The following are external events that affected Singapore-The Great Depression and WW1. Which in your opinion had a greater impact on Singapore? Explain your answer. (8)
Both the Great Depression and WW1 affected Singapore greatly, however the Great Depression had a greater impact on Singapore.
WW1 was a war between two opposing powers, the Central Powers and the Allies in Europe. Although it was originally in Europe, it involved over thirty countries and affected many others, including countries not in Europe. There was a higher demand for food and thus prices soared. People in Singapore were afraid that the impact might hit them as Singapore was a colony under the British, therefore, hey rushed to buy and stock up food and supplies. This was done out of fear that there would be a decrease in food and supplies. The neighbouring countries also had less food to import to Singapore and there was a trade decrease, given that the people did not want to buy food at ridiculously inflated prices. To solve the problems, Singapore’s government banned exports but at the same time imported more food and assured the citizens that there was enough food.
Also, there was the problem of the Emden German warship that was sent out in 1914. It was located in an area where it affected the trade between Europe and Singapore. The Emden German warship attacked British trading ships in the Indian Ocean and this caused less trades to occur due to safety issues and thus, Singapore’s trade decreased. The problem was solved later in the year when it was destroyed.
From this two issues, we are able to learn that Singapore was affected by the WW1 but managed to resolved the problems quickly, which led to Singapore’s trade volumes being affected for a minor period of time.
The Great Depression was a period of worldwide economic slowdown that impacted many countries, including Singapore. It began with the stock market crash in the US in 1929, which spread to the rest of the world..