ABSTRACT
The period from the early 1870s to the mid-1890s, often labelled the years of the Great Depression, might be seen as one in which friendly society growth was inhibited by the economic depression of the time. In fact, although there was some increase in unemployment, the depression was marked rather by a fall in prices and profits, while the imports of cheap food meant that the cost of living fell, and real wages actually increased. The Reports of the Royal Commission on Friendly Societies, 1872 were followed by the passing of the Friendly Society Act, 1875. In the 1880s, there was a revival of socialist thinking, with the founding of the Fabian Society, the Social Democratic Federation, and in 1893, the Independent Labour Party. The building society movement, like the affiliated orders, had its origins in local working-class self-help, but although it continued to grow of the nineteenth century, the building societies were increasingly managed by middle-class executives.
