Key Terms Flashcards
(128 cards)
First-Past-The-Post
A voting system whereby the candidate with the most votes in each constituency wins a seat in Parliament
Great Depression
- Started in the US with the Wall Street Crash when the value of shares on the stock exchange collapsed
- Economic activity was reduced across the whole world which led to mass unemployment in the 1930s
- In Britain, unemployment affected 25% of the workforce
One-Nation Conservative
Believes that all classes in society have obligations to one another and that there is a particular responsibility for those who are better off to ensure the well-being of those who are worse off
Chancellor of the Exchequer
- The government minister responsible for economic and financial policy
- Often the most powerful person in the government after the prime minister
Appeasement
- A policy of making concessions in order to avoid conflict
- In the 1930s, the British government had aimed to prevent a war with Nazi Germany by following this policy, but failed
Unilateral Nuclear Disarmament
The policy of renouncing the use and possession of nuclear weapons without waiting for any international consultation or agreement
Nationalisation
- State ownership of key industries
- The demand for the state to control ‘the commanding heights of the economy’ had been a central principle of the Labour Party from its beginning
Productivity
- Efficiency: getting more produced per worker, per shift, per hourly wage etc
- Costs are reduced, profits are increased and workers are freed up for other uses
‘Stop-Go’ Economics
- The economics of ‘stop-go’ derived its name from the tensions between an expanding economy, with:
• low interest rates and rising consumer spending [go]
• the results of the economy overheating, with wages and imports exceeding productivity and exports [stop], necessitating a deliberate slowing down or deflating of the economy through higher interest rates and spending cuts
Balance of Trade
- The difference between the goods that a country imports and what it exports
- If a country imports more than it exports it is said to have a trade deficit, whereas if it exports more than it imports it has a trade surplus
Balance of Payment
- This includes invisible imports and exports: for example services such as shipping, banking, and insurance
- The balance of trade is part of the balance of payments
Run on the Pound
A rapid fall in the value of the pound in international currency markets, especially in relation to the US dollar
Sterling
A term used by economists for the British currency
Festival of Britain
Held a century after the Great Exhibition of 1851: this was intended to mark Britain’s recovery from the war and to look forward to the future celebrating new design, culture, and industry
Baby Boom
- In the years after the end of WWII, there was a rise in the number of babies born
- Those born between 1946 and 1964 are usually seen as the ‘baby boomers’
Infrastructure
The physical environment of a modern developed society including the network of communications, such as: • roads • railways • airports • telecommunications • the industrial base • public buildings • schools • the housing stock
Council House
- A house built by local authorities to house the working classes, often to replace slums
- Rents tended to be lower than in privately rented accommodation
Hire Purchase
- A system whereby a buyer pays a deposit on an expensive item and then pays monthly instalments (including interest) to hire the item over the length of a contract
- At the end of the contract, the buyer can pay the remaining balance or return the item
Butlins
- A chain of holiday camps founded by Billy Butlin in 1936
- Camps were built at popular seaside resorts like Skegness, Clacton, and Blackpool
- Guests stayed in chalets, entertainment and activities were provided
Family Allowance
- A weekly benefit paid for each child in a family
- Renamed child benefit in 1977
New Commonwealth
- The countries which had recently gained independence: India, Pakistan, the West Indies etc, as compared to the ‘Old Commonwealth’ countries such as Australia, New Zealand, Canada, and South Africa
- The term became a useful, indirect way of differentiating between non-white and white populations
Repatriation
Returning someone to their place of origin
National Service
- Compulsory military service for young men lasting for two years
- Introduced in 1947 and lasted until 1960
Atlantic Alliance
- A term used to refer to NATO (North Atlantic Treaty Organisation)
- Formed in 1949 to defend the Western Alliance in the Cold War
- Made up of 12 countries including Britain
- Created a collective defence policy: if any one of its members was attacked it would be defended by all of them