Flashcards in Economics Developments 1951-64 Deck (5)
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
When does rationing fully end?
How was Britain lagging behind other countries in industrial production in1959?
29% growth compared to Germany 125% growth
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