Ecnomic And Foreign Policy

Front 1

majoritorian politics

Back 1

many people share the costs, many recieve the benefits

Front 2

entrepreneurial poltiics

Back 2

few people share the costs, many recieve the benefits

Front 3

client politics

Back 3

many people share the costs; few people with benefits

Front 4

interest group politics

Back 4

few people share the costs, few people benefit

Front 5

what voters generally want

Back 5

economic growth, low taxes, major govt spending on most programs, no budget deficit

Front 6

what politians try to do

Back 6

must make choices about economic policy, choices are affected by uncertainty ignorance; democrats concerned with reducing unemployment; republics concerned w; reducing inflation

Front 7

monetarism

Back 7

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

Front 8

keynesianism

Back 8

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

Front 9

planning

Back 9

liberal; John Kenneth Galbraith; govt price and wage controls during high inflation, industrial policy- govt should direct investments to bolster faltering industries

Front 10

supply-side

Back 10

conservation; Arthur Laffer, market has not been given adequate chance; should be less govt involvement

Front 11

reaganomics

Back 11

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

Front 12

CEA

Back 12

3 proffesional economists, impartial experts who forecast economic trends, analyze economic issues, help prepare presidents economic report

Front 13

OMB

Back 13

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

Front 14

secretary of treasury

Back 14

expected to argue point of view of financial community, provides estimates of govt revenue from taxes, represents the U.S. w/ foreign relations

Front 15

federal reserve board

Back 15

regulate supply of money and price of money

Front 16

congress' role in economic policy

Back 16

approves all taxes, expenditutes, can pass laws limiting power of the Fed

Front 17

gramm-rudman balanced budget act

Back 17

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

Front 18

checks on pres power

Back 18

congress limits pres ability to give military, econimc aid to countries, controls purse strings

Front 19

war powers act

Back 19

president must report troops to congress within 48 houros, must authorize continuation of war within 60 days

Front 20

post war world power

Back 20

expansion of overseas committments so foriegn policy is at top of pres agenda, shaped by numerous agencies involved overseas (state, defense, CIA, FBI, DEA)

Front 21

mass opinion

Back 21

generalyl uninformed, support president mostly, judge success of undertakings on pratical grounds

Front 22

elite opinion

Back 22

well informed, much less supportive of prez, judge success of undertakings on philosophical grounds

Front 23

isolationism

Back 23

early 20th century--pearl harbor, explains reluctance to get involved in WWII, rejection of League of Nations, Hawley-Smoot Tariff, Neutrality Acts of 1930s

Front 24

Antiappeasement

Back 24

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

Front 25

Disengagement

Back 25

result of experiences in Vietnam, came to power during Carter administratin, also in Clinton