Amsco: 7.4 Study Guide Graded A+

How did different governments respond to economic crises after 1900? {Ans: - U.S. became more liberal - Germany, Italy, and Japan turned to the right - Russia implemented Five-Year Plans - German government printed more paper money to pay reparations - *John Maynard Keynes* - *New Deal* - Japan got out of Great Depression quickly by devaluing currency (lowering the value of money in relation to foreign currencies) - Japanese products became less expensive than imports - Oversea expansionism increased need for military goods and stimulated economy - *New Economic Plan (NEP)* - Stalin abandoned NEP and instituted the first *Five-Year Plan* - Stalin *collectivized* agriculture - *Institutional Revolutionary Party (PRI)* - Germany and other countries turned to *fascism* - Italy's Fascist government glorified militarism and brute force - *Corporatism* - *Totalitarian state* - *Spanish Civil War* - *Spanish Republic*}Deficit Spending {Ans: Government practice of spending more than it takes in from taxes}Totalitarian State {Ans: A state in which the government controls all aspects of society}Franklin Delano Roosevelt {Ans: Democratic president who created the New Deal to counter the effects of the Great Depression}Gulags {Ans: Forced labor camps set up by Stalin in eastern Russia.