Economics (1945-1967) Flashcards Preview

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Flashcards in Economics (1945-1967) Deck (29)
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1
Q

What percentage of UK overseas investment were in Empire companies and governments in 1956

A

58%

2
Q

How did the percentage of British imports differ in the commonwealth/Western Europe between 1954 and 1965

A

1954- 48% (commonwealth), 24% (W Europe)

1965- 29% (commonwealth), 30% (W Europe)

3
Q

How did the the percentage of British exports differ in the commonwealth/W Europe between 1954 and 1965

A

1954- 48% (commonwealth), 28% (W Europe)

1965- 28% (commonwealth), 33% (W Europe)

4
Q

How much did WW2 cost Britain

A

£120 million

5
Q

When was the second Colonial Development and Welfare Act

A

1945

6
Q

What was the nature of the second CD+W act

A

increased the aid available to colonies to £120 million over 10 years

7
Q

How much of British mineral oil did Middle East provide

A

82%

8
Q

How much of British wool, butter and meat did Australia provide

A

66%, 50%, 29%

9
Q

What did Tropical colonies provide large quantities of for Britain

A

vital metals (tin, cobalt and gold) and palm oil

10
Q

What do the large amounts of Empire imports to Britain show about Empire bonds straight after WW2

A

meant ties were stronger between colonies and Britain3- more so than after WW1

11
Q

What was the Lend Lease

A

an arrangement during WW2 by which the US supplied Britain with weapons, food and other necessities

12
Q

Who was John Maynard Keynes

A

was an eminent British economist of the inter-war period

13
Q

What did John Maynard Keynes negotiate in 1945

A

a massive US loan (approx £900 million)

14
Q

When was the pound sterling made freely convertible to dollars (Sterling Crisis)

A

Spring 1947

15
Q

Why was Malaya economically beneficial to Britain

A

tin and rubber industry

16
Q

Which colonies did the British decolonise right after the war which were no longer economically beneficial

A

India, Burma, Palestine

17
Q

When was the EEC created

A

1957

18
Q

When did the British apply to join the EEC for the first time

A

1963

19
Q

When did the British apply to join the EEC for the second time

A

1967

20
Q

What was the European Free Trade Association (EFTA)

A

reduced tariffs among the ‘seven’- Austria, Denmark, Norway, Portugal, Sweden, Switzerland and Britain

21
Q

When was the European Free Trade Association formed

A

Nov 1959

22
Q

Why was Britain’s first application to join the EEC rejected

A

Charles de Gaulle- Britain not European enough due to its close links with commonwealth and America

23
Q

What do the 1945 CD+W acts demonstrate about attitudes to Empire at the time

A
  • shows that whilst Britain were ready to give self-gov to colonies still aware of how empire reflected directly on Britain- need to develop them otherwise no retrospective justification of rule
  • Britain didn’t think certain colonies would be able to fend for themselves unless Britain helped develop them
  • still thought they were inherently better than natives- ‘it is clear that in Africa the period before self-gov can be granted will be longer than in most’
24
Q

When did the Tanganyika groundnut scheme begin

A

1948

25
Q

What was the outcome of the groundnut scheme

A
  • seen as an expensive mistake
  • showed the incompetence/naivete of the British gov in colonial affairs
  • only 46,000 acres of land had been cleared in the first two years at cost of £21 million (estimate in the white paper was a lot less)
  • ultimately failed- overall cost was £36 million to produce 9,162 tons of shelled nuts (less than was imported in seeds)
26
Q

What was the nature of Gambian Poultry Scheme

A
  • failure
  • forced to abandon scheme after just two years as they only produced 34,500lbs of meet and 28,440 eggs (wanted to produce 20 mil eggs a year)
27
Q

Why was the European recovery from the war quicker than expected

A

US Marshall Aid as well as changes in industrial relations

28
Q

What was the Marshall Plan

A

a programme of US economic aid for the reconstruction of post WW2 Europe (1948-1952)

29
Q

When was the Colonial Development Corporation set up

A

1948