Term
|
Definition
| (America before 1929, republicans since 1980)Prediction = Prosperity without altruism or government. 1. Business Profits 2. Production of what consumers want 3. Jobs for workers 4. total production grows. Policy is reduce government intervention ( Smith plus conservatives agree jobs run by private business are better)overproduces and undercuts |
|
|
Term
|
Definition
| (Communist & LDC countries, Radical Americam Economics) Prediction= collapse bigger gap between rich and poor. Policy= redistribution by government meaning no private property. |
|
|
Term
|
Definition
| (Middle, democrats & republicans 1929-1980, liberal Democrats) Prediction = boom & bust. Policy= government as Regulator (Thermostat). Inflation Policy 1. tax more 2. spend less 3. pay off debt. Depression Policy 1. Tax less 2. spend more 3. borrow to cover deficit. Depression is caused when three areas get in trouble at the same time (accidental) |
|
|
Term
| Stagflation according to conservatives |
|
Definition
| Problem= government policy (taxed & regulated business to a point where it killed the risk factor which brought unemployment) = Less governement. 1. Less government taxation and regulation of businesses (increase invest/expand, create employment, increase production = lower prices) 2. less spending on poor (incentive to move, retrain, work= employment, incentive to save more= lower interest rates, incentive to spend less= lower prices) Inflation is caused by spending money on the poor. |
|
|
Term
| Stagflation according to the Liberals |
|
Definition
| Problem = Corporate Power Policy(big buissness did it by sending jobs overseas which caused unemployment)= More Government Regulation of Corporations. 1. Tax/Spending policy to encourage: (invest in long run, invest in production vs. speculation, invest US vs. Oversease = employment) 2. Government spending on poor ( prepeare for workforce = employment, restore savings capacity= lower interest rates) 3. Government Regulation of Price Fixing (regulation if mergers, anti-trust enforcement = lower prices) Inflation is caused by big business fixing prices |
|
|
Term
|
Definition
| He had conservative thoughts but ended up increasing the deficit by 4. Republicans emphasize immediate gains: 1. rising employment( deficit spending) 2. low interest rates (foreign investment) 3. low inflation (cheap imports) in total low prices. Democrats Emphasize long term price: 1. Domestic Debt= loss of government capital. 2. foreign debt= loss of private capital. 3. destruction of us industrial base= long term unemployment/ low wages, in the end the need to pay interest/ dividend= no private capital. |
|
|
Term
| Clinton & Gore+ Government |
|
Definition
| Creating the Surplus (Good gov action made the surplus should spend on programs) 1. Government Action- Reduce Deficit (tax increase, limit spending) 2. Free Trade. Spending the Surplus: 1. limited tax cuts. 2. targeted tax cuts. 3. social security- government guarantee. 4. education - government aid to public schools. 5. health care- extend government insurance |
|
|
Term
|
Definition
| Creating the surplus ( delayed efforts and Clinton was kept from spending which created the surplus and cut taxes give back to people to invest in private market) 1. free private enterprise ( reagan tax cuts, bush restraint on recession, congressional restraint on Clinton). 2. Free trade. Spending the Surplus: 1. Large tax cuts 2. across the beard tax cuts 3. social security- individual investment 4. education- aid to parents= competition+ tests 5. health care - buy private insurance |
|
|
Term
| Obamanimics: Policy Responses |
|
Definition
The economy:
Government Crisis Management: Governemnt responsibility to fix it by adding more money to spending
Governemnt Redistribution:"The pieces need to be more equal" taxing the rich and increase spending on the poor
Government Long term management: Move money in areas for future but short term interest for big business to get into |
|
|
Term
|
Definition
| Living American Dream, ra ra rich guy film |
|
|
Term
|
Definition
|
|
Term
|
Definition
|
|
Term
|
Definition
| talented but from the bottom |
|
|
Term
|
Definition
| Not Mr. nice guy, greed is good |
|
|
Term
|
Definition
| honest and hardworking but capitalism destroyed hopes |
|
|
Term
|
Definition
| 1. got beyond producing to stay alive to a surplus 2. surplus can be moved = worth money 3. increasingly rich = business class and power |
|
|
Term
| Catholic vs Protestant ideas |
|
Definition
| The Catholics believed the Rich cant go beyond too much riches and supply and demand limit too much greed. The protestants believed that if god wanted you to be a business man than you would make money |
|
|
Term
| Smith on free market and appropriate government involvement |
|
Definition
| Will auto translate individual greed to social good. Government involvement can be managed by law/ order, military, limited development of roads but that mainly should controlled by private. |
|
|
Term
|
Definition
| Smiths ideas plus you cant even help when people are starving. Think free market is good. |
|
|
Term
|
Definition
| Smith ideas and have to be out of trade between trade. Think free market is good. |
|
|
Term
|
Definition
| Smiths ideas and even when there is a depression since it will result in a cleanse of what they don't need. Thinks free market is a good idea. |
|
|
Term
|
Definition
Mills says that conservatives will increase production but intervene in distribution.
Bentham says that greatest good for the greatest number of people is okay to intervene for most people not just rich in democratic society. |
|
|
Term
| Philosophy of Individualism |
|
Definition
| Also known as Social Darwinism meaning that the winners win and losers lose. |
|
|
Term
| Marx vision of the perfect communist society |
|
Definition
| No poor people, no struggle and wealth is distributed |
|
|
Term
|
Definition
Orthodox is overthrowing capitalism
Revisionist is democratic forms to avoid revolution |
|
|
Term
|
Definition
| rich people live like pigs and you need to slow down on the advancements of technology. Rejected social Darwinism |
|
|
Term
|
Definition
| creative destruction which means technology will development and out produce people and that they should help people in dying areas catch up to the advancements. Rejected social Darwinism. |
|
|
Term
|
Definition
| You cant except business to do anything but for themselves. Rejected social Darwinism |
|
|
Term
| Long term significance of Keynes's views |
|
Definition
1. paychecks in pockets to people to buy things (economic reasons to help)
2. Long term justification for regulating capitalist economy
3. If you don't intervene the gap between rich and poor will continue to grow like Marx said. |
|
|
Term
| Roosevelt on unions and environmental policy's |
|
Definition
| maintaining high levels of employment, legislation establishing collective bargaining as a means of settling labor management disputes, relationship between government and business, was regional land- use planning based on water resources |
|
|
Term
| Which side appears to be giving ground on fiscal talks |
|
Definition
| Republican Party because public opinion polls and business class |
|
|
