Flashcards
18 - Economic issues
Cards in this deck (26)
- 1How did the government pay for WW2?High taxation
Rationing
War bonds
Loans from the USA - 2When was the Lend-Lease scheme established? How much aid did it give?1941
£27,000 million - 3What act was passed as soon as WW2 broke out?Emergency Powers (Defense) Act 1939 - giving the government the power to make regulations covering any aspect of life
- 4Name the 3 Ministries created during WW2Ministry of Aircraft Production
Ministry of Labour
Ministry of Production - 5What role did Ernest Bevin play?Minister of Labour
- 6How did Bevin organize work during the war?Introduced industrial conscription for men and women
'Bevin boys' during late 1943 were conscripted to the coal mines
The total workforce rose by 2 million
'Essential work orders' forced factories to improve conditions - 7What role did Lord Woolton play during the war?Minister of Food
- 8What policies did Lord Woolton put in place to deal with the food supply?Imports were reduced through rationing of food, clothes, and fuel (1940 onwards)
Acres of fields were ploughed and the Dig for Victory campaign was introduced - 9What 5 initiatives did the 1945 Labour government put in place to adjust to post-war?Rationing
Rebuilding exports
Switching to peacetime industrial production
Economic planning and employment
Building a new international economic system - 10What was the rationing policy post-war?Austerity - in 1948 the rations were below those of war due to the 1947 economic crisis
- 11How was nationalization implemented post-war?The rationing system allowed them to control materials being used and prioritise labour for the export drive.
Taxation and the budget could be used to reduce inflation. - 12What was created in order to build an international economic system?General Agreement on Tariffs and Trade (GATT) at Bretton Woods in the USA in 1944
- 13How much debt was Labour in after WW2?A debt of £4198 million
Balance of payments crisis - Britain spent £750 million more than it received (1945-6) - 14What were the trade issues Labour faced after WW2?60% decrease in exports
Reduction in invisible export - £248 million in 1938 to £120 million in 1946 - 15What loan scheme did Keynes get with the USA?$5000 million
BUT
Britain had to give up imperial preference, join the GATT and make the pound convertible to the dollar within a year - 16Did the USA's loan solve Britain's economic problems?No - the loan began to run out very quickly Hugh Dalton, the Chancellor, had to allow conversion into dollars but the bank ran out so this was suspended
- 17How and when did Europe start to recover?Marshall Aid gave Europe 13 billion dollars in 1948
- 18How had exports recovered by 1950?80% increase from 1946 to 1950
By 1950 the volume was 50% higher than in 1937 - 19How did Stafford Cripps, the new Chancellor, deal with America's recession in 1949?Devalued the pound to be worth $2.8 instead of $4.03
- 20What were the successes of the 1945 Labour government?Half of the factories built between 1945 and 1951 were in depressed areas
Inflation only rose by 3% - 21How much of the industry was nationalised from 1946-1951?20% of enterprise and 10% of the workforce
- 22What did the Conservatives believe about nationalisation?Agreed with coal and railways but disagreed with road transport and steel
- 23Which industries were improved under nationalisation?Electricity and gas
Growth in aviation and communications
Coal output improved
Safety and working conditions - 24How much did nationalisation cost the 1945 Labour government?£2700 million in compensation to private owners
- 25Reasons to support the idea that nationalisation was radicalBritain became more collectivist
Mixed economy
More socialist - 26Reasons nationalisation was not radicalNo worker's control
Mainly unprofitable industries
Most industries remained private
Private owners were compensated
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- A level History (British History) Flashcards on 18 - Economic issues, created by Bethany Barnes on 16/01/2020.
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- Bethany Barnes · Jan 2020
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- Jan 16, 2020
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