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Britain 1929-51 - What is meant by 'an international financial crisis' in relation to the events of 1929-31?
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Britain 1929-51 (a)What is meant by 'an international financial crisis' in relation to the events of 1929-31? (3) Throughout the 1920's in Britain there were economic problems. Unemployment was increasing; therefore there was low domestic demand and large amounts of poverty. Markets were also being lost abroad, leading to a decrease in trade. However in 1929-31 these problems reached crisis point, when in 1929 The Wall Street Crash called for an end of American Loans to Britain, and the re-call of all Britain's debt. This had impact worldwide, as prices for goods slumped due to lack of demand and business confidence disappeared. In Britain it became clear that the 'Laissez-faire' policy was not going to work, but there was a divide in thoughts over which policy to adopt to deal with the crisis. Pressure built in 1930 as government spending rose to an all time high due to high unemployment, and...
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