Economics Developments 1951-64 Flashcards Preview

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Flashcards in Economics Developments 1951-64 Deck (5)
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1

What is the stop go cycles?

Imports exceed exports -> high interest rates and wage freezes -> demand falls -> output decreases -> controls removed (interest down wages unfreeze) -> increase in demand -> imports rise

2

When does rationing fully end?

1954

3

How was Britain lagging behind other countries in industrial production in1959?

29% growth compared to Germany 125% growth

4

In what ways was there a post war boom?

Consumer goods more accessible
Reductions in purchase tax
Population increase 2 million 1951-61
Most people can take a two week holiday

5

What other factors helped the economy apart from the conservatives?

Cheap oil - industry boom
Only 1.6% unemployed (full employment)
Lots of rebuilding jobs available
Developing countries buy British exports
Marshall aid
Technological developments