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41 Cards in this Set

  • Front
  • Back
a system of production and consumption of goods and services which are allocated through exchange among producers and consumers.
Laissez-faire vs. regulation
Governmnt intereference in trade. Became a synonym for free market economics
Fiscal Policy
a tool of economic management by which gov't attempts to maintain a stable economy through its taxing and spending decisions
Example of Fiscal Policy
The office of management and budge - Budget deficit vs. budget Surplus
Monetary Policy
a tool of economic mangement available to gov't that involves manipulation of the amount of money in circulation.
The Federal Reserve System
Government Intervention
Promoting Business, Labor and Agriculture
Promoting Business
loans, tax breaks and services
Promoting Labor
National Labor Relations Act, Minimum wage
Promoting Agriculature
Crop subsidies
National Parks and Forests
Dual Use
The Environmental Protection Agency
EPA - air and water standards
Global Warming
The Kyoto Agreement - restriction on the amount of greenhouse gasses a nation can put out
Welfare Policy
Positive Government vs. negative Government
Entitlement Programs
individual - benefit programs that require government to provide a designated benefit to any person who meets the legally defined criteria for eligibility.
Social Insurance
social welfare programs based on the insurance concept, so that infdividuals must pay into the program in order to be eligible to receive funds from it.
Examples of Social Insurance
Social Security, Unemployement insurance, medicare
Public Assistance
refers to social welfare programs funded through general tax revenues and available only to financally needed
Examples of Public Assistance
Supplemental Security Income, aid to needy families, food stamps, subsidized housing, medicaid
Equal Opportunity
the idea that all individuals should be given an equal chance to succeed on their own.
Federal involvenement in education
Pre-k, K-12, College Level
Head Start
School Vouchers and No Child Left behind
College Level
Student Loans and Pell Grants
a view that the country should deliberatly avoid a large role in world affairs and, instead, concentrate on domestic concerns
view that the country should involve itself deeply in the world affairs
Economic Globalization
the increased interdependence of nations economies as a result of the impact of the transportation and communication revolutions on how business firms conduct their operations
Example - Multinationals and Free Trade Agreements
Free Trade
the view that all countries benefit to the degree of trade between them is not impeded by tariffs and other forms of protectionism.
the view that the immediate interestes of domestic producers should have a higher priority (through, for example, protective tarrifs) than free trade among nations.
Military Industrial Complex
the three components ( the military establishment, the industries that manufacture weapons, and the members of Congress from states and districs that depend heavily on the arms industry) that mutually benefit from a high level of defense spending.
Other Factors
Human rights, Foreign Aid/ Development and Disease.
Major Eras during the 20th Century
Pre-World war 1, World war 2, Cold War and Post Cold War
Pre-World War I
World War II
Establisment of the US as a global superpower. Ended with the establishment of numerous intl organizations
Cold War
Struggle between the US and the Soviet Union
- Bipolar
- Containtment
- Mutal Assured Destruction
- Dente (easing of relations)
- Proxy Wars (vietnam, afganistan, cuba)
Post Cold war
Unipolar military, tripolar economically.
New World Order: Multilateralism
21st Century
War on terror and Axis of Evil
Axis of Evil
Iran, Iraq, North Korea
Ongoing Foreign Policy Goals
Access to energy and other vital resources, Open sytstem of trade that will promote domestic prosperity and Keep the rich/poor gap from destabilizing the global economy.
Worl War II Winners
UK, US, Russia, France and China
National Atlantic Treaty Organization
WW II Winners
World War II Losers
Germany Japan and Italy