Question

Mention the two key lessons learnt from the inter war economic experiences by the
economists and politicians after the Second World War.​

Answer 1

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First, an industrial society based on mass production cannot be sustained without mass consumption.

There is a need for high and stable income which depends on full employment of the people.

government should intervene and take steps to minimise fluctuation of market forces.

The second lesson is that the global economy is inter related.

The goal of full employment could only be achieved if governments had power to control flow of goods, capital and labour.