Answer:
His name was Cosimo I de Medici.
Inflation is the increase in level of prices in an economy, while deflation is a decrease of the prices.
Inflation has a higher price increase, which means there will be less purchases. Deflation has a lower prices, so the quantity or amount of the item will be out of stock quicker.
Answer:
Explanation:
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In his book "Looking Backward", Bellamy tells the story of Julain West, a young American who lived in Boston towards the end of the 19th century (1887). During this period, industrialization was affecting all economic activities, as developments made manufacturing sites more productive and there was also a growing need for a labor force, as the growth of industry was exponential. Throughout all of this process, owners of these businesses were getting very rich.
One night, Wells falls asleep and wakes up 113 years later. He sees Boston as a city who suffered a dramatic change. Technological developments could be seen everywhere. He later learned that the country had adopted a socialist model which was fully executed. Enterprises were run and organized by a central office and labor was distributed by an organization called "The industrial army", who effectively assigned labor resources among the industries.
The book had great reception. Bellamy was praised by many unions, including the American Federation of Labor and The Knights of Labor, which saw the book as a reference on how industrial matters should be managed in the country.
