The Consequences of World War One

Flashcards covering key economic, political, and social changes stemming from the consequences of World War One.

Public Debt

The amount of money that a government owes to creditors, which increased dramatically in Britain from £650 million to £7.4 billion due to World War One.

Gold Standard

A monetary system in which the value of a currency is directly linked to gold reserves; Britain abandoned it during the war.

Inflation

An economic condition characterized by rising prices, which was exacerbated during and after World War One, leading to increased costs for basic goods.

Economic Polarization

The growing divide between different economic classes, particularly between the middle and working classes, during the post-war period.

General Strike 1926

A nationwide strike in Britain intended to support the nationalization of the mines, marked by significant conflict despite its portrayal as civilized.

Structural Unemployment

Unemployment resulting from shifts in the economy, affecting traditional industries heavily reliant on exports post-World War One.

Geddes Axe

A plan proposed in 1919 aimed at reducing public expenditure in Britain to manage government borrowing.

The Ten Year Rule

A British policy established in 1919 that aimed to prepare for no major conflict for ten years, significantly cutting defense spending during the 1920s.

Colonial Nationalism

The movement for self-determination and independence among colonies, which gained momentum after the war due to rising nationalist sentiments.

Statute of Westminster 1926

Legislation that recognized the dominions of the British Empire as equal and independent in their foreign policy affairs.

British Empire

The collection of territories and colonies historically controlled by Britain, which began to shift in political power dynamics after World War One.