Economic developments 1951-1964

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By 1955 what did Britain achieve?
Full employment with only 200,000 people unemployed
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Where was the UK in the charts for highest income per head?
2nd only behind USA
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What was Stop and go economics?
Generally in the go phase there is low interest rates and increase in wages, and in the stop phase there is higher interest rates and spending cuts.
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Whats the difference in balance of trade and balance of payment/
Balance of trade is the difference between the goods that the country imports and exports, with balance of payment this includes invisible imports and exports such as services
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What is the run of the pound?
When the pound falls in value compared to the international market
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Why did Peter Thorneycroft resign in 1957?
He wanted to limit wage increase and cut the money suppley, which is monetarism, but this would mark the end of the post war consensus.
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When did the economy peak?
Between 1960-1964
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Other cards in this set

Card 2

Front

Where was the UK in the charts for highest income per head?

Back

2nd only behind USA

Card 3

Front

What was Stop and go economics?

Back

Preview of the front of card 3

Card 4

Front

Whats the difference in balance of trade and balance of payment/

Back

Preview of the front of card 4

Card 5

Front

What is the run of the pound?

Back

Preview of the front of card 5
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