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The Great Depression in Uk

  • Date Submitted: 03/23/2011 11:05 AM
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The Great Depression in Great Britain during 1920-1930s

War conflicts speed up social processes. Britain, during and after the First World War, was not any exception. Britain became   more united after   the Great War, but also more isolated.   Its magnificent, imperial   position shook under the postwar world transformation influence.     Her colonial empire still remained to one of   the largest   in the world, British export however did not belou to the leaders of world trade.
From economic point of view Britain lost its industrial superiority before the Great War. Both, Germany and mainly the USA, produced much more coal, iron and steel during the war.
Industry in Britain was controlled by state, so-called   collectivism governmental apparatus. Key industries were again returned into the private ownership -   railway, transportation and even extractive industry. To restore prewar safe structure was not easy and soon was clear, that life was not in standard conditions. Imperial big power weakening brought along new and   alarming economic problems.   Those resulted from economic trade outlet loss and   from sales of foreign assets, through which her involvement in the Great War had been financed.   All o it   led to enormous rise of national debt and to inflation.
In 1919 Britain was found herselves at the social revolution and during this period first postwar economic depression appears. Government was not able to prevent masive unemployment rises ( more than 1 million ), that concerned traditional industries and led to bigger class partition than before. During 1919 – 1921 nationwide strikes of miners, railwaymen and other workers appeared. Short and temporary capitalist economic stabilisation arose after this critical period. New schematics influencing Britain for next twenty years arose.
Industrial decline, unemployment and social dissatifaction (miners did not want to agree on lowering wages and extend the working hours ) provoked in 1926 to the most dramatic...


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