
-socialists demands for workers control were ignored
-most industries nationalised had a history of state involvement anyway