The Great Depression and Its Aftermath

These flashcards cover key concepts and details discussed in the lecture regarding the Great Depression and its economic impact.

What was the time period of the Great Depression discussed in the lecture?

The Great Depression lasted from 1873 to 1896.

What was the purpose of the Royal Commission set up by which government?

Royal Commission by Salisbury’s government - To inquire into the Depression of Industry and Trade.

What did they conclude about agricultural prices?

Royal Commission of 1886 - Agricultural prices had been falling since 1873 and the downward trend was continuing.

What percentage drop did most commodity prices experience between which years?

30-40% drop in price levels of most commodities between 1873 and 1896.

How did the price of imports compare to the price of exports during this period?

The price of imports fell more than the price of exports.

what percentage of food and raw materials for industry did Britain import?

Britain imported 50% of food and most raw materials for industry by 1900.

What benefit did workers experience as a result of the economic conditions during the Great Depression?

Workers benefitted from low import prices as wages did not fall.

What economic event contributed to a boost in the economy?

A gold-mining boom in South Africa in the 1890s meant that by late 1890s Britain saw a return to economic prospoertiy until 1914.

What was the condition of wheat prices?

Wheat prices did not recover and the depression in agriculture continued until 1914.

Overall, how was the economy during and after the Great Depression?

The economy was not in a complete rapid decline but was much weaker during and after the Depression.