Briefly summarise the two lessons learnt by economists and politicians from the inter-war economic experience.
Two lessons learnt by economists and politicians from the inter-war economic experience were
(i) An industrial society based on large production is unsustainable without consumption on a large scale. For this, high and stable incomes through full employment are necessary.
(ii) Economic links of a country should be maintained with other countries. To provide full employment, the governments must be well equipped with the power to control the flow of capital, labour and goods. The government should take appropriate steps to achieve the goal.