Reaction to Classic Liberalism Economics Terms

Square Deal

Teddy Roosevelt, progressive era, fair deal, put limits on robber barons

Market economy

Freedom of buisness,  Adam Smith- Laissex faire- free market capitalism

Laissez faire

Goes with Adam Smith,  laws of supply and demand dictate the distribution of goods and services-verry similar to invisible hand

Robber Barron

rich white dudes who invented stuff, gilded age- capitalist leaders during the emergence modern american economy

Bolsheviks

Russian political group that ended the TZARs rule and began communism (Russian Revolution 1917) 

Red Scare

threat of communism to the free market USA

Coup d’etat

violent overthrow of the government

Labour movement

workers fighting for their rights - Winnipeg Strike 1919

Progressive Era

early 1900’s, beginning of gov’t intervention - path to modern liberalism

American Federation of Labour (AFL)

big union that included many industries 

Gilded Age

1877-1900 significant inequalities in wealth-begining of modern economics-stock market(robber barons) etc

Collective Bargaining

the process where a union discuss working conditions with employers and comes up with agreements( collective agreement)

Industrial Workers of the World (Wobblies)

labour movement/international/very radical

Jim Crow Laws

late 1800s - 1960’s laws that segregated Blacks from Whites in the U.S

Proletariat

working class - under communism the idea is working class has the power to govern

Bourgeoisie

middle/upper class - lawyers, doctors etc.

Aristocrats

wealthy land owners-old money

FDR

Franklin D Roosevelt - president of USA through Great Depression 

New Deal

series of government support to stimulate economy during Gilded age

Keynesian economics

demand side economics, where government intervenes to support people and business during downturns in economy

Great Depression

1930’s economic crash globally/droughts in prairies 

Plutocracy

oligarchy- rich elites that have a influence in government.