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Essay / Research Paper Abstract
During the period of 1873 – 1896 growth in world trade was very low. Various depression were seen throughout the world, this 3 page paper considers Great Britain and identifies who the winners and the losers were in relation to the depression in Britain. The bibliography cites 3 sources
Page Count:
3 pages (~225 words per page)
File: TS14_TEukdepr.rtf
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saw a global rescission that impacted on countries across the globe. Losers were seen in many of the shareholders that had invested in stocks. In Germany and Austria there were
crashes in the stock markets that spread over Europe and were even felt in the United States (Carolan, 1999). In the United States the stock exchange fell by 30%
and created a panic at the banks (UE News, 2002) however, it has been argued that one of the worst effected countries was Great Britain, where the depression lasted until
1896. However, it can also be argued that this was not a true depression, but an adjustment of the economy, one that also laid the foundations for later growth due
to the changes which were forced upon the economy during the time. The rate of growth this period is estimated at only 1% per annum, by comparison Germany and
the US had growth rates that were still low, but higher at 1.5% and 2%, leaving Britain falling further and further behind (Feinstein, 1990) There are many contradictory indicators
of this time. The global growth in trade was very low during this period, this is an established fact, however, when the advances that were made in transportation are considered
the problem in terms of why consumption of goods form the colonies was so low appears to be a conundrum (Aghion and Williamson, 1999). The losers were the traders
who were not able to benefit for the increased technology, nor where the consumers. As such the commercial environment was in decline and the level of gains here were very
low. This allowed other to take advantage of the opportunities that Britain could not fund, As such traders from other areas gained access to markets that Britain was not maximised,
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