Describe two lessons drawn by the politicians and economists from the inter-war economic experiences.
Two lessons are as given below : An industrial society based on mass production cannot be sustained without mass consumption. To ensure mass consumption there should be stable income and full employment which in turn need intervention of the government. The goal of full employment can only be achieved if the government has the power to control flows of goods, capital and labour. It is related to country’s economic links with the outside world.
