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UPSC Exam  >  UPSC Questions  >  Which country experienced a significant econo... Start Learning for Free
Which country experienced a significant economic boom during the Great Depression due to its policy of "New Economic Policy"?
  • a)
    Japan
  • b)
    Germany
  • c)
    Italy
  • d)
    Soviet Union
Correct answer is option 'D'. Can you explain this answer?
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Most Upvoted Answer
Which country experienced a significant economic boom during the Great...
The Soviet Union experienced a significant economic boom during the Great Depression due to its policy of "New Economic Policy" (NEP). Under NEP, limited capitalist-oriented reforms were introduced, allowing private enterprise and foreign investments in certain sectors, leading to an economic recovery during the 1920s.
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Which country experienced a significant economic boom during the Great...
Soviet union
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Passage 2After the end of World War II, a pervasive, but unfortunately fallacious, economic perspective took hold. Based on the United States successful emergence from the Depression, the idea that war was good for an economy became fashionable. However, linking the United States economic recovery with its entry into World War II is a prime example offlawed economic thinking.Supporters of the war benefits economy theory hold that a country at war is a country with a booming economy. Industry must produce weapons, supplies, food, and clothing for the troops. The increased production necessitates the hiring of more people, reducing unemployment. More employment means more money in the pockets of citizens, who are then likely to go out and spend that money, helping the retail sector of the economy. Retail shops experience an increase in business and may need to hire more workers, further reducing unemployment and adding to the economic momentum. While this scenario sounds good in theory, it does not accurately represent what truly happens in a war time economy.In reality, the government can fund a war in a combination of three ways. It can raise taxes, cut spending on other areas, or increase the national debt. Each of these strategies has a negative impact on the economy. An increase in taxes takes money out of an individuals hands, leading to a reduction in consumer spending.Clearly, there is no net benefit to the economy in that case. Cutting spending in other areas has its costs as well, even if they are not as obvious.Any reduction in government spending means the imposition of a greater burden on the benefactors of that government spending. Cutbacks in a particular program mean that the people who normally depend on that program now must spend more of their money to make up for the government cuts. This also takes money out of consumers hands and leaves the economy depressed. Of course, a government could go into debt during the war, but such a strategy simply means that at some point in the future, taxes must be increased or spending decreased. Plus, the interest on the debt must be paid as well.Q. The "pervasive...economic perspective" mentioned in line 1 took hold because

New economic policies helped China's economy recover from its inertia. Due to privatization of agriculture, there was a significant increase in agricultural products and rural income. The amount of private savings increased in the rural economy and due to this the number of rural industries increased rapidly. The growth rate of China's economy remained fast in both industrial and agricultural sectors. There was a significant increase in foreign trade due to new trade laws and the creation of Special Economic Zones (SEZ). China has emerged as the most attractive country for foreign direct investment in the whole world. China now has huge reserves of foreign exchange and on the basis of this, China is investing in other countries. China joined the WTO in 20011998 Features and objectives of privatization of industriesWent. In this way, China took another step towards opening its economy to other countries. Now China plans to deepen its connection with the world economy and give its desired shape to the future world order. extract notes easy language?

Passage 2After the end of World War II, a pervasive, but unfortunately fallacious, economic perspective took hold. Based on the United States successful emergence from the Depression, the idea that war was good for an economy became fashionable. However, linking the United States economic recovery with its entry into World War II is a prime example offlawed economic thinking.Supporters of the war benefits economy theory hold that a country at war is a country with a booming economy. Industry must produce weapons, supplies, food, and clothing for the troops. The increased production necessitates the hiring of more people, reducing unemployment. More employment means more money in the pockets of citizens, who are then likely to go out and spend that money, helping the retail sector of the economy. Retail shops experience an increase in business and may need to hire more workers, further reducing unemployment and adding to the economic momentum. While this scenario sounds good in theory, it does not accurately represent what truly happens in a war time economy.In reality, the government can fund a war in a combination of three ways. It can raise taxes, cut spending on other areas, or increase the national debt. Each of these strategies has a negative impact on the economy. An increase in taxes takes money out of an individuals hands, leading to a reduction in consumer spending.Clearly, there is no net benefit to the economy in that case. Cutting spending in other areas has its costs as well, even if they are not as obvious.Any reduction in government spending means the imposition of a greater burden on the benefactors of that government spending. Cutbacks in a particular program mean that the people who normally depend on that program now must spend more of their money to make up for the government cuts. This also takes money out of consumers hands and leaves the economy depressed. Of course, a government could go into debt during the war, but such a strategy simply means that at some point in the future, taxes must be increased or spending decreased. Plus, the interest on the debt must be paid as well.Q. The second paragraph of the passage performs which of the following functions?

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Which country experienced a significant economic boom during the Great Depression due to its policy of "New Economic Policy"?a)Japanb)Germanyc)Italyd)Soviet UnionCorrect answer is option 'D'. Can you explain this answer?
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