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Definition
| less government involvement |
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| Roots of Economic Involvement |
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Definition
| regulation limited in 19th century, Laissez-Faire, business Cycles, Growth in Tariffs, Railroads |
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As business cycles Changed need for intervention grew.
Fluctuations between expansion recession that are a part of modern capitalist economies (Boom&Bust) |
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| provided protection from foreign companies. |
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| interstate regulation for rail roads. Prohibitted such practices such as pooling, rate discrimination, and prohibiting more for short hall than long hall goods |
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| Increased Regulation of railroads, business, banking |
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Definition
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| Growth in regulation of food industry |
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Definition
Pure Food and Drug Act, Meat Inspection Act
Sets sanitary standards for the food industry |
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Definition
| created to regulate banking system |
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Definition
| established to strengthen the anti-trust policy, unfair methods of competition. |
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| Depression & The New Deal |
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Definition
| Laissez-Faire state becomes interventionist, creation of the Federal Deposit Insurance Corporation, founding of securities & exchange commission, passing Agriculture Adjustments Acts, Ratification of new labor and industrial regulations. |
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Definition
| alternative to the Laissez-Faire state; gov't takes an active role in guiding & managing the private economy |
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Term
| Federal Deposit Insurance Corporation |
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Definition
| created to ensure bank deposits originally for $5000 per account |
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Term
| Securities & Exchange Commission |
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Definition
| authorized to regulate the stock exchanges, and reduce the number of stocks bought in margin. |
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Term
| Agricultural Adjustment Acts |
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Definition
| sought to boost farm income by restricting agriculture production in order to bring it into better balance w/ demand. |
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| Ratification of New Labor & Industrial Regulations |
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Definition
| to protect the interests of workers |
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Definition
| regulation of business practices, industry rates, routes, or areas serviced by particular industries. |
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Definition
| quality and safety of products as well as the conditions under which goods & services are produced |
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Definition
| a reduction in market controls (such as, price fixing, subsidies, or controls on who can enter the field)in favor of market-based competition. |
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Definition
| Reduction in market controls in favor of competition, airlines are 1st to be deregulated in 1978, attempts to end crop subsidies in mid 1990s, radio deregulated in 1996, mixed results & calls to "regulate" |
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Definition
| 1st to be deregulated in 1978, leasing service as airlines makes cuts in their routines,despite the gov't subsidies to help maintain the service. |
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Definition
| deregulated in 1996, allowed companies to own an unlimited number of stations nation-wide. |
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Term
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Definition
| Economy stability is condition of economic growth, instability involves inflation or recession, inflation occurs when demand is high & prices rise, recession is marked by a decline in economy. |
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Definition
| a situation which there is economic growth, rising national income, high employment & steadiness in the general level prices. |
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Definition
| money establishes a system of exchange for goods, supply controlled by federal reserves, board of governors sets rules & regulations, system of banks governed by reserve requirements, establish discount rate of interest, work within open market operations, must cooperate w/ congress & executive Branch |
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Definition
| A form of gov't regulation which the nation is money supply & interest rates are controlled |
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Definition
| Responsible for changing the money supply, includes currency, coins, and bank deposits |
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Definition
| use of public policy to maintain economic stability, discretionary fiscal policy is choice of deficit of surplus, 1st serious use was in 1960s, large partisan divide over appropriate policy, international economy has an important influence, globalization creates new priorities & wage systems. |
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Definition
| Federal gov't policies on taxes, spending & debt management intended to promote the nation's macroeconomic goals, partially w/ respect to employment, price stability, and growth. |
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Definition
| Government raises & spends money; individual income taxes & social insurance & retirement receipts. |
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Term
| Congress and Budget Process |
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Definition
| Budget & Account Act of 1921 gave the president authority to prepare an annual budget & submit it to congress for approval |
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Definition
| often develop between Congress & the president over the details of the budget & its overall dimensions |
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| The amount by which federal expenditure exceeds federal revenue. |
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Term
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Definition
| War costs tremendous amounts of money, cost of Iraq War could exceed $2 trillion, These costs place serious pressures on the gov't budgets. |
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Term
| Sherman Anti_Trust Act (189o) |
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Definition
Prohibits all restraints of trade including price-fixing bid-rigging, market allocation agreements, and monopolization
Under the department of Justice |
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