At the start of the 21st century in Britain, Germany, and Russia, the basic economic questions of what, how, and for whom to produce were answered byA)industrial labor unionsB)producers and consumers.C)central planning committees.D)international planning organizations.
Answers
Answer:
A hundred years ago, the international economy was entering the 20th century with the freest flow of goods, services and capital in human history. The previous century had witnessed expansion of global output and trade, and rising living standards in Europe and North America at a pace never before seen in human history. The 20th century then saw just over a decade of continued expansion, followed by the abrupt disruption of trading and financial ties during the First World War. After some steps toward a restoration of the prewar situation, the international economy collapsed during the decade of the Great Depression, and continued to be fragmented during the Second World War. The century-long trend toward globalization had been reversed and, as of 1950, or even 1960, globalization and the degree of integration of the world economy was considerably less than it had been fifty years before.
Since then, of course, there has been an unprecedented revival and intensification of global integration, supported by technical change, and by international economic policies resulting from multilateral cooperation. These phenomena combined to result in greatly reduced barriers to international flows; further acceleration in the growth rate of world output; the spread of living standards that we associate with advanced industrialization to additional parts of the world and the reduction of poverty and improved living standards in most other parts of the globe; and the emergence of a number of new key players in the international economy.
My purpose in this lecture is to present a broad outline of the evolution of the world economy in the 20th century, with a view to examining where we stand today. I shall argue that international economic policies have been phenomenally successful to date, and have in many ways changed the contour of the world economy itself, mainly for the better. At the same time, however, there are a number of challenges which, without appropriate and timely responses, could undermine progress to date and undo many of the benefits so far achieved.
In both the 19th and 20th centuries, technical change played an important role. But, paradoxically, in the 19th century it was the dramatic decline in transport costs that enabled the rapid expansion of global trade and real incomes, whereas in the second half of the 20th century, it was a dramatic decline in policy-induced trade barriers that had the same effect. And whereas the reversal of globalization in the early 20th century resulted from political hostilities, the major threat to continued economic success at the beginning of the 21st century appears to be economic nationalism.
I shall first outline the key features of the global economy around the turn of the 20th century, and trace its evolution to the l950s. I then turn to the structure of the international economy and the policy framework that permitted the highly successful evolution of the subsequent fifty years, focusing first on trade relations, then on international financial relations, and, thirdly, on the differential evolution of industrial and poorer countries during that period. On the basis of that analysis, I will note the tremendous improvements in economic well-being in most of the world that globalization has enabled and then, in conclusion, identify the challenges confronting the global economy today.
please mark me as brainalist please