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Rotman Commerce
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John Oesch

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First world industrialized capitalist ecoSecond world industrialized centrally planned Communist ecoThird world lessdeveloped or nonind ecoA First world ecoThe industrialized eco have avoided another Great Depression although there have been eco downturns recessionsThey have learned the policy lessons of KeynesCapitalist eco have gradually become more service based and less manufacturing based which adds stabilityAn opposite problem try to produce too muchindustrialized eco blundered into starting in the late 1960sWhen an eco is overheated and has its prices rise its called inflationInflationNot as bad as depression unless its hyperinflation but still harmfulThe uncertainty of the value of money shows up as high interest rates which make entrepreneurs less willing to build new plants or start new businessInflation in Canada and US moves from 23 in the 1950s and early 1960s up to as much as 10 by late
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