What Technological Advances Have Led to Time-Space Compression and the Associated

question 61

Essay

What technological advances have led to time-space compression and the associated rapidity of diffusion of change in the global system? Give examples of some of the benefits and of the liabilities of time-space compression.

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Definitions:

Keynesian Economists

Economists who believe that demand-side factors are critical in determining the level of economic activity, advocating for government intervention to manage demand.

Macroeconomic Policy

Strategies and actions taken by a government or central bank to regulate and control the economy as a whole, including fiscal and monetary policies.

Full Employment

When a society’s resources are all being used with maximum efficiency.

Monetarists

Monetarists believe in controlling the supply of money as a method for regulating the economy and combating inflation.