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- Between 1914 and 1918, the British economy was faced with the challenges of allocating raw materials to and raising output in a range of war-related industries, coordinating the distribution of finished goods to fighting troops spread across the globe, balancing the demands of industry, the army, and the navy for the limited supply of physically fit male labour, and ensuring the continued support for the war effort among both employers and labour representatives.
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In 1870, Britain's output per head was the second highest in the world, surpassed only by Australia. In 1914, British income per capita was the world's third highest, exceeded only by New Zealand and Australia; these three countries shared a common economic, social and cultural heritage.
Introduction. World War I transformed the British economy in the short run and had a significant impact on growth and development in the long run. In August 1914 there was little appreciation of the sheer scale of the war effort that would be needed to defeat the Central Powers.
- Stephen Broadberry, Peter Howlett
- 2005
The income tax rate grew to 5s in the pound (25%) in 1916, and 6s (30%) in 1918. Altogether, taxes provided at most 30 percent of national expenditure, with the rest from borrowing. The national debt soared from £625 million to £7,800 million. Government bonds typically paid five percent.
- Introduction↑
- The Mobilization of Industry↑
- Trade and Blockade↑
- Agriculture↑
- Conclusion↑
The traditional picture of the British economy between 1914 and 1918 has stressed the government’s reluctance to abandon the nation’s traditional, market-led approach to the economy during the war – dubbed “business as usual” by Winston Churchill (1874-1965) – and the prescience of a few dynamic, far-sighted individuals who recognised the need for ...
Between 1914 and 1918, the British economy was faced with the challenges of allocating raw materials to and raising output in a range of war-related industries, coordinating the distribution of finished goods to fighting troops spread across the globe, balancing the demands of industry, the army, and the navy for the limited supply of physically fi...
At the outbreak of the First World War, Britain was both the largest importer and exporter of goods in the world. It was – as the only major free trade economy – “the most exposed and integrated into the trade of the world”. Britain was an importer of food, raw materials, and agricultural necessities (such as fertiliser and animal feed) and an expo...
In 1914, the proportion of the British population engaged in agriculture was lower than in all of the other belligerents. Contemporary observers perceived that this placed Britain at a disadvantage in the event of a protracted war. As nations like Russia, pre-war exporters of food with large peasant populations able to feed themselves, redirected e...
The industrial revolution fundamentally altered the character of warfareand led to a more substantial and wide-ranging set of demands being made upon the economy by the armed forces than ever before. The First World War compelled a number of changes in the composition and governance of the British economy. These changes were reactive – particularly...
Dec 15, 2017 · This article explores the massive impact that four years of war had on Britain through six key themes: (1) the development of the war-time economy; (2) the nature of war-time finance and the political economy of post-war national debt; (3) political revolution and the partition of Ireland; (4) post-war industrial disputes; (5) the dark shadow ...
Book.pdf. 1.1 The wartime change in GDP: six countries. 1.2 The share of government spending in national income: page. 12. seven countries 15. 1.3 Military mobilisation,development level,and distance: eighteen countries and the French colonies 16.
Our book is the first, we believe, to offer such a systematic comparison of economies at war between 1914 and 1918, and it is certainly the first to include the Ottoman Empire in such a collection. These investigations suggest two themes that link economics with the study of war.
