Final Flashcards
What are some Market Weaknesses
Imperfect information Monopoly Public Goods Externalities Economic instability/ recession economic injustice
The 2 pillars of markets
Utilitarian and Libertarian
exceptions to the Brennan and Jawarski rule
Wrongful possession: some things are wrong to posses, therefore wrong to sell
Incidental limits: Special circumstances that make it wrong to sell
inherent limits
Negative Economic dignity
protection from the power of gov or market abuse by private corporations (teddy ros and antitrust)
Positive economic dignity
use the power of gov to create conditions of economic security and flourishing (FDR and New deal)
response to recession
Monetary Policy; managed by federal reserve, lower interest rates, expand money supply. Downside; inflation.
Fiscal policy; gov spending (ex, corona checks). Downside; deficits, need to pay them back
William Grahm sumner’s civll liberty
each man is guaranteed the use of all his own powers for his welfare
the person with his wealth stolen is worse then poor
different from winthrops civil liberty, which is limitations actually make you more free.
The Mucrakers
journalists and writers who portrayed the new industrialism in an unflattering light
progressives
active gov interference
teddy ros and woodrow wilson
interference created stable working conditions, broke up monopolies, and expanded the size of gov
ancient freedom founding civil war progressive era new deal
ancient; individual desires in line with community
founding; protection of individual rights
civil war; power to national gov. protect all rights
progressive era; protection from private power
new deal; protection from too much want or suffering
great depression shocks
stock market decline
runs on banks collapse
severe drought and dust bowl
FDR v Hoover; liberty
FDR; positive liberty. economic security, freedom is absence from fear and want, four freedoms; speech religion, from fear, from want (second bill of rights.
Hoover; Negative liberty. increasing bureaucratization can losen freedoms not increase them. fifth freedom; economic freedom. gov, bare minimum.
The new deal and its legacy
bold and persistent interference. new relationship between people and gov. created new gov organizations like social security and FDIC to protect peoples personal and financial rights
legacy; reduced suffering and provided relief, saved nation from extreme alternatives, didnt end great depression and not only reason for growth of gov (war)
WWII an American Triumph
triumph of american self interest, repels foreign attach, ends great depression, economic mobilization, america becomes military economic leader of the west, triumph of american virtue, liberates europe and prevents tyranny
the 1960’s social movements
civil rights; questioning equality
womens movement; questioning gender roles
antiwar movement; questioning americas role
student movement; questioning the purpose of education
counter-culture; questioning everything
