Period 9 Flashcards
Supply-Side Economics
Advocated by the Reagan administration, which argued that tax cuts and reduced government spending would increase investment by the private sector, which would lead to increased production, jobs, and prosperity. This economic theory, which focused on stimulating production (supply) to drive economic growth, was critiqued by some as being similar to the “trickle-down” economics of the 1920s.
Laffer Curve
A theoretical concept in economics that suggests there’s an optimal tax rate that maximizes government revenue. It posits that excessively high tax rates can disincentivize economic activity, leading to lower overall tax revenue, while extremely low tax rates also yield little to no revenue. The curve visually depicts this relationship, showing revenue increasing with tax rates, reaching a peak, and then decreasing as tax rates continue to rise.
Reaganomics
Argued that tax cuts and reduced government spending would increase investment by the private sector, which would lead to increased production, jobs, and prosperity, and contrasted with the Keynesian economics long favored by the Democrats, which relied on government spending during economic downturns to boost consumer income and demand.
Americans with Disabilities Act
Prohibited discrimination against citizens with physical and mental disabilities in hiring, transportation, and public accommodation.
Black Lives Matter
Starting in 2013, this movement began campaigning for reforms in police training and arrest procedures. The death of George Floyd in 2020 resulting from a police officer kneeling on his neck created international protests and deepened the divide between advocates for human rights and advocates for law and order.
Iran-Contra Affair
Reagan’s efforts to aid the Nicaraguan Contras involved him in a serious blunder and scandal. The so-called Iran-Contra affair had its origins in U.S. troubles with Iran. Since 1980, Iran and Iraq had been engaged in a bloody war.. Reagan aides came up with the plan - kept secret from the American public - of selling U.S. antitank and antiaircraft missiles to Iran’s government for helping to free the Americans held hostage by an Iranian-linked group in Lebanon. In 1986, another Reagan staff member had the “great idea” to use the profits of the arms deal with Iran to fund the Contras in Nicaragua. President Reagan denied that he had knowledge of the illegal diversion of funds - illegal in that it violated both the Boland Amendment and congressional budget authority. The picture that emerged from a televised congressional investigation was of an uninformed, hands-off president who was easily manipulated by his advisers. Reagan suffered a sharp, but temporary, drop in the popularity polls.
Glasnost
One of the major reforms introduced by the new Soviet leader, Mikhail Gorbachev, meaning “openness”, intended to end political repression and move toward greater political freedom for Soviet citizens.
Perestroika
Restructuring of the Soviet economy by introducing some free-market practices.
Berlin Wall
The Communists in East Germany were forced out of power after protesters tore down the Berlin Wall, the hated symbol of the Cold War, in late 1989. In October 1990, the two Germanys, divided since 1945, were finally reunited with the blessing of both NATO and the Soviet Union.
European Union
In 2002, the European Union (EU) became a unified market of 15 nations, 12 of which adopted a single currency, the euro. The EU grew to include 27 European nations by 2007, including 10 former satellites of the USSR, such as Poland, Bulgaria, and Romania.
NAFTA
The North American Free Trade Agreement was passed by Congress and signed by the president over objections from union leaders, who feared job losses to low-wage Mexico. It created a free-trade zone with Canada and Mexico.
Globalization
The surging increases in trade and communications and the movement of capital around the world during this era were key parts of the process of globalization, the growing interconnectedness and interdependence of global economies, cultures, and societies due to increased international trade, communication, and transportation, which promoted the development of global and regional economic organizations.
Bush v. Gore
The U.S. Supreme Court issued a 5-4 decision that overruled the Florida Supreme Court, making Bush the victory in the 2000 election. The majority ruled that the varying standards used in Florida’s recount violated the Equal Protection Clause of the 14th Amendment, so the recount should be halted.
Al-Qaeda
Meaning “the Base”, this group preached jihad, which they defined as a holy war against the “Jews and Crusaders”. Their goal was to restore an Islamic caliphate, or realm, from North Africa to East Asia.
September 11, 2001
The coordinated attacks by Al-Qaeda terrorists in commercial airliners on the twin towers of the World Trade Center in New York City and the Pentagon near Washington, D.C., and a fourth plane that crashed in Pennsylvania, claimed nearly 3,000 lives on September 11, 2001.
USA PATRIOT Act
Gave the U.S. government unparalleled powers to obtain information and to expand surveillance and arrest powers.
WMDs
Weapons of mass destruction (nuclear or biological), which the Bush administration feared Iraq was developing to use or sell to terrorists.
Affordable Care Act
Aimed to extend affordable health insurance to an additional 25 million Americans through combinations of subsidies, mandates, insurance exchanges, and expansion of Medicaid while introducing medical and insurance reforms to control health care costs. The act required insurance companies to accept patients regardless of preexisting conditions, allowed children to remain on their parents’ insurance until age 26, and funded wellness exams and women’s medical needs.
Tea Party
The opposition to government spending and to “Obamacare” coalesced in a loosely united conservative and libertarian movement known as the Tea Party. While many in the movement focused on debt and health care, others emphasized expanding gun rights, outlawing abortions, and preventing undocumented immigration.
Arab Spring
A wave of protests across the Middle East and North Africa in 2010. Civil unrest and armed rebellion toppled governments in Tunisia, Libya, Egypt, and Yemen.
