The Great Depression and Britain
In the UK, an issue of relative decline, not confined to the country’s economy, long pre-existed the Depression. America’s catching up on Britain, in terms of per-capita GDP, had already happened towards the end of the previous century, and the interwar period saw a widening of the gap, although the Depression hit the US very severely. In the 20-year-period 1919–1939, other important European economies – France, Italy – approached British GDP, and German GDP even overtook Britain’s.1 The UK, forerunner of the Industrial Revolution, had sat on its laurels, lacking institutions and policies directed at stimulating investments and innovation, and allowing entrenched interests to hinder development.
KeywordsCapital Market Central Bank Banking System Money Supply Initial Public Offering
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