| A | B |
|---|
| Friedrich von Hayek | markets work; governments don't |
| John Maynard Keynes | when markets fail, government should step in |
| The traffic lights of an economy | prices |
| steel, coal, railroads, and other heavy industry | the commanding heights of the world economy |
| These were crimes in Soviet Russia | trade, commerce, and private property |
| globalization | the political and economic interconnection among the nations of the world |
| Vladimir Lenin | Bolshevik leader |
| The Bolsheviks wanted to smash this | capitalism |
| Josef Stalin | introduced central planning after Lenin's death |
| One-third of the world's population lived under this by 1950 | Marxist-Leninist economic policies |
| disillusioned | upset |
| recession | period of economic decline |
| succinctly | in fewer words |
| cataclysm | disaster |
