Choose if the given statement is true/false:

As a result of the global wars, the majority of countries were destroyed, and cities were left in ruins.

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Detailed Solution

The given statement is true.
As a result of the global wars, most countries were destroyed, and cities were left in ruins. Politicians and economists realised that maintaining the industrial nations' economic stability was imperative. They acknowledged the interconnectedness of national economies on a global scale. As a result, they came up with a widely accepted framework for revitalising and stabilising the world economy. Politicians and economists alike learned two crucial lessons from the interwar economic situation. First, a mass-production-based industrial civilization cannot exist without mass consumption. However, a sizable and steady income was necessary to ensure overall consumption. Income could not be stable if a job were unstable.

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