economic effects

• what was the economic impact from the war on Britain?

  had cost £35 billion, over £4 billion being borrowed from USA (dominant supplier of raw materials). not only cost life of 1million people, also cost the pound sterling from being removed from the gold standard.
• what was the industrial impact from the war on the empire?

  production was prioritised over making goods for export to traditional overseas markets, meaning Britains competitors were able to win markets trad dominated by British exports. Unfortunately not all overseas markets were won back after war. EG Japan replaced as leading export of cotton textiles.

  • problems heightened when great depression occurred, gold standard was forced off the country
• what was the economic impact of the war on the empire?

  India contributed $164 billion to the war, country experienced inflation as a result. In 1914 2/3 Indias imports came from Britain but strength of foreign competitors meant Indias economy partially benefitted.

  • Canada emerged as an industrial power, looking to the US for investment .
  • Australia and NZ relied heavily on British market so they were hit heavily by disruption of trade