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Post-War Economic Crisis in the UK - Assignment Example

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This paper "Post-War Economic Crisis in the UK" discusses economies of the warring countries that were almost collapsed during the four-year-long continuous war period. England was one of the major victims of war, which had to undergo serious setbacks both in men and material…
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Post-War Economic Crisis in the UK
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Download file to see previous pages Its economy observed a grave recession for the future years to come. The Great Depression of 1929-1933 was also the outcome of World War I and the international economic crisis. David Lloyd George of the Liberal Party was the Prime Minister of England during and after WW-I. Personally, George possessed the instinct of a statesman. First nominated in December 1916, he was re-elected in December 1918 elections with an overwhelming majority, and it was the hour of trial for the post-war government to build the confidence of the masses at the eve where everything was to reconstruct from the zero hours with great patience, endurance, and foresight.

The beginning of the twentieth century witnessed the fastest economic growth in world history. Trade and commerce were at their climax, and England, Germany, France, Belgium, and the USA were among the pioneers in respect of rapid economic developments. The escalating British Industry had been depending on its trade and export, which significantly suffered during the war due to German blockade everywhere in the Mediterranean. Forty percent of British merchant fleets had been destroyed by German submarines in the war, making it difficult to export goods. Other countries imposed high tariffs on imports to protect their own industries, but this hurt Britains economy. Britains old and outdated factories, machines, and mines also hurt its industries. 

British economy began to decline right from 1914 partly due to the allocation of resources and concentration at war, and the decline of trade activities as well. The year 1919 brought the happy news of financial reconciliation in England, but it was a mere bubble of water, and the recession continued until the world observed the worst form of economic depression in 1921. Britain's foreign investment got a net loss of 300 million GBP, and the country’s two fifth merchant ships were destroyed during the course of the war.   ...Download file to see next pagesRead More
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