How effective was Britain's foreign policy ?
- Created by: ggray5
- Created on: 06-06-22 14:16
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- How effective was Britain's foreign policy from an economic lens ?
- Positives
- Joining the EEC 1973 (referendum 1975) - Britain was lagging behind in terms of performance compared to the rest of Europe, EFTA not as sucecssful as EEC
- Maintaining of nuclear detterent is/was cheaper than going to war
- Suez Crisis Oct to Nov 1956 - despite failing in objectives, the context of wanting to maintain influence over the canal is understandable and would be beneficial
- Pursual of 'special relationship' - association with the world's largest economy is likely to bring benefits i.e trade, Marshall aid
- Transition from Empire to Commonwealth - loss of direct governing and influence yet the newly independent nations would join the Sterling Area and Commonwealth
- Would retain established trade links and preferential trade agreements
- Withdrawal from ERM 1992 - although humiliating, economic recovery would occur and exchange rates would be decided by market forces and the UK Govt
- Regained control of interest rates
- Negatives
- Korean War 1950-53 - Atlee entered Britain into the war at a time of austerity, rationing and post-war recovery
- The Falklands War 1983 - costs of defending the island in the future = £1.5 million per islander
- Effects of 'special relationship' - 1971 Nixon devalued the dollar, worsened balance of payments deficit
- Dragged into various wars e.g Iraq, Afghanistan, Korea - use of finances to fight a war where American interests are at a high priority
- Development of nuclear technology and arms race - Feb 1952 first successful test, could be argued that the funds used could've been spent elsewhere
- Loss of colonies e.g Kenya 1963 Rhodesia 1968 Malaya 1957 - could no longer exploit the land and people for the best possible price for goods
- Kenya's agriculture consisted largely of cash crops like tobacco
- Costs of fighting independence movements - Mau Mau uprising was suppressed for 8 years
- Joining the ERM 1988 - targets had to be achieved through changing interest rates, frequent changes are financially unsustainable
- Positives
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