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37 Cards in this Set
- Front
- Back
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Square Deal |
- preventing large companies from abusing their control over the marketplace - protection of unions (working/protecting in a group) - rights for both owners and workers |
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William Howard Taft |
- pursued several progressive initiatives started by Roosevelt (ie. breaking up trusts - large business multinationals that exerted monopolies) |
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Sherman Anti- Trust Laws |
- prevented a business entity from owning two or more competing companies - oil companies could not be owned by the same parent company - president Taft and the Supreme Court used the act to force the company to break into smaller independent companies |
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Credit Unions |
- began as an alternative to tradition commercial banks - provided access to financial services to a wider range of individuals than tradition banks did - profits are used to offer members better lending rates or lower fees |
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First red scare |
- saw russian revolution and feared a communist uprising - several labour strikes - series of bombings by anarchists |
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Xenophobia |
Intense or irrational dislike of fear of people from other countries |
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Warren G. Harding |
- platformed on a return to normalcy - introduced nativism and isolationism - a reduction of government involvement in the lives - liberalism>modern liberalism>classical liberalism |
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Nativism |
The promotion of policies that favour the existing dominant culture in a country and reduce immigration |
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Isolationism |
A retreat from the involvement in other countries affairs |
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Calvin Coolidge |
- continued nativism and isolationism - emergency quota act - reduced immigration - preserved the ethnic composition of American society - Laissez-faire stance - personal income taxes reduced |
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Equality of opportunity |
- everyone had a chance at attaining prosperity but only those who deserved it (through hard work) would achieve it |
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Advancements in manufacturing |
- larger variety of products - cheaper prices - consumerism - the protection or promotion of the interests of consumers/buyers |
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Henry Ford |
- advocated a minimum wage and a 40 hour work week - believed if his workers were happier they would work more efficiently (welfare capitalism) |
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Marriner S. Eccles |
- mass production has to be accompanied by mass consumption - redistribution of wealth - “giant suction pump” had given all the wealth to a small population - capital accumulations of these few had taken away the purchasing power of mass consumers - this justified more government intervention |
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International Impacts (Canada) |
- creation of the cooperative commonwealth federation - founded in Calgary with mixed economic policies such as public ownership of industries and financial institutions - unemployment and social unrest |
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Richard Bedford Bennet (Prime Minister) |
- conservative prime minister during The Great Depression - created relief camps for unemployed single men - workers were given food, shelter, and basic wage for public works - workers were unhappy with food and pay - this led to the Ottawa Trek |
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Ottawa Trek |
- workers were unhappy with food and pay - workers had organized a strike and 1600 workers left to Vancouver - they later climbed on top of box cars to ride to Ottawa to voice demands |
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After Ottawa Trek |
- prime minister Richard Bedford Bennett eventually cut government spending - relied on Laissez-Faire economics - eventually saw the economy was not recovering - introduced programs similar to the New Deal - created the employment and social insurance act |
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Creation of Canada’s Central Bank |
- bank of Canada - took control of Canada’s money supply - used interest rates to regulate economy |
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Prime Minister Mackenzie King |
- created many social programs - succeeded Bennett |
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C.D. Howe |
- used unemployed to build airstrips - helped create CBC - established trans-Canada airlines - reformed the Canadian national railway (which was heavily in debt) - established 28 crown corporations - produced goods needed for the war effort |
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New Deal |
- government control of banks, works projects, and focusing on the workers demand - the economy was somewhat stabilized - resulted in an increase in government spending that brought the United States out of the Great Depression |
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Positive freedom |
- the government protects the citizens from the unexpected and changes of the market |
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First wave of Keynesian Economics |
- emphasis on employment - short term efforts for all |
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Second wave of Keynesian econonics |
- redistributing power amount businesses, consumers, farmers, and workers - unions encouraged - public works projects created - safety net - agriculture adjustment act was created (reduced farm crop and livestock outputs while raising farm prices) - works progress administration (paid the arts to sculpt, paint, write, act, etc |
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Sir William Beveridge (British Welfare State) Post War |
- believed social security is necessary but should not stifle incentive, opportunity, or responsibility - strived to provide a minimum to live but leave room for people to strive to obtain more than the minimum - Britain established several acts to provide some social security (safety nets, social programs) - start of the growth of modern liberalism internationally (ie. employment insurance, elderly assistance, child care, health care) |
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Canada Post War |
- strengthened social programs - creation of welfare state ideas (universal health care, Canada pension plan, old age security) Foreign investment review agency (ensure that the foreign acquisition and establishment of businesses was beneficial to the country) - CRTC (an independent public authority in charge of regulating and supervision Canadian broadcasting and telecommunications) |
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1970’s Financial Crisis |
- Recession + Inflation = Stagflation Caused by: - The United States withdrawing from the Breton Woods agreement leading other countries to follow - countries no longer used the price of gold to determine the worth of currency - this led to world currently freely floating on markets as well as inflation and slowing of economic activities |
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Monetarism |
- control of the countries money supply is the best way to encourage economic growth and prosperity |
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Milton Friedman |
- believed inflation was cause by too much money supply - argued that as money rises, consumer spending rises - this leads to demand and inflation rising, eventually leading to a recession - wanted money supply to be linked to the rate of inflation |
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Friedrich Hayek |
- critic of collectivism and Keynes - believed for collectivism to work the government needed to control the economy - this would eventually lead to the government controlling social aspects of people’s lives - believed it was impossible for the government to have the knowledge and ability to make all economic decisions - government controlled supply but would never have enough knowledge of demand |
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Supply side economics |
- argues economic growth can be most effectively created by lowering taxes and decreasing regulation |
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Demand side economics |
- advocates use of government spending and growth in the money supply to stimulate the demand for goods and services and therefore expand economic activity |
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Deficit financing |
- government goes into deficit during recession - pays off deficit during inflation - this ensures the demand for products which encourages economic growth |
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Fiscal policy |
- government use of spending and taxes to control the business cycle (ie. social program spending) |
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Monetary policy |
- government regulation of money supply, usually through interest rates (ie. bank of Canada) |
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Welfare capitalisn |
- classical liberal economic system with humanitarian measures such as workers protections and safety nets - often done in the interests of the workers but to prevent socialist unrest |
