The British Economy in 1918

Britain – The Economy, 1918-39

In this course, Dr Christopher Price (York St John University) explores the development and performance of the British economy between 1918-39. In the first module, we consider the state of the British economy in the immediate aftermath of the First World War (1914-18), and the major differences between the pre- and post-war economy. In the four modules that follow, we look at four distinct periods in the performance of the British economy – the difficulties of the 1920s, the Great Depression, recovery in the first half of the 1930s and rearmament in the lead-up to war. In each case, we think about the economic and political considerations that informed economic policy, as well as the extent to which the international situation shaped the British economy in this period.

The British Economy in 1918

In this module, we think about the state of the British economy following the First World War, focusing in particular: (i) the way that different groups of historians have judged the performance of the British economy in this period; (ii) the situation immediately before the First World War – Britain’s wealth and her status as an imperial power and centre of world finance; (iii) the three major issues faced by the British economy in 1918 – Britain’s debt, the rise of the United States as a financial power, and the fracturing of international trade; (iv) the expansion of the franchise and the significant increase in spending on social welfare; (v) Britain’s commitment to free trade compared to the protectionism of France, Germany and the United States; and (vi) the political importance of the gold standard.