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Forging the modern world final Exam Questions With Correct Answers Free trade and comparative advantage - answer-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 crea...

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  • 18 de octubre de 2024
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©SIRJOEL EXAM SOLUTIONS
10/7/2024 11:03AM



Forging the modern world final Exam
Questions With Correct Answers


Free trade and comparative advantage - answer✔-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 create wealth

-greed of capitalists generally negates itself and produces results that are advantageous to but

unimagined by individual

-increase profits

-comparative advantage: producing at lower cost than anyone

-wealth of nations was defense in free capitalism


Communism - answer✔-originating in 19th century


-Karl Marx & Frierich Engels: Germans who studied and worked in France and England

-Imagined a revolution that will transform Europe-in manifesto 1848 (showed the struggle

between social classes: important for a persons identity)

, ©SIRJOEL EXAM SOLUTIONS
10/7/2024 11:03AM


-"let the ruling class tremble at a communist revolution"

-bourgeoisie couldn't exist without revolutionizing

-critique of capitalism

-Marx said capitalist economic production would cause communist revolutions

-monetary and profitable assets in order to create equality for all individuals opposed to

competition asserted by capitalism, focusing on providing middle working class with fair

potential against bourgeoisie


Great Divergence - answer✔-18th century


-By the early 1900s, the North Atlantic world (especially the US, Great Britain, France, and

Germany) controlled 80% of the world's industrial output. A century earlier, india and china had

been responsible for more than half

-western world became most powerful and wealthy civilization


OPEC Oil Embargo and Stagflation - answer✔-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

, ©SIRJOEL EXAM SOLUTIONS
10/7/2024 11:03AM


-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 - answer✔-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 - answer✔-19th century


-European empires latched onto theories of social darwinism

-def: scientific principles of evolution could explain political and social conflict and outcomes

among society

-provided states with the fittest selected by God or nature to dominate their rivals

-emerged in the UK, the US and wester Europe in the 1870s, and which sought to apply

biological concepts of natural selection and survival of the fittest to sociology and politics


Civilizing Mission - answer✔-19th century

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