INTER-WAR PERIOD

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BRITAIN IN THE INTER-WAR PERIOD 1919-1939 - ECONOMIC AND SOCIAL HISTORY

Industry

There is a dual picture here; there was decay in the old industries contrasted with steady growth in the new industries, particularly after 1934. The British economy could no longer rely on the strength of her basic industries, but had to adapt to conditions of rapidly changing technology.

The basic industries, based on the coalfields, suffered a dreadful slump for the following reasons:

* During the war Britain had lost markets overseas as other countries developed their own industries or turned to other suppliers.

* Most of Britain's competitors protected their industries by erecting tariff barriers. Britain remained a free trade country until 1932. Some countries like Germany, Italy and the USSR aimed at self-sufficiency (autarchy).

* Much of Britain's industrial plant equipment was outdated and in need of modernisation - this did not happen.

* The return to the Gold Standard 1925-31 (it had been abandoned during the war) hampered Britain by making her exports more expensive.

Coal

The coal industry was poorly equipped with outdated machinery, found it difficult to compete overseas because of the return to