Why has modern economic growth mainly been in western countries ?
Correct answer: D. the rise of capitalism
- A. a strong Catholic church intervention in the economic decisions
- B. an emphasis on trade restrictions
- C. the use of the medieval economy
- D. the rise of capitalism
Explanation
Modern Western growth was closely associated with the rise of capitalism, which strengthened private property, investment, markets, and innovation. The other choices describe restrictions or institutions that do not explain this broad growth transformation.
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The economy is studied as a whole through national income, gross domestic product, inflation, unemployment, economic growth and business cycles. Coverage includes aggregate demand and supply, consumption and investment, money and banking, fiscal and monetary policy, exchange rates and balance of payments, which distinguishes macroeconomics from the study of individual markets.
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