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depression, war and recovery
KQ1 - The coming of the depression
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seren protheroe
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Cards (17)
British
industry
Developed around
coalfields
in the
North
Depended on
steam power
Produced
raw materials
or
heavy goods
Depended on
exports
Only
profitable
when sold to
worldwide
markets
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From early
1920's
Britain
faced more and more
competition
abroad
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Finding new markets to buy
British
goods proved difficult
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Policies of successive British governments
Made the situation
worse
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Free
Trade policy
Allowed
foreign
goods into
Britain
for free while British goods had to pay import duties to foreign governments
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Worst hit was
shipbuilding
: no new ships were needed to transport
goods
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During
1920's
USA
Introduced new methods of
mass production
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Britain was
slow
to move to
quicker
and more efficient methods of production
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Main
cause of depression
Collapse of US
stock market
caused a financial crisis, rising
unemployment
, and reduction in spending
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US
president Herbet Hoover
Called in
USA's
loans to other countries and imposed high
tariffs
to stop imports of foreign goods, spreading the depression across the world
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Britain
was the first
industrial
nation
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Heavy
industries
Benefitted from lack of
competition
Profited
from selling all over the world
Other countries copied
Britain
Developed new
methods
of production
Competed with
British
markets
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Major economic rivals: USA,
Japan
,
Germany
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Experiencing problems
BEFORE
Wall St. Crash
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USA could produce coal for
65p
per tonne when Britain sold it for
£1.56
per tonne
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1929 to
1931
exports from Britain fell by
half
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Britain's balance of trade effected:
1931
trade deficit of
£114
million
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