Depth 5 Flashcards
What happened to the British economy after WW1 & why?
The economy boomed.
Because new industrial markets were exploited & semi-skilled workers undertook the work done by skilled workers during the war.
The post-war booked was short-lived.
How did the Great Depression & the WSC make the situation worse?
It made it worse due to a decline in US exports & the instability of markets.
Britain’s heavy industry went into a decline following 1929.
What staple industries failed to adapt to the advances made during WW2?
Coal, steel and iron, textiles & shipbuilding.
What percentage of the market did Britain’s shipbuilding hold in the 1920s?
What had it decreased to by 1933?
1920s: 40% market share.
1933: 7% market share.
What had happened to coal exports by 1930 & why?
Coal exports had halved due to the revival of other countries coal industries & underinvestment.
How much had the price of steel fell after the Depression & why?
The price of steel had fell 45% after the Great Depression.
Due to cheap iron & steel flooding in from Europe & undercut prices.
In the coal & cotton industries, what was the level of unemployment in 1924 compared to 1930 due to the mass laying off?
Coal
1924: 6.9%
1930: 23.8%
Cotton
1924: 15.9%
1930: 44.7%
What industries had developed & grew during and after the war?
Car manufacture.
Light industry (commodities).
What tariff protections were put into place & what did they do?
McKenna Duties (1915)
- Put a 33.3% import tariff on military vehicles during WW1 (continued)
- In 1926, extended to include commercial vehicles.
Safeguarding on Industries Act 1921
- 33.33% import tariff on industries producing optical glass, synthetic materials & metallic tungsten.
(Renewed in 1926)
What did the McKenna duties allow the motor industry to do?
The McKenna duties allowed motor industries to keep production levels high.
What did the government refuse in regard to tariff protection & why?
The Gov refused protection for heavy, staple industries.
Partly because of commitment to free trade, but also because investment in them in 1919-20 led to an initial post-war boom.
What were the factors that led to a decline in trade in the 1920s & 30s?
WW1
Gold Standard
Japanese products/interference
The Empire turns against Britain
WSC & GD ensuing
How did WW1 change the structure of trade?
Britain lost markets abroad & industries geared up to war production.
When did Britain go back to use the Gold Standard and how did it affect them?
1925
Britain went back to the GS at a time when the price of gold was high which therefore made exports expensive.
How did Japan take advantage of Britain’s withdrawal?
They flooded the British market with cheap products, and continuing to export in the 20s.
How did the Empire turn against Britain?
Countries such as India developed their own heavy industries & still imposed tariffs on Britain despite being a part of the Empire.
How did the GD & WSC crash affect Britains trade in the 20s & 30s?
As the US was Britain’s largest trade market they severely lost out.
The WSC meant the US placed high tariffs on imports & recalled loans.
This meant Britain couldn’t repay war debts as the US was the main source of loan repayments.
They were too owed money by the Allies, but they couldn’t repay either.
What areas experienced the most unemployment & why?
The North & North-East
Because that’s where heavy industry was concentrated.
Why did lighter industries grow & invest?
Examples of light industry
Because they were ready to adapt.
Printing & paper, car manufacturing.
What happened in 1934 that employed a lot of people as well as benefitting those in poverty?
Building of council houses - 1 million built in 1934-35 (double for private purchase).
All houses need furnishing which helped industry.
When did the Jarrow March occur?
Oct/November 1936
Why did the Jarrow March occur?
Because of the mass unemployment caused by the sudden closing of Palmers Yard (shipbuilding).
Events of the Jarrow March
Oct 1936: 200 men marched 300 miles to Parliament with a petition with 11,000 signatures.
It requested the re-establishment of industry in Jarrow.
When E. Wilkinson presented the petition to parliament what was their response?
It was basically ignored.
They barely discussed it, just gave the marchers a train fare and sent them off.