Answer:
Market economies utilize private ownership as the means of production and voluntary exchanges/contracts.
Explanation:
According to the Cambridge and Merriam-Webster dictionaries, a person who takes power by force and rules with total authority is a dictator. A dictator is not elected by the people, and extends his powers into the private lives of the people. He usually enjoys a cult of personality throughout the nation. An example of dictator would be Hitler in Germany between 1933 and 1945.
You should bear in mind that there are two other words which could fit this definiton, with some nuance:
- if this ruler uses its unlimited power unfairly and/or cruelly, it is a tyrant;
- if this ruler came to power through elections which he rigged, and simply rules without any political opposition, it is an autocrat.
During Hoover's administration, the stock market collapsed. This was such a huge deal because people were borrowing money from the banks and putting in stock market. When the collapse occurred people were unable to repay the banks the money they took out, the banks failed.
I think it was the South. Not exactly sure though.
