the state of the economy 1906-1914 Flashcards
(19 cards)
What was the general condition of Britain’s economy between 1906 and 1914?
Mixed: still strong globally, especially in trade and finance, but showing signs of industrial decline compared to Germany and the USA.
Which sectors remained strong in Britain before WWI?
Coal, textiles (especially cotton), shipbuilding, and invisible earnings (finance, insurance, shipping)
What was Britain’s share of world cotton exports around 1910?
around 50%
Which industry did Britain lead globally in?
Shipbuilding – producing about half the world’s ships.
What role did the City of London play in the global economy?
It was the world’s financial centre, managing global trade and currency (sterling)
How did the British Empire benefit the economy?
Provided secure export markets and raw materials.
Which countries were overtaking Britain industrially by 1914?
Germany and the USA.
In which key areas was Britain lagging?
Steel production, chemicals, and electrical engineering.
What limited Britain’s industrial innovation?
Lack of technical education and reluctance to invest in modern machinery.
What were the weaknesses of Britain’s “old staple” industries?
They were labour-intensive, had low productivity, and faced growing foreign competition.
What was happening to British agriculture during this period?
Continued decline due to cheap food imports; Britain imported over 50% of its food.
Why was this decline concerning?
(agriculture)
Made Britain vulnerable to food shortages in wartime and contributed to rural poverty.
Did real wages improve before 1914?
Yes, real wages rose slightly.
What percentage of the urban population lived in poverty according to Booth and Rowntree?
About 30%
What were some signs of poor living standards?
Malnutrition, poor housing, disease, and child mortality.
What was “New Unionism”?
A movement where unskilled workers joined trade unions
What happened to industrial relations from 1911 to 1914?
Strike action increased — especially in coal, rail, and docks.
Name three key strengths of Britain’s economy in this period.
Global trade dominance, strong finance sector, powerful empire.
Name three key weaknesses
Industrial decline, agricultural weakness, growing labour unrest
