All Flashcards
Compare Keynesian economics and Communism.
Keynesian economics involves government intervention to stimulate a capitalist economy. Communism involves state control of the means of production.
Compare Fascism and Communism.
Both involve state control, but Fascism maintains private ownership while Communism aims for public ownership.
Compare the New Deal and Five-Year Plans.
Both aimed to address economic problems, but the New Deal focused on relief and reform within a capitalist system, while Five-Year Plans aimed for rapid industrialization under communism.
Compare the causes of the Great Depression and the 2008 financial crisis.
Both involved financial instability, but the Great Depression was fueled by overproduction and debt, while the 2008 crisis was triggered by mortgage-backed securities.
Compare the Treaty of Versailles and the Treaty of Tordesillas.
The Treaty of Versailles was a peace treaty ending WWI that punished Germany and laid the groundwork for future conflict. The Treaty of Tordesillas divided the newly discovered lands outside Europe between Portugal and Spain.
Compare Keynesian economics and Laissez-faire economics.
Keynesian economics involves government intervention to stimulate a capitalist economy. Laissez-faire economics is an economic system with minimal government intervention.
Compare the New Deal and Five-Year Plans.
The New Deal was FDR's program of government spending and reforms to combat the Great Depression. Five-Year Plans were a focus on rapid industrialization and collectivized agriculture in the Soviet Union.
Compare Corporatism and Communism.
Corporatism is state control over private companies and industries, uniting state, worker, and employer interests. Communism involves state control of the means of production.
Compare the economic policies of the United States and Soviet Russia.
The United States used Keynesian economics, with more spending = better economy. Soviet Russia used Communism, with public controls means of production.
Compare the economic policies of Italy and Soviet Russia.
Italy used Fascism, with the state controls the means of production. Soviet Russia used Communism, with public controls means of production.
What was the Treaty of Versailles?
1919 peace treaty that punished Germany, leading to future conflict.
What happened in the Stock Market Crash of 1929?
The U.S. stock market plummeted, triggering a global economic crisis.
What was the New Deal?
FDR's program of government spending and reforms to combat the Great Depression.
What were Stalin's Five-Year Plans?
A focus on rapid industrialization and collectivized agriculture in the Soviet Union.
What was the Russian Civil War?
After the Russian Civil War, communism took hold.
What was the New Economic Policy (NEP - Lenin)?
State control of major industries, banks, and businesses.
What was the Great Depression?
A global economic downturn caused by debt, overproduction, and the stock market crash.
What was the effect of the Treaty of Versailles?
Crippled the German economy, fueled resentment and nationalism in Germany.
What was the effect of the Great Depression?
Forced governments to abandon the idea of a completely free market.
What was the effect of the Allied powers needing German reparations?
Allied powers needed German reparations to repay their debts.
What is the Treaty of Versailles?
A peace treaty ending WWI that punished Germany and laid the groundwork for future conflict.
What are reparations?
Payments made by a defeated country to compensate for war damages.
What is the War Guilt Clause?
Article 231 of the Treaty of Versailles, blaming Germany solely for WWI.
What is Laissez-faire economics?
An economic system with minimal government intervention.
What is Keynesian economics?
An economic theory advocating government intervention to stimulate the economy.
What is the New Deal?
FDR's program of government spending and social welfare programs to combat the Great Depression.
What is Collectivized agriculture?
Shared farm units under the communist regime.
What is Corporatism?
State control over private companies and industries, uniting state, worker, and employer interests.
What is overproduction?
A surplus of goods due to industrialization exceeding demand.
What is the 'Polish Corridor'?
A strip of territory given to Poland that split Germany, giving Poland access to the sea.