Int Econ and Pol Exam II

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Terms in this set (38)
Thomas Hill GreenModern Liberalism -capitalism as an engine for growth -fewer and fewer having more (wealth inequality) -markets rigged -gov't to provide for people in a sometimes unfair economic systemFirst Wave Capitalism-pursue self interest -greed of early industrialists led to backlash -open competition can lead to wealth inequality -bust and boom cycle (banking investment schemes)Progressive Era-shorten work week, workman's comp, end child labor -social security -unionization -better wages -food safety -break up trusts (anti-trust laws) -led to working class -contradicts MarxLeninism-imperialism (open their markets and sell products their) solution to overproduction -vanguard of proletariat (working class as ruling class) -New Economic Program (NEP) gov't takes over large industryStalinism-police state -command economics (five year plans for industry and collectivization, lose allegiance to ethnic groups)Tito-had legitimacy -NEP (small business remained private, includes capitalism) -moderate, pragmaticMaoism-revolutionary leader -peasant-led socialist revolution (great leap forward) -collectivization (famine)Gold StandardA monetary system in which paper money and coins are equal to the value of a certain amount of gold -Britain cannot reestablish after WWI -U.S. becomes world standardEuropean Union (EU)(syn Common Market) an economic association established in 1957 by a number of Western European countries to promote free trade among its membersNAFTA (North American Free Trade Agreement)An agreement for free trade between the United States and Canada and MexicoAPECAsia - Pacific Economic Cooperation, organization designed to increases multilateral economic cooperation between nations bordering the Pacific OceanNew DealThe name of President Roosevelt's program for getting the United States out of the depression -Banking (federal deposit insurance corporation and glass-steagall) -Security and Exchange commission -Welfare -Social Security -Wagner Act (state sided with unions)Kensyian Economicswhen times are tough, increase spending (priming the pump) social programs set the groundwork for future economic progressEduard Bernsteincommitted Marxist dissillussioned -sees working class people have homes (benefit from the system) -social democracy as the evolution of socialism -working class can succeed in a capitalist societyEnlightened Self Interestgive up profit maximization in return for long term stabilityNTBsnon-tariff barriers: govt regulations used to protect home industries -neomercantilism (country matters) -inspections of imports (apple box, french screws)Breton Woods Conference (1944)LIEO (liberal international economic order) -GATT, IBRD, IMFGATTGeneral Agreement on Tariffs and Trade: promote free trade and decrease tariffs, most favored nation statusIBRDInternational Bank for Reconstruction and Development (world bank) increasing market accessIMFInternational Monetary Fund stops markets from collapsingStarve the BeastA political approach to check government spending by reducing revenues and increasing debt in order to squeeze discretionary spending.New Economic Policy (NEP)Lenin's 1921 policy to re-establish limited economic freedom in an attempt to rebuild agriculture and industry in the face of economic disintegrationHegemonic Stability Theoryhegemonies create international economic systems that bring peace and stability (enlightened self interest)Austeritycut backs of gov't spending when times are toughEconomic StimulusDuring a downturn in the economy, government will spend more money than they bring in, in hopes of stimulating the economy.SAPsStructural adjustment programs are the main way neoliberalism that has been imposed by the World Bank and the IMF on poor countries. They consist of neoliberal reforms packaged and presented as the conditionalities for new loans or debt rescheduling. The supposed purpose of such programs is to make states more 'competitive' and therefore better able to pay-off their debt with the revenue generated by economic growth. Being more 'competitive' in this neoliberal sense also means sharply cutting various social programs, including all kinds of investments in education, health systems and even the infrastructural development of roads, running water and sewage treatment. In practice, this kind of overnight austerity has tended to undermine long term economic performance. All of the indebted countries have remained deeply indebted, with 41 of them now considered as HIPCs (Heavily Indebted Poor Countries).Free Tradethe movement of goods and services among nations without political or economic barriersFair Trade-asking for social democracy -supports and institutions created to help those who do not succeed