US HISTORY FINAL Flashcards
How long did the Vietnam War last
20 years 1955- 1975
How long did the Cold War last
45 years 1947-1991
What were the two main powers that were involved in most aspects of the Cold War?
USSR and USA
What economic system was used by the two powers?
Soviets: Communism
USA: Capitalism
What is Capitalism
The trade and industry are ran privately, the motive is to make a profit
What is Communism
Derived from Karl Marx, property and industry are controlled by the government, people work based off of their skills
Pros and Cons of Capitalism
Pros: economic freedom, economic growth, innovation, consumer choice
Cons: Class conflict between capital and labor, social inequalities, unemployment, market failure
Pros and Cons of Communism
Pros: Everyone gets equal chance, almost everyone is employed, competition doesn’t exist,
Cons: individual rights are restricted, government controls everything, limited income
What was the term for keeping communism
What was the thing keeping communism from spreading
Truman Doctrine
Define Mutually Assured Destruction
Both sides will be destroyed if the other acts on it
What did the United States propose in relation to nuclear stockpiles to the UN Atomic Energy Commission?
putting controls on the raw materials to make the bombs
What did Winston Churchill call the figurative veil of secrecy, not unlike a curtain made out of iron, cutting off Eastern Europe from the rest of the world?
the iron curtain
What was the US plan to fund European recovery called?
The Marshall Plan
What was the Soviet plan to provide economic aid to Eastern Europe called?
Molotov Plan