His budget proposed; increased incomes tax on incomes over £3,000 a year, a new super tax on incomes over £5,000 a year, increased death duties on estates of over £5,000 a year,and new land taxes, indirect taxes on luxury goods such as petrol, beer and cars. Lloyd George wanted to increase revenue and he believed in the redistribution of weath from rich to poor, however, he probably had other motives for launching such a controversial budget as well. He needed to show the working class votes that they didn’t need to vote for the Labour Party to achieve economic and social reform and perhaps more importantly he wanted to punish the conservatives for their opposition of the Lords – something that they resented greatly. Previously the Conservative domination of the House of Lords caused no problems however once the Liberals came into power the Lords could use the power to wreck their legislation. After the Liberal Landslide in 1906, the Conservatives were practically powerless in the House of Commons, but they decided to use the permanent conservative majority in the Lords to block the policies of the new Liberal government and so by doing this they could show that they still had control over the country.
The unequal distribution of income in America in the 1920’s led to the increased wealth of the highest percent in America, and the increased poorness of the lowest percent. In the time between 1920 and 1929, the top 1% rose in income by 75%, while the rest of America only grew a total 9% as a whole. After 1929, unemployment rates were at an incredible high. Between 1930 and 1940, the rate ranged from between 21.3% to 37.6%. (Document 4) In 1929, the percent of American families earring $5,000 or more was only 8%.
Despite the King’s help in enabling Pitt’s position in power, we must also analyse the other factors that contribute to Pitt’s success, for instance, the weakened status of the Whig’s leader, Charles Fox and the improvements that Pitt made to the financial and economical state of the nation. From the beginning of Pitt’s reign as Prime Minister it is instantly made clear that George III was nearly entirely responsible for his entry into office. When the dispute arose over the coalition of the India Bill in 1782, George III immediately seized the opportunity to get rid of the Whigs leaving a position open for Pitt. Therefore we can see that this opening – created by the King – enabled Pitt to become Chancellor of the Exchequer and First Lord of the Treasury in 1783. This the King used as an excuse for a dramatic alteration in his government.
• Significant impact upon war-torn Europe, reducing its capacity to pay war debts and resulting in the imposition of retaliatory tariffs 3. Smoot-Hawley Tariff Act 1930 -- (June 17, 1930) • Tariff levels on 20,000 imported goods risen to an historical high, exceeding those rates set by the Fordney-McCumber Tariff Act (1922) • Narrowly passed by the Senate (44 to 42) • Resulted in the implementation of retaliatory tariffs by America’s trading partners i. This effectively closed foreign markets to American exports ii. US exports plummeted 60% between 1929 and 1933 • 1000+ economists signed a petition to appeal to Hoover to veto the motion in May 1930 i. ‘That act intensified nationalism all over the world... it encouraged further protectionism and led to a further decline in world trade’ an economist ii.
By the 1780’s the government was nearly bankrupt, and half of government income was going on paying debts. One of the reasons to explain why there was a money deficit was taxes. The huge anomalies in the taxation system, whereby the richest were not taxed, caused there to not be enough income for the government to do its job properly. The taxes did increase under the rule of Louis XVI; however this only affected the poor even worse. Calonne, the finance minister between 1783 and 1787, introduced a series of reforms to improve the economy, in which the king stood by, but the notables
How important was the decline of Britain’s staple industries in explaining the industrial unrest of the period between 1918-1929? The quick decline of the staple industries had a huge effect among Britain, it accounted for almost half of Britain’s total out put, a quarter of employment and three quarters of exports before 1914. Through out 1920’s unemployment remained at about 10- 20%of an insure workforce where as Britain’s share of the world export trade fell from 18-11% and a drop in value also in overseas investments, which of course left Britain struggling to pay for imports. London was no longer the undisputed financial capital of the world and as the US replaced Britain as the world money lender, the US dollar displaced the pound as the world’s major currency. However there were a few positive developments along side the bad, for example in the 1920’s new industries were introduced of the second industrial revelation, electrical goods, chemicals and motor car production through the mid 20’s was higher by three times than its year of 1914, these where among the products and services that Britain Introduced in an effort to revitalise and flourish Britain’s industries.
These days are considered the most tragic days in the American economy. These days began the “New Era” or a time of low unemployment when general prosperity masked vast disparities in income. John Maynard Keynes said” The extraordinary speculation on Wall Street in past months has driven up the rate of interest to an unprecedented level” Bierman Jr. 1). “There is a warrant for hoping that the deflation of the exaggerated balloon of American stock valves will be for the good of the world” (Bierman 1). It started as the Dow Jones stock dropped twenty three percent on Tuesday October 29th; this resulted in a loss of $8-9 billion
The Great Depression was a monumental economic crisis for America and the entire world during the 1930s. By the end of 1930, 4 million Americans were jobless, and two years later, that number shot up to 12 million. Even through President “Teddy” Roosevelt’s New Deal, and various government programs, the Great Depression did not truly end until after World War II. During the scandalous terms of President Harding and Coolidge, labor lost much of their power. Also during President Hoover’s reign, the US economy took a down turn.
The French and Indian War altered relationships and created tensions between Britain and its American colonies. The political relation strained because of the laws like the Proclamation of 1763 that angered colonist. As a result of political laws like the Proclamations and Acts, the economy went is to poverty and depression. Ideological was seen by the colonist to be Independent. The French and Indian War made the British council establish new laws.
For example, spending was lessened and investment was dropped. Businesses went through a downward spiral, and unemployment skyrocketed. When The Great Depression reached its climax more than 14 million Americans were unemployed, and many banks closed. The Great Depression brought about emotional anguish and physical suffering to many Americans. Yet, the United States Government was able to be an aid