By “inflation is like taxation without legislation” Morgan Friedman meant like inflation gets new money into economy and raises revenue, does not mean that it is a part of the legislation.
<u>Explanation:</u>
Inflation means rise in the prices of the goods and services of the economy at a continuous rate. With the increase in the prices, the revenue of the government also increases and new money also comes in to the economy, just like tax is a source of revenue for the government. But this does not mean that inflation is a part of the legislation or a part of the law, like the taxes are a part of the legislation.
The United States did not have much role in the affairs of the other nations and had very little effect on foreign relations.
<u>Explanation:</u>
From the year of 1865 to 1889, there was deadlock in the domestic politics. It was the period when the relations of the nation with the rest of the world also had very little change.
The nation's role in in the affairs of the other countries of the world was slight. Most Americans expected that their nation would follow the advice of George Washington "steer clear of permanent alliances with any portion of the foreign world". He said that more importance should be given to domestic affairs than the other nations of the world.
When World War I began in August 1914, many people anticipated that the war would end by Christmas of that year. But the <span> French stopping the German advances in the west extended it into 1915 and beyond.</span>
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Socialism is most likely related to communism.
