at the heart of Britain’s economic dominance was an unswerving faith in the principle of free trade, and a stable currency pegged to the gold standard.
We must remind everyone that 'free trade' in the British politicians understanding prior to world war 1 does not mean the same thing as 'free trade' today.
It usually meant England was free to have unfettered access to other markets...but this privilege does not apply to other nations.
Britain’s leaders after 1918 had on the whole managed the economy as if the Great War had not happened
And not just the economy...you see this baffling response in a lot of areas...
The ultimate aim was to insulate the British economy from the shocks of a volatile international market abroad, while creating artificial demand at home via a system of credit expansion amongst producers and consumers, the control of banking and monetary policy by the government, and the revaluation of Sterling according to a floating exchange rate.
So, the creation of an internal pricing bubble...ok in the short term, but did the planners foresee a way to ease out of the long term problems of distorting demand?
the government set about a vigorous assault on landlordism, confiscating all landlord-owned property and leasing homes back to workers at controlled rates.
So, instead of an aristocratic landlord, you have a bureaucratic one.
How is this an improvement?
Much of the old aristocracy had already fled to Newfoundland before suffering the indignity of losing their estates, taking with them as many liquid assets as possible.
So, how did the government get sufficient monetary reserves to invest in new agricultural equipment without creating inflation? Especially if most of the wealth of the rural areas has fled the country?
in some cases placated by the many subsidies extended by the state to prop up production
Even more inflationary pressure from this action...
Creating a bubble plus inflating the currency...this has to have had an effect within the decade as the bubble bursts or the people get tired of being kept poor.
with the former African and Indian colonies now exercising self-rule within the Union of Constituent Commonwealth States
UCCS?
Will we get to see how this comes about?
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