Conservative Dominance

    Subdecks (10)

    Cards (97)

    • Post war consensus: Idea that generally after the war, both parties agreed on certain amount of government intervention
      1. Britain should have some industries nationalised
      2. Britain shouldn't make cuts to welfare or health benefits
      3. Full employment was vital
    • Areas of consensus:
      Human nature : Selfish, self serving and aspirational
      Individual : Should be protected and given freedom
      Private property : Extension of individual
      Capitalism : Accumulation of wealth through generation of private wealth ---->
      1. Free market
      2. Trickle down
      3. Equity restrictions - welfare state paid for via taxation
    • Areas of disagreement:
      Sovereign is essential to working economy
      Private Property: protected by state, private charity
      Modern: Free market
      Traditional/ Moderate: mixed economy
      New right: Libertarian, no state intervention in economy
    • Economic growth?
      2.3%
    • What does GDP stand for?
      Gross Domestic Product
    • What is GDP?
      Measure of a country's economy and how successful it is
    • How can GDP be calculated?
      1. Total value of goods and services in that country
      2. Income of population
      3. What everyone has spent
    • What does GDP not tell us?
      Doesn't tell us how income is spread across a population
      Doesn't tell us the population size
      Doesn't differentiate spending meaning there are some things that contribute to it
    • What does GNP stand for?
      Gross National Product
    • What is GNP?
      Measure of a country's economy including its international trade and how successful it is
    • How is GNP different from GNP?
      GNP includes GDP but adds investments earnt from abroad by individuals
    • Butskellism
      Butler was the Chancellor of the Exchequer
      His policies were similar to High Gaitskell - public ownership , social welfare and personal liberty
    • Stop go policy
      where periods of rapid economic growth (go) were curtailed by restrictive measures to prevent inflation (stop), causing fluctuating economic cycles.
    • 13 wasted years
      British trade 25-15%
      Conservatives had a period of economic growth
      End of Korean war - money spent on trade as opposed to defence -increasing GDP
      Government criticised for failing to modernise staple industries - could've increased productivity and income. INSTEAD focused on foreign investment and sterling area
    • People were better off in 1950s:
      1951: wage £8.30 -- 1064: wage £18.30
      Credit increase
      Income tax cut by conservatives
      354,000 homes built
      Homeownership 25% before WW2. 44% by 1964
    • People were less well off in 1950s:
      Britain accused of stop go approach
      Stagflation
      Balance of payments deficit
      Government failed to invest heavily enough in industrial research
    • Success
      High level of employment : 1951-64
      1953 Korean war ended
      Some industries - aircraft manufacture , cars, chemicals expanded
      More credit available for people to achieve a higher standard of living
      Roads built + motorway system
      Two income families
      Welfare spending on pensions created demand for goods, services
      Opening of new factories
      1952-55 Housing development - 50%