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AP History Review: Economy
Transcript of AP History Review: Economy
Increased agricultural output lessened value
Black Thursday (Stock crash of 1929)
Consumer demand did not keep up with production; caused unemployment
Nations turned economic endeavors inwards Finding a Solution John Maynard Keynes wrote "The General Theory of Employment, Interest, and Money"
Called for increased money supply and public works projects
Franklin D. Roosevelt's "New Deal"
Variety of economic and social reforms
Military spending during WWII shocked U.S. out of depression Communism Economic policy involving direct government control of economy
Attempted to create classless society through redistribution of wealth
Central to conflict with the U.S. during the Cold War Latin America Post WWI, America had economic dominance
U.S. was primary investor in Latin American exports Neocolonialism Great Depression Primary producer status of Latin America made it vulnerable
Promoted internalization of economy Globalization of Economy Trade Organizations and Free Trade GATT established (1947) to promote free trade
Initially consisted of 23 non-communist nations WTO established over GATT (1995)
Consisted of 123 nations
Had power to settle international trade disputes Path to Global Corporations International: Expand business outside borders with specific goal Multinational: Multi-country business, but restricted by different laws Global: Treated the world as a single market Consumerism Advances in communication allowed spread of American consumerism
Consumerism in different nations reflected cultural identity Asia and the Global Economy Japanese (1960s)
With U.S. funding, focused on mass manufacturing
Later used profits to manufacture high quality products The Little Tigers (1980-1990)
Hong Kong, Singapore, South Korea, Taiwan, Indonesia, Thailand, and Malaysia
Followed Japanese model, then became major competitors China (1970s)
Reversed old policies such as the Great Leap Forward
Opened up to global market