was the British economy low after WWI?

Question

who won World War I? what about World War II?

Answer 1

outremerknight is right and all the statistics show that there was a boom in manufacturing, retail and financial services from the first quarter of 1919 until the re-adoption of the gold standard in 1925. That action by Chancellor of the Exchequer Winston Churchill forced the pound sterling to be vastly overvalued so that UK exports disappeared and imports rocketed. By the end of 1925, drawings had depleted gold reserves to almost zero. Output declined, unemployment rose, earnings fell and there was no economic policy to counter these effects. Interest rates fell to just 1 or 2 per cent but monetary policy alone could not re-start economic activity in the absence of bouyant export markets.

This coincided with the French occupation of the Ruhr, the collapse of the German Mark, and a run-down in manufacturing output in USA. By 1928, most bankers and analysts hoped the worst was past but the Great Crash on Wall Street in 1929 pushed the whole world into recession.

Actually, for farmers and builders in UK, the immediate post-war period are still recalled as a golden age. Housebuilding rose to an all-time high and agricultural output per acre reached a level not equalled until the 1960s. Retail prices fell between 1919 and 1925, and wages rose, so families saw an improvement in living standards. Also, women had become emancipated in new ways across all the western world and electoral reform was widespread. Many aspects of modern life had arrived in big ways, such as mass transport, telephones and radio available to almost everyone in UK and USA, freedom of the press across Europe including Germany, Austria and Poland.

The causes of the following worldwide depression were not simple but probably can be summarised as:

1. the deceleration effect of the USA economy moving off wartime production levels
2. French destruction of German industry by the occupation of the Rhineland and the impossible burden placed upon it by reparations imposed in the Treaty of Versailles
3. mistaken re-adoption of the gold standard by various countries, especially UK
4. the financial burden placed on Britain in its support of colonies and other members of the Empire that had provided men and materials for the war.

The situation after WW2 was quite different. Deaths due to the war were many fewer and the government of 1945 had better economic policies to counter the deflationary effect of reduced manufacturing output.

Answer 2

Europe, as a whole, was a mess. Most of the work force was geared up for war production. A great deal of agricultural land was cratered. The creme of an entire generation had been killed.

One of the big problems was de-mobilisation. After WW1, the armies effectivly disbanded, en mass. Imagine today. Your economy is ticking over producing arms. All of a sudden, you dump millions of people back into the labour force. Three gueses what happens to unemployment figures. Another issue was the Gold Standard. Post WW!, the UK government attempted to return to the Gold Standard. This was unrealistic. The UK had sold the silverware in order to pay for the war. There were no reserves, no post war plan, no government investment to get industry back on its feet.

Starvation was widespread accross Europe. All of the old trading links had been heavily damaged.

Luck

Answer 3

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Answer 4

Not immediately, but the depression set in worldwide in the early 1930's.

In fact after WW1, Britains empire expanded, taking in Iraq, Israel. Jordan, the Gulf States, Cameroon, Zanzibar and Namibia.

Also, womens lib moved on a pace, because so many men were dead and injured, women had more power than ever.

WW1 was won by Britain, France, Italy and to a lesser degree by the USA.

The losers were Germany, Turkey, the Austro Hungarian Empire and Russia whih was consumed by revolution.

Answer 5

Initially but don't forget then the Roaring Twenties followed... which was followed by the Great Depression at the end of the 20's.

WW2 was catastrophic, especially because the UK had massive debts which were only repaid to the USA last year(!), the pound lost it's status as the international reserve currency (replaced by the dollar) as well but the Germans and Japanese were getting Marshall aid at the same time.

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Answer 7

Actually it was very buoyant between 1919 and about 1924 with all the soldiers returning and the need for new goods world wide which were restricted due to wartime needs. Then the world hit the first slope of a financial depression.

Answer 8

It was wrecked. WWI was a pyrrhic victory, as in the process of winning said war, we'd lost a huge chunk of our workforce and pretty-well the whole empire. There was rationing for many years following the war, as well as during it. It was a disaster.

Answer 9

Yes. It nearly bankrupted the country and returning soldiers found they could not get employment.
Many of them took the option to emigrate to Empire countries.
Thr Treaty of Versailles made things worse for coalminers and steel workers as Germany was forced to supply large amounts of coal and steel free to the victors as war reparations.
This depressed the industries in this country.

Answer 10

All of Europe's economy was in turmoil. This was partly responsible for WW2, the German public was very angry, as there was not enough jobs to go around. Then Hitler came along and promised them all a better life. He managed to brainwash them into thinking that all of Germany's problems were all the Jews fault