Hi, Woud you please help me with the learning objectives below? Also, please giv

Question

Hi,

Woud you please help me with the learning objectives below?
Also, please give me summary of the case.

Thank you very much!!

CASE 2-1 A New Front in the Battle of Ideas he history of twentieth-century world economic thought has of twentieth-century world economic thought has Soviet Soviet model was the best one? Should the government, in fact, been called a "battle of ideas." Following the Bolshevik play a central role in the economy? To reboot the world economy in the 1930s, governments heeded the advice of economist John Maynard Keynes and embarked on massive spending programs (see Exhibit 2-1). In the United States, hed the Works Administration (WPA) and put millions of Americans back to were also the order of the day in Revolution of 1917, the leaders of the Soviet Union established a centrally planned economy and put themselves in charge. In the nd put themselves in charge. In the West, by contrast, free market capitalism was the order of the day. on massive After the stock market collapse of 1925 and the Great Depression for example, President Franklin Roosevelt launc of the 1930s, however, the wisdom of laissez faire economicProgress Administration policies and free markets was called into question. Maybe the work. Fiscal stimulus programs of the day Exhibit 2-1 John Maynard Keynes (left) and Friedrich August von Hayek were two of the twentieth century's most important economists Keynes advocated government intervention in markets; by contrast, Hayek believed that markets should function without government interference This "battle of ideas" is at the heart of the current policy debate about solving the global economiC crisis Sources: Paul J. Richards/AFP/Newscom and Album/Oronoz/Newscom.

Explanation / Answer

1) The biggest problem that occured in the entire 20th century was great depression, It just was so severe that basic underlying principles of economy were changed, Keynes was the economist behind the revival of global economy during that period.

2) There are two types of economic model one is centrally planned socialistic model and other one is capitalistic model, The USSR, China, India.etc were the countries that were following socialistic economy and USA and others were the countries that followed capitalistic economy.

The above content only 2 questions...

3) World bank is developmental bank that has great knowledge about these emerging economies, Within these BRICS the least developed is India which is still under income country, China became middle income country, Russia is middle income too, Brazil and south africa too are middle income countries.

4) Balance of payments is something that the country pays for importing items, It is form of account where payments are made and if this account is short on cash you will get crisis called balance of payments crisis which is risk of default by nation which can be very serious

5) China, United States, Japan and EU are prominent exporters

6) The importers gain from strong currency as they will likely pay less, Exporters loose a lot with strong currency as their goods become less competitive globally.

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