The economists and politicians learnt two key lessons from the inter-war economic experiences.(i) First, an industrial society based on mass production cannot be sustained without mass consumption.(ii) There was a need for high and stable income which depends on full employment of the people.(iii) Since market alone could not guarantee full employment; government should intervene and take steps to minimise fluctuation of market forces.(iv) The second lesson is that the global economy is inter-related.(v) The goal of full employment could only be achieved if governments had power to control flow of goods, capital and labour.