Sine the 1960s,()has become the mainstay of the Irish economy.
Since 1945,the UK economy has experienced()decline rather than()decline.
____
The economy of the United states after 1952 was the econnomy of a well-fed,almost fully employed people. Despit occasional alarms, the country escaped any postwar depression and lived in a state of boom. A n economic survey of the year 1955, a typical year of the 1950’s, may be typical as illustrating the rapid economic growth of the decade. The national output was value at 10 percent above that of 1954 (1955 output was estimated at 392 billion dollars). The production of manufacturers was about 40 percent more than it had averaged in the years immediately following World War 2. The country’s business spent about 30billion dollars for new factories and machinery. National income available for spending was almost a third greater than it had been it had been in 1950. Consumers spent about 256 billion dollars; that is about 700 million dollars a day ,or about twenty-five million dollars every hour , all round the clock. Sixty-five million people held jobs and only a little more than two million wanted jobs but could not find them . Only agriculture complained that it was not sharing in the room. To some observers this was an ominous echo of the mid-1920’s . As farmer’s shre of their products declined , marketing costs rose. But there were , among the observers of the national economy, a few who were not as confident as the majority . Those few seemed to fear that the boom could not last and would eventually lead to the oppsite-depression. Which of the following were LEAST satisfied with the national economy in the 1950’s?()
Although the American economy has transformed itself over the years, certain issues have persisted since the early days of the republic. One is the continuing debate over the proper role for government in what is basically a marketplace economy. An economy based on free enterprise is generally characterized by private ownership and initiative, with a relative absence of government involvement. However, government intervention has been found necessary from time to time to ensure that economic opportunities are fair and accessible to the people, to prevent flagrant abuses, to dampen inflation and to stimulate growth.
Ever since colonial times, the government has been involved, to some extent, in economic decision-making. The federal government, for example, has made huge investments in infrastructure, and it has provided social welfare programs that the private sector was unable or unwilling to provide. In a myriad of ways and over many decades, the government has supported and promoted the development of agriculture.
As an economy moves from a planned economy to a market economy
The French economy was quite strong and the French were even outpacing their American rivals for a time in the spring.
The effect of governmental expenditures on the total economy varies with both the level of utilization of labor and capital in the economy at the time of the expenditure, and the segment of the economy which receives the expenditure. If the economy as a whole or the segment of the economy which is the focus of the expenditure is operating at capacity or close to capacity, then the expenditure’s major effects will tend to be inflationary, and will not generate much employment of capital and labor. If the economy or sector is operating at much less than full employment, the expenditure will produce a genuine (non-inflationary) rise in the GNP.
Practice 3
What today’s global market economy teaches many of us who are involved in political life, is that even when they are inconvenient, the laws of economics, like the laws of physics, cannot be repealed for the convenience of governments. The economic principles for national success are as difficult to implement as they are easy to state. There is a paradox in all our countries at this moment. Just as a new global economy creates more to look forward to than ever before, it also brings more uncertainty and more change to worry about than ever before. That is why the challenge of crafting economic policy in your country as in mine is one of balance. A balance between moving toward necessary objectives and maintaining stability. A balance between responding to global realities and upholding domestic traditions. And a balance between the virtues of competition as the best known motivator and driver of success, and the importance of cohesion and cooperation as sources of strength for our societies. These balances will have to be struck and calibrated every year in every country in this new global economy. These measures are what one might call the intangible infrastructure of a modern market economy.
The coming of the railways in the 1830s()our society and economy.