Test 2 Flashcards
When did capitalism start in the US
1815
James Madison thought what
people would always act in their self interests
What did James Madison propose for the US government
a system of checks and balances
what type of freedom did Alexander Hamilton want
positive freedom (government intervention)
what type of freedom did Thomas Jefferson believe in
negative freedom (free from government intervention)
what was roosevelts argument
said government and businesses should work hand in hand
what was woodrow willsons argument
said businesses would end up controlling regulatory agencies by means of government. favored heavy anti-trust laws
what is the new deal
- turned America into a welfare state (social security)
- kensyian economic spending
- mandated minimum wage
- allowed unions to negotiate
what is bretton woods
meeting that created the IMF. Debts settled in US dollar. Increased trade around the world
what is stagflation
when prices rise even though consumption is low (happens because of supply side shock)
what is machine politics
a political system built on patronage and clientelism
what did the great society introduce
medicaid and medicare (high inflation during vietnam war)
what is Britain known for
being the first capitalist and industrial country
during the 19th century did the british have economic dominance
yes
what did thomas mathlus say
that human growth will exceed agricultural growth and lead to famine unless checked by moral restraint or natural disaster
what were some reasons for british economic failure
- too much foreign investment
- labor resistance
- lagged behind updating new technology
what is the big concept of Fabian Socialism
Socialism through the ballot box instead of revolution
what do fabian socialists want
- national insurance programs
- abolition of capitalism
- state control of coal and steel mines
when did the fabian socialists come into power in british parliament
after world war 1
what is the name of the british conservative party
tory
who was clement atlee
british prime minister after WW2 (after Churchill)
what party was clement atlee apart of
labour (liberal) party
what policy did clement atlee wan to implement
- healthcare and unemployment benefits and pensions
- supported industries that were failing (this would end up being a problem)
who was margrett thatcher
conservative party prime minister in the 70s and 80s
what was margrett thatchers ideology
- you can spend but not all the time
- said incentive structure was wrong (heavy welfare state undermines entrepreneurial spirit)
what did margret thatcher achieve
she brought down inflation in the 80s
what are the main aspects of neoliberalism
- privatized public functions
- tax reforms and weakening labor unions
- incentivizing people to work
what is the third way
ideology that is in between conservative and socialism (government should assist the market more than hinder it)
what year was the french revolution
1789
characteristics of french evolution
1.did not have the same democratic vigor as US or britian
2. very polarized
France after WW2 chronology
- had 30 glorious years
- 1975 went opposite of US and introduced socialism
- collaborated with right to have a welfare state
what is the capital of Nigeria
abuja
what is the one thing to remember about nigeria
they are very corrupt
what is the important thing to remember about Mexico
hyperclientelistic and revolution of 1911 led to a one party system
