1-25-06 - Prosperity - 1920's - Prosperity 1920s 1/25/06 1....

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Prosperity – 1920’s 1/25/06 1. Capitalism a. Characteristics i. Rooted in belief b. Brought great economic growth prosperity c. Marx and Engels – observed that in 1800 – 1848 : enormous production i. During the 1000 years before 1700, per capita rose .11%. Over 630 years, income would double. ii. 1820-1990, per capita multiplies by 10x in GB, 15x Germany, 18x USA, 25x Japan. iii. Pattern of ceaseless competition and volatility iv. Promoted both freedom and exploitation (wage slavery) d. Definition by Schumpeter i. Static / Unstable / constant innovation ii. Constant mutation iii. “Perennial gale of creative destruction” 2. Global affairs at 1920 - Post-War Settlement at the End of World War II a. 1919 – Versailles Peace Conference i. Leading to 1914, great deal of globalization, followed by great decease, rock bottom at 1929, and rebound after 1945 ii. Goal was to create a political settlement. Woodrow Wilson wishes to appease allies with territory. iii.
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1-25-06 - Prosperity - 1920's - Prosperity 1920s 1/25/06 1....

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