Summarize the Great Transformation

question 52

Essay

Summarize the Great Transformation.

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Definitions:

Budget Deficits

A situation where a government's expenditures exceed its revenues, resulting in the need to borrow money.

Great Depression

A severe worldwide economic downturn that lasted throughout the 1930s, marked by widespread unemployment, deflation, and a significant drop in global trade and output.

Annually Balancing

The process of adjusting or reconciling financial accounts or budgets to match or balance over a one-year period.

Cyclically Balanced Budget

A fiscal strategy where the government aims to balance its budget over the complete economic cycle, accumulating surpluses in boom periods and deficits during recessions.