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• A Hundred Years by Post: A Jubilee Retrospect
• Shakespeare in Retrospect – Joseph Pearce
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As Commissioner for Information; Anthony K. Woode replaced Commander G. As Commissioner for Greater Accra, Dr. Erbynn took over from Colonel W.

Evans-Anfom was made Commissioner for Central Region. Also affected in this exercise were Commander J.

He was to forfeit the use of any military rank and was prohibited from entering any military installation or establishment. He was to restrict his movements to his home town, Trabuom, in the Ashanti Region. Danso and Ben Kuma were also frozen. In late October, announcements were made that local council elections would be held for the first time in twenty years and on December 13, , the Political Parties Decree was passed.

C Crabbe as the Chairman. To facilitate its work, the Committee set up five sub-committees. Chapman-Nyaho and Committee of Privileges headed by Mrs. Justice Annie Jiagge.

A Hundred Years by Post: A Jubilee Retrospect

On January 1, , the seven-year ban on political party activities was lifted. To show its commitment to a level playing field and free and fair elections, General Akuffo had in a radio and T. Symbols of former political parties were also banned. Tribunals were later set up to reconsider the adverse findings made against those banned under the above mentioned Decree and review the earlier decision where necessary. Thus the previous ruling against someone like Victor Owusu was reversed. Business leaders had a glum outlook and expected a decline in profit.

Petersen , wrote that the economic effects of a war did not ebb away when hostilities were terminated. It soon became clear that there was a tremendous need for commodities particularly in Europe. All available commodities could be sold at profitable prices. In , the demand in Norway was still strong and prices soared above war levels.

Shakespeare in Retrospect – Joseph Pearce

GDP in current prices Table 7 increased with This is almost four times more than it was in Central Bureau of Statistics, , In constant prices the increase was The price increase created splendid possibilities for profit. Since there is a lag between purchasing and sale of commodities, or between the purchase of raw materials and payment of salaries and the sale of the products, business stand to gain during a period of rapid price increase. However, increasing prices leads to a re-evaluation of all commodities and capital goods in society.

Equity owners became wealthier measured in Norwegian prices, but at international prices the wealth effect is ambiguous as the value in Norwegian kroner decreased. The profits were good and almost all available labour found work, and unemployment was at a low level. The real economic situation was, however, not so good. Unquestionably, the production in manufacturing industries increased during these two years. But, despite this fact, total production of manufacturing products did not reach the production level of the year , and it was just marginally greater than The increase in this seven-year period had been minimal in real terms.

The partial blockade caused by the submarine war had created a strong demand for imported commodities. Due to good earnings in shipping, and high prices for Norwegian export commodities, Norway held a large foreign reserve at the end of the war. A potential increase in imports of commodities or decrease in exports could therefore be financed.

The supply situation world-wide was favourable for Norway. Large quantities of commodities were in storage in foreign harbours. These commodities could not be shipped during the war, but were now on their way to Europe.

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Norway had the means to acquire a considerable part of it. In the import in current prices was million kroner. The record level was achieved in when the import reached million. It took another twenty-seven years before the import again reached this level Petersen, , The changes in exports were not so pronounced. In exports were lower than in and substantially lower than in Even in , when exports were million kroner it was not larger than in This resulted in a tremendous growth in the import surplus.

Norway had a growth rate of The two other neutrals had also considerable growth these two years, Netherlands with Here it is also interesting to note that the three countries that were most devasted by war also had the highest growth in these years, Belgium with This resulted in a sharp increase in the foreign exchange rates in Norwegian kroner. The US dollar exchange rate was kroner 3.

The increase continued for both dollar and pound in the following years. The backlash was strong and hit most countries world-wide. In many factories production was no longer profitable. The results were production cuts or in many cases bankruptcies and closure. Unemployment increased sharply with social unrest as a result. When prices worldwide dropped in the first half of they continued to rise in Norway.

The wholesale index reached its peak in September Petersen, , f. It was then when is set at Special circumstances made the collapse particularly strong when it hit with full force. First the shipping industry was exceptionally hard hit.

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Freight rates fell sharply. Laid up ships, and bankruptcies followed. Another weak point was the processing industries paper and pulp. The forestry owners increased production when prices on timber were high. When the prices on final products dropped the factories were unable to pay for the timber they had contracted. Therefore, factories reduced production or closed.

The court of wage arbitration, which had been introduced during the war, decided a relatively substantial wage increase at the top of the boom. The wage earners should be compensated for the previous price increases. In current GDP declined sharply from million kroner to million in Although the decrease in constant prices was less, its psychological impact was to deepen the crisis. The number of bankruptcies rose from less than in to about in Thereafter it declined to about in but took a turn for the worse and reached a record level of almost in Unemployment rate was 2.

This serious unemployment problem became a nightmare that weighed heavily on the Norwegian economy during the interwar period. All countries had low or negative growth in The three Scandinavian countries had all negative growth, Norway with The countries that had experienced highest economic growth in the two years after the war were also hit hard by the collapse, with low or negative growth rates, Belgium with 2. Schooled in the natural law tradition of Hugo Grotius and Samuel Pufendorf and having a strong belief in the liberal economy, Nicolai Rygg firmly believed that it was the duty of the bank and the government to bring everything back to normal and to reintroduce the gold standard.

When he started in he had wide support from the economists at the University of Oslo, but this support soon turned into a heavy resistance. However, Rygg could not be turned around. He continued his policies and the gold standard was again adopted in , with what some would claim had a disastrous effect on the Norwegian economy in the interwar period. At the outbreak of the war a period of economic turmoil commenced.

To defend its neutrality the country mobilized its navy, coastal fortresses and its armed forces were earmarked for coastal defence. This represented a significant financial burden. Shipping and the foreign trade sector were the first to be impacted. The entire economy and its industrial structure were impoverished.

The social costs of war were considerable. The war created a society that was riddled with an uneven distribution of income and wealth. The crisis was further amplified by the policy to reintroduce the Gold Standard. Several economists and economic historians have given negative verdicts, but recent studies have moderated this view. Without the papers and notes he left for us to explore and use we could not have written this article.

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Furthermore, we would like to express our sincere thanks to the anonymous referees and to Gjermund Forfang Rongved for their valuable comments and corrections. For all the omissions and inaccuracies that remain we are fully responsible. Ahlund, Claes ed. Scandinavia in the First World War. Studies in the War Experience of the Northern Neutrals. Lund: Nordic Academic Press. Aarum, Thorleif. Penger, kreditt og priser Money, Credit and Prices. Andersen, Roy.