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