Great Depression 1873

Question 1

Growth rates

Answer 1

Only 1.3% compared to Germany and USA 3.9%

Question 2

General attitude

Answer 2

there was a great depression

Question 3

Tariffs

Answer 3

Did not adopt. USA and Germany had them

Question 4

New machinery

Answer 4

Complacent and did not use it. e.g. Gilchrist-Thomas technique created but used by Germany instead. Still did coal by hand

Question 5

Steel and iron

Answer 5

USA and Germany overtook Britain’s steel and iron

Question 6

Agricultural output

Answer 6

increased by 10%

Question 7

Dairy, meat and egg production

Answer 7

grew and stimulated by railways

Question 8

Railway network

Answer 8

Grew. Stimulated agriculture and increased demand of fresh milk in towns and cities

Question 9

Meat producers

Answer 9

Feeling depression because canned meat was being imported from South America and New Zealand.

Question 10

Unemployment peak

Answer 10

10% in 1886

Question 11

Royal commission

Answer 11

Britain’s share of world trade was in decline

Question 12

Actual unemployment level

Answer 12

5% with occasional peaks

Question 13

Lever Brothers

Answer 13

Mass production of soap

Question 14

Vickers’s-Armstrong

Answer 14

Developments in new armaments

Question 15

New technologies

Answer 15

Businessmen did not invest in any and were not ambitious