A) ONE way in which Japan responded to the economic crisis after 1900 differently from the United States is that Japan always devaluated its currency making Japanese products less expensive than imports.
On the other hand, the United States always became more liberal after each economic crisis.
Currency devaluation has been viewed as a strategic move by a country to decrease the purchasing power of the currency relative to other currencies.
Currency devaluation creates a downward adjustment of a country's currency value, thereby encouraging exports.
B) ONE way that the ideas of John Maynard Keynes differ from the ideas of Adam Smith is that Adam Smith postulated that the level of employment depended on the amount of capital stock and its deployment.
On the other hand, John Keynes postulated that the determination of the level of output and employment depended on the interaction of aggregate demand and supply.
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