Flashcards
14 - Economic Issues
Cards in this deck (14)
- 1When was the Wall Street Crash?October 1929
- 2What did the USA do in response to the Wall Street Crash?Recalled war loans and increased tariffs to protect its good
- 3What was the economy like in 1931?3 million people were unemployed
Banking failures - £2.5 million in gold was being withdrawn per day - 4What was the May report and what did it lead to?The May Report estimated that the deficit would be £120 million and recommended spending cuts.
It led to a loss of confidence in the pound. - 5What was the Orthodox view?Traditional policies
Cut spending and remain on the gold standard
Free trade - 6What was Keynes' view?Borrow and spend money on industry in order to make money
- 7What was the conservative view?Similar to Orthodox but with protectionism
- 8What was Mosley's view?Borrow and spend on welfare
- 9What happened in September 1931?The Governor of the Bank of England suspends the Gold Standard, the pound falls in value by 20% but helped exports
- 10What policy was implemented in 1932?'Cheap money' scheme - 2% interest on loans
- 11What other policies did the National Government implement?Snowden cut 10% of unemployment benefits and public salaries
1932 Import Duties Act - 10% tariff
Ottawa conference gave dominions imperial preference - 12How did government tackle industrial issues?Closed less competitive mines, mills and shipyards
While this allowed others to thrive and modernise, places like Jarrow had 70% unemployment - 13How did these policies change the economy?Staple industries began to recover
Boom of new industries
In 1933, trade was a third of that in 1929 - 14How was agriculture affected?The already low price of wheat fell by 50%, damaging farmers
Arable land lost in favour of more profitable meat and dairy
Dependent on food imports
Quotas, marketing boards and new methods of land drainage implemented
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- A level History (British History) Flashcards on 14 - Economic Issues, created by Bethany Barnes on 07/11/2019.
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- Bethany Barnes
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