![]() ![]() ![]() cut social spending, increased military budget and made gov bigger recommended to increase the money supply Ronald Reagan / Reaganomics - proposed small gov, balanced budgets, tax cuts, and less regulation ![]() relies on free market Deregulation cutbacks in the amount of Federal regulation in specific areas of economic activity, ex businesses, banks, etc Milton Friedman - concentrated power is a threat to freedom Green Revolution was somewhat a solution Neoliberalism - branch of economics that focuses on the connection between economic and political liberty When US allied w/ Israel in the 70s, OPEC cut of oil (gas crisis) limits to growth / overpopulation - if everyone consumed as much as developed countries do, the world would not be able to sustain such a demand government gave out cost-plus contracts OPEC - Organization of the Petroleum Exporting Countries mass production, so falling per-unit costs ![]() advertising makes sense for products we need to be persuaded to buy Permanent War Economy - increase in technology and government spending John Kenneth Galbraith - led a revolution in advertising America was still spending military money to gear up for Cold war so hotspots like SoCal became key places for jobs for those who worked in the heavy industry. Price controls stayed in place to ease conditions after the war. Involves middle class and baby boom, etc Liberal Consensus belief that capitalism the best Military Industrial Complex link between the military, congress and the civilian industry that produces military goods Suburbanization - funded by the military industrial complex Welfare states American Purchasing Power in wake of WWII American industrial economy was the only power left and people had power to buy a lot of stuff and had bought long lasting goods (houses, etc) They couldn't buy it during the GD or WWII but in the late 1940s as wages and jobs stayed high Americans unleashed their purchasing power. Mixed Economies command economy vs free market economy, some aspects are regulated. universal gold standard - regulation of currency Welfare states government takes responsibility for its citizens: education, pensions, health care, and unemployment benefits. makes loans to countries for economic development, trade promotion, etc General Agreement on Tariffs and Trade (GATT) - the reduction of international tariffs to increase trade Bretton Woods Conference - created a managed money supply (dollar was sort of exchangeable for gold) International Monetary Fund (IMF) - kept reserves on money to help in crises money can only be spent and cannot be used to pay off debts United Nations - has no power to tax, but is a world government similar to the continental congress World Bank - made loans for reconstruction country needs deficit, so spend money that would result in one even if everyone has a job and pays taxes Marshall Plan - sent billions to Western Europe to allies for their relief gov can counter business cycle by doing opposite of everyone else spending stops, money is saved, prices of loans and interest rates fall Das Kapital Karl Marx's book that said all social classes should end and everyone should be equal with equal ownership of businesses Trusts a combination of large companies form an alliance to squeeze out competition Command Economy government is in charge of determining your productionĬompanies can't control how much to produce (Nazis, Soviets) Henry Ford significant because of what he did to take industrial capitalism to consumer capitilism John Maynard Keynes / Keynesian Economics and the General Theory - to cure a slump, government and people should spend more ![]()
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