Depression, War and Recovery 1930-1951

These flashcards cover key concepts related to the causes and effects of the depression in Britain from 1930-1951, as discussed in the lecture notes.

What event marked the beginning of the economic depression in Britain?

The Wall Street Crash on 29 October 1929.

Why was Britain unable to compete economically with countries like the USA and Japan by the 1920s?

Britain's lack of investment in industries and the economic aftermath of the First World War.

What impact did the Wall Street Crash have on international trade for Britain?

Business confidence fell dramatically and international trade declined.

By how much did British exports fall between 1929 and 1931?

Exports from Britain fell by half.

What was the trade deficit of Britain by 1931 compared to the trade surplus in 1928?

£114 million deficit in 1931 compared to £104 million surplus in 1928.

What was one of the main reasons British coal became more expensive?

British mines did not invest in up-to-date machinery.

What were some traditional British industries that faced decline in the 1930s?

Heavy goods industries such as coal, iron and steel, textiles, and shipbuilding.

What does 'mass production' refer to?

The manufacture of large quantities of one product quickly and cheaply.

What is meant by 'balance of trade'?

The difference between money made by exports and imports.

How did free trade policies impact British companies?

They allowed cheaper foreign goods to enter Britain, making British products more expensive.

What was a consequence of the decline in demand for warships post-World War I?

Decline of Britain's iron and steel industries.

What type of competition affected British textile industries?

Increased competition from cheaper cotton produced in countries like India.

What was the unemployment number in Britain by 1932?

3 million.

What role did technological advancement play in the American steel industry compared to Britain's?

US and German steel-making plants were more technologically advanced than British counterparts.