Briefly summarise the two lessons learnt by economists and politicians from the inter-war economic experience?

Economists and politicians drew two key lessons from inter-war economic experiences:

1. An industrial society based on mass production cannot be sustained without mass consumption. But to ensure mass consumption, there was a need for high and stable incomes. Incomes could not be stable if employment was unstable. Thus stable incomes also required steady, full employment.
2. The goal of full employment could only be achieved if governments had power to control flows of goods, capital and labour.