LWSO 337 Lecture 26: The Great Depression
1 Mar 2016
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Document Summary
Britain historically held an international hegemony in trade, with the pound as an strong reserve currency. Due to the economic crisis, britain"s colonies remained relatively undefended. Needed a positive trade balance to repay debts. Make manufacturing cheaper (need to modernize industry) Didn"t have the capital to do so. High unemployment would have made this feasible, but this would have exacerbated the already serious social unrest. Sense of wartime urgency" was over, workers began to demand better working conditions, shorter hours. Samuel commission released report (march 1926) advocating wage reductions to relieve pressure on the economy, inspired strikes from rail, mine, and transport workers. Strike was not heeded, and workers were forced to return to work by. Conservative government"s mandates of maintaining laissez- faire economics caused discontent, and continual unrest with the intention of forcing the government to intervene in the declining economy and provide a social safety net for workers. Trade disputes act of 1927 made sympathetic" striking illegal,
