History 1.1

• In the 19th century, Britain led the world in industrialisation.
• End of 19th century, Germany, France, Japan, and the USA had caught up to Britain's industrial dominance.
• Beginning of 20th century, other countries were overtaking Britains industrial dominance.
• Other countries used new methods of production and competed for international markets.
• British coal, iron, steel, textiles, and shipbuilding relied heavily on worldwide markets.
• Increased competition meant 1920's weren't comfortable times for British heavy industry.
• Wall St. Crash resulted in the dramatic period called The Great Depression.
• Herbert Hoover was the president at the time of the Wall St. Crash.
• Depression in US had major impact on the UK.
• American economic policies resulted in economic slump in other countries.
• Other countries depended on US loans and trade.
• President Hoover used high tariffs to stop American consumers buying non-US goods.
• Tariffs made non-US goods more expensive and this led to a decline in the demand and profits.
• "When America sneezes, the rest of the world catches a cold."
• Main trigger of the Depression = Wall St. Crash
• Wall St. Crash is called a catalyst as it speeded up the economic downturn.
• Heavy industries had been struggling since 1918.
• Companies closing or reducing their workforce led to severe unemployment.
• Following the upheaval of the Great War, many traditional markets for British heavy goods sourced cheaper supplies elsewhere.
• The General Strike of 1926 made the decline faster as the new markets became even more appealing.
• The General Strike in 1926 was 3 years before Wall St. Crash which shows that there was problems.
• Wall St. Crash made an already bad situation worse.
• pre-World War One export markets were instead buying: US steel, German coal, Indian cotton. This resulted in jobs being lost.