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25 Cards in this Set

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majoritorian politics
many people share the costs, many recieve the benefits
entrepreneurial poltiics
few people share the costs, many recieve the benefits
client politics
many people share the costs; few people with benefits
interest group politics
few people share the costs, few people benefit
what voters generally want
economic growth, low taxes, major govt spending on most programs, no budget deficit
what politians try to do
must make choices about economic policy, choices are affected by uncertainty ignorance; democrats concerned with reducing unemployment; republics concerned w; reducing inflation
monetarism
conservative; Milton Friedman, believed inflation is caused by too much money chasing too few goods; thought govt should have steady, predictable increase in money supply, should be equal to the growth of economy's productivity
keynesianism
liberal, John Maynard Keynes; health of market depends on % of people's incomes saved or spent; govt ought to create right level of demand, no need to balance budget annually
planning
liberal; John Kenneth Galbraith; govt price and wage controls during high inflation, industrial policy- govt should direct investments to bolster faltering industries
supply-side
conservation; Arthur Laffer, market has not been given adequate chance; should be less govt involvement
reaganomics
combination of monetarism, supply side tax cuts, domestic budget cutting; goals- reduce size of fed govt, stimulate economic growth, increase military strength, lowering taxes increases spending
CEA
3 proffesional economists, impartial experts who forecast economic trends, analyze economic issues, help prepare presidents economic report
OMB
functions- prepare estimates of money spent by fed agencies, negotiate w/ departments over budgets, make lesgislative proposals of departments in accord w/ pres plan; dual role- non partisan agency that analyzes spending and partisan agency fighting for pres agenda
secretary of treasury
expected to argue point of view of financial community, provides estimates of govt revenue from taxes, represents the U.S. w/ foreign relations
federal reserve board
regulate supply of money and price of money
congress' role in economic policy
approves all taxes, expenditutes, can pass laws limiting power of the Fed
gramm-rudman balanced budget act
in response to deficits the budget would be cut automatically until deficit disappeared; if congress and president disagreed on spending then automatic across the board % cuts would be made in all but exempted programs
checks on pres power
congress limits pres ability to give military, econimc aid to countries, controls purse strings
war powers act
president must report troops to congress within 48 houros, must authorize continuation of war within 60 days
post war world power
expansion of overseas committments so foriegn policy is at top of pres agenda, shaped by numerous agencies involved overseas (state, defense, CIA, FBI, DEA)
mass opinion
generalyl uninformed, support president mostly, judge success of undertakings on pratical grounds
elite opinion
well informed, much less supportive of prez, judge success of undertakings on philosophical grounds
isolationism
early 20th century--pearl harbor, explains reluctance to get involved in WWII, rejection of League of Nations, Hawley-Smoot Tariff, Neutrality Acts of 1930s
Antiappeasement
result of WWII, George Kennan- U.S. could only fight communism b y applying unalterabnle counterforce at every point of encroachment, containment- explains NATO, Marshall Plan, Berlin Airlift, involvemennt in Korea, Vietnam
Disengagement
result of experiences in Vietnam, came to power during Carter administratin, also in Clinton