Forging the Modern World Final Exam Questions with 100% Correct Answers
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Forging the Modern World
Institution
Forging The Modern World
Forging the Modern World Final Exam
Questions with 100% Correct Answers
Free trade and comparative advantage - -originating 18th century
-Adam Smith argues free trade will produce greater wealth than mercantilist
trade; way capitalism should work
-notion of laissez-faire capitalism-could creat...
OPEC Oil Embargo and Stagflation - ✔✔-During the 1970s, much of the
Western world suffered from stagflation, an unprecedented combination of
high inflation, relatively high unemployment, and stagnant economic growth
-High inflation was caused by too much demand for goods and too little
supply, but economic stagnation prevented the creation of more jobs to
satisfy that demand
-the reduced supply and rising price of oil occasioned by the Organization
of the Petroleum Exporting Countries (OPEC)'s oil embargo of 1973 only
added to the West's economic woes by augmenting the rate of inflation
even further
-The embargo gave Middle Eastern oil-rich countries greater economic
leverage on the global stage
-countries producing fossil fuels and products give them strength
Berlin Conference - ✔✔-1884-1885
-Regulated European colonization and trade in Africa during the New
Imperialism period, and coincided with Germany's sudden emergence as
an imperial power
-accommodating conflicting territorial claims
Social Darwinism - ✔✔-19th century
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