Flashcards in 1939-1951 (The People's War and Peace)- Economic Deck (20)
what was the emergency powers act 1939?
gave gov the authority to regulate any aspect of life necessary for the war effort
how many royal ordinance factory workers was there?
how many navy/raf factories was there?
who was in charge of the ministry for food, and what did they encourage?
home agriculture ('dig for victory')
how many entered work as a result of Bevins workforce mobilisation?
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
-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)
how much debt was gb in by 1945?
how much more was gb spending than it recieved?
how much was given through marshall aid?
$13b (most went to gb)
how much did keynes negotiate a loan for, and what were the 3 conditions?
-end trade preference to empire
-accept multilateral trade
-make £ fully convertible to $ in a year
how much did exports rise between 1946-50?
what caused a balance of payments crisis in 1949?
what was a benefit of the £ being devalued?
what 3 things did labour keep low, and how was this good?
allowed for fast economic expansion
how much of gb's economic enterprises did labour take control of through nationalisation?
how much of the workforce did labour take control of through nationalisation?
give 5 industries which the gov now had majority control of after nationalisation?
bank of england
give 5 positives of nationalisation?
-supply of gas and electric expanded
-growth civil aviation and cable/wireless comms
-coal output increased significantly (1946-51)
-ensured good conditions for workers
give 5 negatives of nationalisation?
-£2700m compensation for private owners
-endless subsidies needed