Question

briefly explain the two key lessons which economists ana politicians drew out
from inter war economic experience

Answer 1

The economists and politicians learnt two key lessons from the inter-war economic experiences.
(i) First, an industrial society based on mass production cannot be sustained without mass consumption.
(ii) There was a need for high and stable income which depends on full employment of the people.
(iii) Since market alone could not guarantee full employment; government should intervene and take steps to minimise fluctuation of market forces.
(iv) The second lesson is that the global economy is inter-related.
(v) The goal of full employment could only be achieved if governments had power to control flow of goods, capital and labour.

Answer 2

Answer:economists and politicians drew two key lessons from inter war experiences
they are :

Explanation:

first, an industrial based society based on mass production cannot be fulfilled without mass consumption
but for mass consumption highly stable income was required
incomes were not stable if employment was unstable
thus, stable incomes require steady full employment .