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Two questions of us history - Essay Example

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The Great Depression that struck many countries and impacted the market economies towards the end of 1920s has contributed to varied measures and precautions for controlling economic disaster. One of the measures or precautions that is put place today for controlling economic…
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Lecturer: U. S History Questions Question The Great Depression that struck many countries and impacted the market economies towards the end of 1920s has contributed to varied measures and precautions for controlling economic disaster. One of the measures or precautions that is put place today for controlling economic disasters is restrictive monetary or fiscal policies. Since the Great Depression, the state government implemented policies that can enable them to control economic crisis. The research study indicates that the monetary construction and banking panic in America were the initial shock that contributed to economic crisis that also propagated across the globe (Perry 1). The causes of Great Depression were more profound in that strong policies for dealing with global financial crisis were dubious in absence of authority. This means that the dominant economic supremacy, which have the global reserve currency and can offer liquidity and expanding demand were the main cause of the Great Depression. The collapse of the British hegemonic supremacy and the unwillingness of the US to step into hegemonic role vacated by the UK government were the deeper causes of Great Depression.
The fiscal policy was not only the central measure for economic recovery, but also the historians argue that the New Deal implemented to control the crisis was even worse because it delayed the upturn (Perry 16). However, the research study of the New Keynesian policy that suggested fiscal policy argued that this policy contributed nothing to the restoration or economic recovery. This is because of the trade deficit; thus the new agenda were developed during the anti-New Deal agenda, which focused on the issue of precautions or measures for controlling economic crisis. The congress implemented diverse policies under the New Deal including fair Labor Standard policies, whereby child labor and new wage policies were implemented. The state government also implemented other policies including social security measures and unemployment compensation have been among the aspects put in place for solving economic crisis.
Question 2
One of the long lasting effects from WW2 is the shift of political or military power from Europe to the Soviet Union and the US government. The good thing is that the WW2 contributed to formation of treaties such as South East Asia Treaty, which was established for defense in Far East. Although the WW2 led to bad effects such as increased deaths, destruction of properties due mass bombing, the end of war led to significant transformation including countries gained independent, equal and civil rights were implemented and other aspects. Secondly, Britain and the U.S created secure allies. This allied forced pulled the U.S from the Great Depression, and also states such as France and Great Britain found their way from this crisis due to WW2. Thirdly, there was emergence of Cold War, which took long period and this took place after the end of WW2. The U.S played part in the Cold War, which took a longer period in the U.S. Germany offered military support to the U.S because they were unable to build any army larger than the defense force.
Many changes could have taken place on earth in case the Axis Powers had won the war, this is because some nations such as Germany could have established puppet states similar to those of Soviets and puppet governments (Perry 16). Europe could have been under the government of Germany as one kingdom, and Asian nations such as China could have been engrossed and occupied by Japanese. India could have also declared their independence under the violent Bose regime and ally itself with Japan, as well as Japan could have extended its Empire into China, Korea and South Asia continent.
Work Cited
Perry, N. & Vernengo, M. What Ended the Great Depression? Reevaluating the Role of Fiscal
Policy. Working Paper, 678 (2011): 1-20.
Perry, Marvin. Western Civilization: Ideas, Politics, and Society. South Melbourne, Australia:
Wadsworth Cengage Learning, 2013. Print. Read More
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