economic issues 1939-1951

  • Created by: Shqipe99
  • Created on: 15-06-17 20:33
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  • Economic issues
    • Mobilisation of resources during wartime
      • extension of govt control
        • War broke out: Emergency powers (defence) act 1939
        • ministries were set up for food and shipping, information and economic warfare
        • War government control extended over industry directly and indirectly. industries machinery and labour diverted to the war work. production methods improved.
      • Ernest Bevin and the organisation of the war work
        • Bevin made sure that those unemployed were in work and mobilised the workforce efficiently for total war
      • control of food supplies
        • Loss of shipping due to German U-boat attacks, import of food had to be reduced
        • Rationing of food, clothing and fuel, etc.
    • post war economic adjustment
      • Rationing: Living standards decreased to focus on production for exports - austerity. financial and economic crisis of 1947 meant that 1948 rations were below wartime average. Bread and potatoes rationed for the first time between 1946-48. food rationing did not end till 1954
      • rebuilding exports: Export drive the twin of Austerity
      • Peacetime industrial production: industries had to switch quickly to peacetime productions. government controls maintained to allocate materials. economy had to work at full capacity. wartime controls on prices and wages were maintained
      • Economic planning and employment: believed in state planning to support export drive and maintain full employment - through nationalisation. taxation, interest rates and budget to stimulate the economy and avoid inflation and unemployment
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