Comment on "Unemployment in Great-Britain 1895-1995"

Résumé du document

At the beginning of the graph (year 1895), the British unemployment was at quite a high level, about 10% of the population. It was probably a consequence of the 'Great Depression' which took place between 1873 and 1895. Then, the unemployment rate dropped substantially to 2.5% in 1890, but immediately bottomed out to 7.5% a few years later. The rate fell sharply until 1895, and then more slightly until 1900. Between 1900 and 1905, the British unemployment rose steadily to 6% of the population, because of the overproduction crisis in Europe.

Extraits

[...] Then, the rate decreased to in 1907 but soon soared again, and reached a temporary peak of in 1908. Immediately afterwards, it plunged down to (and meanwhile, only bottomed out a little bit in 1911 and 1913, maybe due to the 1913 crisis in Europe : because of the imbalance between industrial production and absorption capacities of the markets). At this particular moment, there were about unemployed in Great Britain. The decline of the early XXth century can be attributed the First World War, because 5 millions people became British soldiers. [...]

[...] This raising followed the 1920-1921 international crisis during which Great Britain led a strong deflation policy. Then, between the unemployment rate fell off steadily down to and fluctuated a little bit around until 1929. Suddenly, the rate rocketed up dramatically till 1932. At this moment millions people were unemployed, more than 15% of the population. This tragic situation was due to the famous international financial crisis of 1929. The unemployment rate became incredibly high in several countries in the world, for example in the USA and in Great Britain. [...]

[...] After this critical event, the unemployment rate plunged steadily until 1939 then bottomed out a bit in 1939. But the beginning of World War Two allowed Great Britain to reduce substantially its unemployment. Besides, between 1939 and 1941, the rate plummeted again, very fast and strongly. It reached a trough in 1941 (about of the population) and remained stable till the end of War. Then, it picked up, reached and fluctuated around this level during thirty years. In the early 70's, the rate of unemployment bottomed out, rising from in 1973 to in 1977. [...]

[...] But in 1991, unemployment rose again sharply until 1995, up to 10%. It's not on the graph but fortunately the British economy is today in a better shape, with an unemployment rate about and it's certainly because of the vigour of its economic growth. Indicative Bibliography Unemployment in Great Britain and the local impact of the new Deal www2.hu-berlin.de/gbz/downloads/pdf/Dunja_Bishop.pdf UK unemployment www.hrmguide.co.uk/jobmarket/unemployment.htm History of Great Britain www.historyworld.net/wrldhis/PlainTextHistories.asp?historyid=ab07 Unemployment in GREAT BRITAIN - 1895 - 1995 (The Economist - Feb 1993) Describe this graph. [...]