Abstract
World War I (WWI) causes irreversible consequences on the British economy, and Britain has experienced the most severe economic crisis in the 1920s. This paper aims to explain the causes of unemployment in Britain in the years between the wars and why that problem persisted for much of that period. This paper will describe the causes of unemployment by analyzing how World War I affected the British exports market. Then this essay will move on by exploring how the economic policy of Britain after World War II(WWII) damages the exports market and creates high unemployment. In addition, this paper will also discuss the relationship between the change in the labour market in World War I and the unemployment problem. Finally, this paper will illustrate why the unemployment problem persists by exploring regional and industrial unemployment issues.
Highlights
After World War I (WWI), Britain experiences the most detrimental economic depression in the modern era
After the 1920s, the depression causes unemployment, and it persists until the outbreak of WWII
Most of the old industry mainly suffers in unemployment and all concentrated in certain regions even though the economy across London is in prosper
Summary
After WWI, Britain experiences the most detrimental economic depression in the modern era. After the 1920s, the depression causes unemployment, and it persists until the outbreak of WWII. During WWI, UK lost the surplus in exports. The lack of new technological production reduces the competitiveness of UK exports' products [2]. Rejoined in Gold standard along with deflationary policy further damage the exports. Most of the old industry mainly suffers in unemployment and all concentrated in certain regions even though the economy across London is in prosper. All these reasons added up together result in long term unemployment, and it persists until WWII
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