The British economy had not yet fully recovered from the war when the Great Depression struck.
As dependent on exports as its economy was, Britain was particularly hard hit by the sharp decline in world trade, and then by the international banking crisis. Inevitably, the UK was forced to abandon the gold standard.
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Fanfare
Opening Theme
“Warriors Dance” from The Crown of India
Composed in 1912 by Edward Elgar. Public domain.
Performed by The United States Marine Band. Public domain recording. Source.
Closing Theme
Except when otherwise indicated, the contents of this podcast are © and ℗ 2015, 2016, 2017, 2018, 2019, 2020, 2021, 2022 by Mark Painter, all rights reserved. Some music and sound effects used by arrangement with Pond 5.
I am no economist, but the idea of tying your entire economy to a thing without any intrinsic value, which you cannot produce and whose supply is well beyond your control seems absurd.