20th-century economics

20th-century economics was marked by significant developments like the Great Depression, which led to increased government intervention in the economy. The Keynesian revolution advocated for active fiscal policy to manage demand and prevent recessions. Meanwhile, the rise of globalization and technology transformed trade and production. Supply-side economics emerged in the 1980s, emphasizing tax cuts and deregulation to stimulate growth. The end of the century saw the fall of communism, leading to a shift towards market-oriented economies. Throughout, economic theories evolved to address issues of inequality, recessions, and sustainable growth, reflecting the complexities of the modern world.