For example, Italy abandoned free trade in 1878, followed by Germany in 1879, France in 1882 and finally the USA in 1883. The onset of economic protectionism made it increasingly difficult for Britain to export goods to these countries. Therefore, in the years following 1873, Britain could be said to have had an industrial depression due to the abandonment of free trade economic policy by many of Britain's key trade partners at the time. This made it much harder for Britain to export to other countries and so an industry they had depended on for such a long time had gone into serious decline. In
With it being responsible for 35% of the Cornwall’s GDP by raising an average of £1 Billion per year! However due to the flood this rapidly dropped as all the shops were closed and the scene was not what we like to call ‘Typical Cornwall beauty’. And you could say due to the bad publicity it is likely that Boscastle will receive less tourism in its future years. This then put on a negative multiplier (Depleting) effect for the community. what were the Social Impacts?
Although the British economy can be seen to have grown throughout the period to some extent in relative terms it was actually in decline. Even within the first 13 years of the period Britain's share in world trade fell 15% and the economies or Japan and Germany in particular began to outstrip the nation massively. Arguably Britain did have a chance to change this with the creation of the EEC in the 1950s but failure to embrace this initially meant that the European nations steamed ahead in their economic growth and Britain would never quite catch up. The weak nature of the economy can too be seen in the 1970s when it really was at its lowest seen in the humiliation of the 1976 IMF loan and the later Winter of Discontent. The latter decade could arguably show the greatest economic situation in that Blair experienced continuos growth but still looking at Britain today it never develop dot compete with the ever growing markets
To what extent did Witte achieve economic modernisation in Russia? Sergei Witte was introduced as the Tsars financial minister at a time when Russia was in a state of social and economic backwardness. Witte successfully achieved economic modernisation in Russia to a certain extent. Witte’s policies lead to a ‘Great Spurt’ in economic modernisation as they increased the number of factories and led to vast improvements in infrastructure such as railways. However his policies were still very limiting as they did not address the backwardness of agriculture and caused frequent famines, leading to the deaths of hundreds of thousands of people; keeping Russia economically and socially far behind the great European powers.
WHY DID THE WALL STREET CRASH HAPPEN IN 1929? The Wall Street crash which happened on 29 October 1929 was one of the most depressing events in the history of America. This happened because people lost their wages b 60%, 14 million people were unemployed by 1933, banks went bust and also US trade slipped from $10 billion to $3 billion. The Wall Street crash happened due to some reasons: one reason was, the Americans were buying consumer goods on credit, especially cars and houses they did this because, they didn’t have enough money, and therefore if they get the money they will be able to pay. Another reason was that speculation was rife, because people believed the stock market was easy so 20 million Americans invested but only 1.5 million people had serious knowledge of the market.
Collectivisation was introduced by Mao in 1958, in 1958 production rate of food was at 200 million tonnes, but by 1960 the production rate had fallen to 143.5 million. Within 2 years one of Mao’s own policies had caused a fall in production rate of 56.5 million. Despite the figures Mao insisted that many peasants were growing more food than necessary and keeping some for themselves, Mao accused the peasants of being ‘inherently capitalist’ and that they were against being a part of a communist state. The policy of collectivisation contributed hugely to the scale of the famine; the peasants resented the change as they didn’t have enough land to farm their crops, on top of this the authorities believed that they needed to be ‘strictly controlled and directed’. This attitude towards the peasants amplified the issues of collectivisation and caused scale of the famine to worsen.
By September 1930, the economy of Germany was in deep depression as a result of the Wall Street Crash of November 1929 and the recall of the American loans that had propped it up. Unemployment had rocketed to 3.1 million (15.3%), and the Weimar politicians seemed incapable of solving the problems. In this situation the Nazis began to be seen as a way out, and their support rose. They gained 107 Reichstag seats (18.5% of the total). By July 1932, the economic depression that
The 33% increase showed the strength of the company, but the huge drop in sales demonstrated how Competition Bikes, Inc. (CB) struggled to attain a surge in its revenue which is the result of the 15% decline in sales caused by economic situations. The rise of cost of goods sold (COGS) by almost 32% contributed to the rise in net sales for Years 6 and 7. During Year 7 and 8, CB had an almost 15% drop in COGS which resulted in a bad year for the company. However, COGS remained less than the company’s net sales which is always a financial plus. Overall, a rise in revenue and reduction in cost adds to CB’s profitability in Years 6 and 7.
The ancient regime was under a financial stress and although the economy had grown in the 18th century, especially in overseas trade, it really had only benefited the ports of France. The French financial institutions had not developed enough to keep up with the economic growth. There was no central bank or stock exchange and almost no joint stock companies, and no investment from land or trade being put into the industry. France was also under the pressure of a huge budget deficit caused mainly by the wars of the previous kings, such as the Seven Years War (1756-63) and the American War of Independence (1778-83). By the 1780’s the government was nearly bankrupt, and half of government income was going on paying debts.
Built on the Socialist ideology of state owned and run business, the declining Soviet economy was plagued by economic inefficiencies and corruption. The country suffered from decades of being tossed on the rough seas of inconsistent and capricious political leadership. There were many economic problems caused from the communism system. All the things they knew was taken away so suddenly most didn’t know what to do with themselves. The Government and Economy had fallen with the Soviet Union.