Thirty Glorious Years Key Takeaways
Economic Transformations: A Quiz on Thirty Glorious Years
Are you ready to test your knowledge on the pivotal years from 1914 to 1948? This engaging quiz will challenge your understanding of economic concepts, key agreements, and the shifts that shaped the modern world.
Join us to explore:
- The impact of the post-WW2 Keynesian order
- Definitions and roles of important economic structures
- The significance of major agreements like Bretton Woods and GATT
1914-1948 was a period of
Turmoil
Economic Boom & Recovery
Stagnation
A Mixed Economy Is Composed of
Market structure with the government intervening to protect those less competitive in the Market structure
No market structure, no surplus maximization, full control of all sectors by the government
A component of the Post WW2 Keynsian order
Social Insurance
Obamacare
Free Pre-K education
Emergence of communism
During this period the Laissez-Faire approach became
More common
Only common in socialist countries
Unpopular
Integral to economic recovery
A Social democracy is when
People have no say in electing government, the government only protects the interest of minority groups, the government regulates all sectors
People have a say in electing their government, the system is designed to support a competitive market but government protects those who are not profiting under the market structure via welfare programs
There is a socialist government in power and everything is owned collectively
The Bretton Woods agreement stated that
All currencies would be pegged to the USD which would be pegged to the price of gold and exchange rates were to be fixed
All currencies would be pegged to the British pound and floating exchange rates would now be permitted
All countries can monitor their own exchange rates as they wished and all currencies would be pegged to the Euro
The IMF (International Monetary Fund) was created to
Provide assistance to countries devastated by WW2
Monitor exchange rates and provide loans to countries while they ran deficits
Foster peace among nations
Promote trade
The goal of GATT was to
Increase inter-dependency between nations
Promote trade
Protect smaller US domestic sectors that were less competitive
GATT would accomplish this goal by
Increase tariffs and increase barriers to entry for certain industries
Reducing tariffs and eliminate other barriers to entry
Increase subsidies
Provide loans and subsidies
Bretton Woods Agreement, GATT & IMF were created to
Promote international monetary order
All of the above/below
Act as a preventative measure against future depressions
Eventually collapsed when the US would no longer exchange gold for US currency
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