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Recovery From The Depression In Great Britain: 1932-39.pdf

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Preview of Recovery from the Depression in Great Britain: 1932-39
🔗 Source: files.ehs.org.uk
📊 Size: 533 KB
📄 Pages: 4 pages
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Summary

The international economy experienced its most serious depression in 1929, affecting all countries but to varying degrees. The worst-affected countries, such as the US and Germany, saw significant falls in food and raw material prices, business profits, investment, and industrial output, as well as rising unemployment and a decline in living standards. In contrast, Britain's experience was relatively mild, with output and employment falling less than in other countries, and most people not suffering a decline in their standard of living. The British economy recovered quickly, regaining its 1929 output level by 1934, whereas the US and France took longer to recover. Two main factors contributed to Britain's relative mildness: its large imports of food and raw materials, which benefited from falling prices, and the absence of a financial collapse. The change in the terms of trade had a profound effect, redistributing income from the unemployed to the employed, and the standard of living of the majority of the population actually rose between 1929 and 1932.

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The international economy experienced its most serious depression in 1929, affecting all countries but to varying degrees.

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  • File Format: PDF
  • File Size: 533 KB
  • Pages: 4
  • Language: EN
  • Total Downloads: 244
  • Last Updated: 1 month ago

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