Causes of economic slowdown

What is one cause of economic slowdown related to complacency in industries?

Britain relied on old industries like coal, textiles, and iron while competitors advanced into chemicals, electricity, and engineering.

How did the British government contribute to the economic slowdown through its education policy?

The government failed to introduce a strong technical education system → due to underinvestment in education.

What was a significant factor in Britain's refusal to modernize its industries?

Many British industries kept outdated machines while competitors like Germany and the USA built modern factories.

What term describes the British government's approach to industrial modernization?

Laissez-faire, as they did not introduce subsidies for modernization.

Which countries were noted for having advanced technical education systems compared to Britain?

Germany, which had advanced technical schools.

What was a major external factor that led to falling prices and lower profits in the economy during the 1880s?

Global overproduction of goods.

What happened to wheat imports?

By 1886, 2/3 of wheat had been imported from the USA.

What agricultural issue contributed to the economic decline alongside global overproduction?

Poor harvests.

What was the effect of too many goods being produced in terms of market prices?

Falling prices.

What was one specific example of an import that contributed to economic decline?

Cheap imports of wheat from the USA.