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Which phenomenon refers back to the Middle Ages?
What is the main factor that contributes to the growing inequality according to the text?
Who were the most affected by the 2008 financial crisis and Covid?
During the post-war period, the European Recovery Program, also known as the Marshall Plan, aimed to
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What was the main political consequence of the economic crisis in Europe after World War II?
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Which country saw the greatest change in terms of the creation of a welfare state after World War II?
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Which event contributed to the emergence of a new economy beyond luxury goods?
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What was one of the consequences of the oil crisis in 1973?
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Which event marked the end of the Bretton Woods agreement and the introduction of the floating dollar?
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Which event led to reduced growth and inflation in Western Europe during the 1970s?
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What was the impact of the 1970s crisis on unemployment in Germany?
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What challenge did the welfare state face during the 1970s crisis?
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Which economic concept became dominant since the 1980s, emphasizing supply rather than demand?
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What was the central role of monetary policy in neoliberalism?
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What contributed to the growth of hedge funds and securitization of credits?
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Study Notes
Historical Context of Economic Phenomena
- The increasing inequality phenomenon has its roots in the Middle Ages.
Factors Contributing to Inequality
- The growing inequality is mainly attributed to the increasing wealth of the top 1% of the population.
Most Affected Groups by Crises
- The 2008 financial crisis and Covid-19 pandemic most affected low-income households, young people, and minorities.
Post-War Economic Recovery
- The European Recovery Program (Marshall Plan) aimed to rebuild and strengthen the European economy after World War II.
Political Consequences of Economic Crisis
- The economic crisis in Europe after World War II led to the rise of social democratic parties and the creation of welfare states.
Welfare State Development
- Sweden experienced the greatest transformation in terms of creating a comprehensive welfare state after World War II.
Emergence of New Economy
- The Industrial Revolution contributed to the emergence of a new economy beyond luxury goods.
Consequences of the Oil Crisis
- One of the consequences of the 1973 oil crisis was the decline of the Keynesian economy and the rise of neoliberalism.
Bretton Woods Agreement
- The 1971 Nixon shock marked the end of the Bretton Woods agreement and the introduction of the floating dollar.
Economic Crisis in Western Europe
- The 1970s crisis, caused by the oil price shocks, led to reduced growth and inflation in Western Europe.
Unemployment Impact
- The 1970s crisis led to a significant increase in unemployment in Germany.
Welfare State Challenges
- The welfare state faced the challenge of reduced funding and increased costs during the 1970s crisis.
Dominant Economic Concept
- Neoliberalism, emphasizing supply-side economics, became the dominant economic concept since the 1980s.
Monetary Policy in Neoliberalism
- The central role of monetary policy in neoliberalism is to control inflation and promote economic growth.
Growth of Hedge Funds and Securitization
- Deregulation of the financial sector contributed to the growth of hedge funds and securitization of credits.
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Description
Quiz: Explaining Unprecedented Economic Growth in Western Europe Test your knowledge on the unparalleled economic growth experienced by Western Europe between 1950 and 1975. Explore the factors that contributed to this growth, including the liberalization of trade through initiatives like the Bretton Woods Agreement and the Marshall Plan. Learn about different theoretical explanations, such as Janossy's notion of long-term growth and Kondratiev's theory of cyclic waves. Discover how structural ruptures in the economy led to new
