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Briefly explain the factors that led to the erosion of Rail dominance in 1920 and 1930.
Keynes
Keynes refers to John Maynard Keynes, a British economist whose theories on government spending and monetary policy revolutionized economic thinking and policy in the 20th century.
Government Intervention
Actions taken by a government to influence or directly regulate various activities within its economic systems.
Taxes
Required financial dues or other levy types enforced on taxpayers by governmental institutions, intended to support government funding and multiple public spending purposes.
Average Price Level
An index that summarizes prices across a variety of goods and services within an economy at a given time, providing a snapshot of overall price trends.
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