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Q.

Economists and politicians drew ____ key lessons from inter-war economic experiences.


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Detailed Solution

Economists and politicians drew 2 key lessons from inter-war economic experiences. First, without mass consumption, an industrial society based on mass production cannot survive. But there was a need for high and steady incomes to assure widespread consumption. If work was unreliable, incomes could not be stable. Thus, consistent, full employment was also necessary for stable wages.
The second lesson focused on a country's economic ties to the rest of the world. Governments could only attain full employment if they had the power to control the movement of goods, capital, and labour.
 
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