Lecture 2 (1945-1951)

This set of flashcards covers key terms and concepts discussed in the lecture on economic and social developments in Britain from 1945 to 1951, focusing on the Labour Party's impact, economic theories, and the establishment of the welfare state.

Labour Party

A political party in the UK that won the 1945 election, leading to significant social reforms and nationalizations.

Clement Attlee

Leader of the Labour Party who became Prime Minister after the 1945 election.

Keynesianism

An economic theory advocating for government intervention to manage economic demand and prevent recessions.

Welfare State

A government system that provides social and economic support to its citizens.

The Beveridge Report

A 1942 report that proposed comprehensive social insurance and welfare services in Britain.

National Health Service (NHS)

A publicly funded health system created in 1948, providing free healthcare to UK residents.

National Insurance Act

A 1946 law establishing a system for social security benefits in the UK.

State Intervention

Government action taken to influence economic activity, especially in times of recession.

Aggregate Demand

The total demand for goods and services within an economy.

Monetary Policy

A set of tools used by a central bank to control the money supply and influence economic conditions.

Fiscal Policy

Government spending and tax policies used to influence economic conditions.

Five Giant Evils

Concept introduced by the Beveridge Report, referring to want, disease, ignorance, squalor, and idleness that the welfare state aimed to eliminate.

Planned Economy

An economic system where the government regulates and controls production and distribution.

Industrial Relations

The relationship between employers and employees, often regulated by laws and collective agreements.

Nationalization

The process of transferring private sector assets into public ownership.

Economic Austerity

Policies aimed at reducing government debt through spending cuts and increased taxes.

Post-War Reconstruction

Efforts to rebuild and reform the economy and society following WWII.

Social Insurance

Government programs designed to provide financial support during life events like unemployment, illness, or retirement.

Labour Manifesto

A document outlining the goals and policies of the Labour Party during the 1945 election.

Consensus Years

Period from 1945 to 1979 when British political parties collaborated on economic policies.

Trade Unions

Organizations that represent workers' interests and negotiate with employers on their behalf.