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11 Cards in this Set
- Front
- Back
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What is the Social Structure of Accumulation? |
The environment where accumulation takes place in . The current state of our country determines how we make money. |
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What changed the social structure of accumulation in America? |
-The great depression -The crash of the stock market which made banks absolute so people couldn't make money from stocks anymore. - This was a time when the economy was unsuitable for accumulation. |
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What happen when the economy was unsuitable for accumulation? |
-People lost their jobs -companies began to shut down -people did not spend money because they didn't have any -businesses did not produce products because they did not make any money. |
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How did America began to progress? |
-FDR took office - he instituted the New Deal -America didn't reach its full strength until WWll -The government subsidized more business in order to make more weapons - This created an economic boom that lasted after the war was over. |
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How did America stay stable after WWll? |
-once the war ended Americas social structure of accumulation focused on who could own most of the stuff. -Businesses created huge amounts of products for cheap It was from that point the American economy stayed stable. |
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What is classical and side economics ? |
operates under the assumption that supply creates demand: If a business makes a small amount of a product , people will pay more for the product because demand will be high
(says law = supply creates demand)
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What is the Keynesian Policy? |
The exact opposite of supply side economics: John Keyes published a book during the great depression which said demand influences supply . His theory was if people really wanted something , a business would make more of it. |
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What caused the post war boom to bust? |
The post war economy was booming because the SSOA was focused on mass Consumption.Business created a lot of products . People brought a lot of products. The economy went through a depression until Clinton took office |
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Conservative era Economic Policy (since 1980) |
The chief economic policy was to empower banks. -The Graham Leach Biley Act repealed aspects of the glass steagal act. which allowed banks to have a more open relationship with securities and insurance companies.
- It also allowed an investment bank to also act as a commercial bank. To increase the amount of money it can invest. |
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Globalization |
With an economic high. The countries of the world began to trust us as an economic entity again. This made other countries think that they needed each other. This also encouraged big businesses. And there was more competition overseas. |
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Economic Development in current era |
In todays economy the United States is focused on keeping unemployment low and generate a good business climate. By increasing in wages and decreasing national spending due to incredible deficit. |
