Domestic Policy Flashcards
tradable financial assets/instruments with monetary value (ex: stocks, bonds, ownership rights)
securities
prominent economic ideology during the 1920s promoting less state intervention, less regulation, and the assumption that markets would correct themselves in the event of financial difficulties or crises
laissez-faire liberalism
term used to describe government policies including increased government spending, taxation, regulation, and management of the economy; the so-called new deal order constituted the period of the 1930s to the late 1960s
new deal (social) liberalism
prominent British economist who advocated for increased government spending (ex: deficit spending) during the Great Depression to stimulate demand and kick-start the U.S. economy (the multiplier effect); he was also a critical figure in the establishment of the Liberal International Order during the 1944 Bretton Woods Conference
John Maynard Keynes
federal law that separated investment and commercial banking and established the Federal Deposit Insurance Corporation (FDIC) to insure customer deposits at banks; it also enhanced the Federal Reserve Board’s power of regulation and oversight of banks
1933 Banking Act (Glass-Steagall)
federal law that cracked down on insider trading and investment fraud; it requires the disclosure of information on public securities (ex: a required prospectus with information regarding investment offerings to the public)
1933 Securities Act
federal law that established the Securities and Exchange Commission (SEC), which is the independent federal agency that investigates investment fraud and enforces securities laws for stock market trading
1933 Securities Exchange Act
federal law that became the cornerstone of the U.S. welfare state; it originally established a national system of a contributory pension program and partial unemployment insurance; it also originally provided categorial assistance benefits to the low-income elderly, aid to dependent children (in fatherless homes), and aid to the blind and disabled
1935 Social Security Act
Supreme Court Justices Pierce Butler, James McReynolds, George Sutherland, and Willis Van Devanter; they were prominent opponents of Franklin D. Roosevelt’s New Deal policies during the 1930s
“four horsemen”
she was the first woman to serve in any presidential cabinet and served as Secretary of Labor (1933-1945); played a crucial role in the drafting of the 1935 Social Security Act and based it on the taxing power of Congress
Francis Perkins
term for decreased economic growth, increased inflation, and increased unemployment; it is often used to describe the period of economic “malaise” in the United States during the 1970s
stagflation
term used to describe government policies including deregulation, reduced taxation reduced social spending, opposition to unionization and collective bargaining, and increased government support for elite interests (ex: bailouts for financial institutions and corporations during financial crises); the so-called Neoliberal Order constitutes the period of the 1970s to the present
neoliberalism
prominent neoliberal economist and adviser to both British Prime Minister Margaret Thatcher and U.S. President Ronald Reagan; Friedman supported policies of regulation, privatization, and reduced taxation
Milton Friedman
ten economic principles promoted by two D.C.-based international organizations the World Bank and International Monetary Fund (IMF) for state development
Washington Consensus
the free trade agreement established during the 1990s that reduced/removed tariff and non-tariff trade barriers between the United States, Mexico, and Canada; it was renegotiated by the Trump administration as the United States-Mexico-Canada-Agreement (USMCA)
North American Free Trade Agreement (NAFTA)
