means of production definition ap world history

Miracle of Chile: Privatization of publicly-owned (state-run) companies, stabilization of inflation Southern Tour: Price reforms, tax reforms, new private ownership of previously state-owned companiesĪssumed power in Chile after a US-backed coup Ended civilian rule until 1990 “The Architect” of socialist thinking made China more Socialist/less Communist Supply-Side/Reaganomics to create lower prices and lower taxes Decrease of inflation and unemployment New government spending policies had to be created to focus on inflation less regulationĪnti-Communist President, De-escalated Cold War Tensions with USSR: Détente

The “Iron Lady”, Longest Serving GB Prime Minister of the 20th century In countries like Greece and Turkey, the Truman Doctrine sent monetary aid to countries it felt were at risk of becoming communist, to encourage a free market/capitalist economy. A free market economy is one with generally privately-owned businesses and property, with little to no government interactions with the markets.Īs we discussed in unit 8, specifically thinking about the Cold War across the world, the United States of America tried everything that it could to prevent countries from falling to communism in a containment plan. Free Market EconomicsĪround the world, during, and then accelerated by the end of, the Cold War, many governments started to encourage free market economic policies. By understanding economic globalization and its impacts, we can gain a better appreciation of the complex forces that are shaping the global economy and the challenges and opportunities that lie ahead. We will examine the historical context of economic globalization, as well as the political, economic, and cultural factors that have shaped this trend over time. In this study guide, we will explore the various dimensions of economic globalization, including its causes and consequences, as well as the debates surrounding its benefits and drawbacks.

It is characterized by the expansion of international trade, investment, and financial flows, as well as the growing presence of multinational corporations and other transnational actors.Įconomic globalization has been a significant trend in the world economy in recent decades, and it has had a wide range of impacts on countries, industries, and individuals around the world.

Economic globalization refers to the increasing interconnectedness and interdependence of the world's economies.

Means of production definition ap world history