Cultural Studies Flashcards

construct

to form an idea

identify

to establish, recognize, or distinguish something

evaluate evidence

to assess the quality, relevance, and reliability of information or data

make an argument

to present reasons to support a particular viewpoint or claim

take informed action

to act on a particular issue after thoroughly understanding and assessing potential issues, and employing steps to create change

reflect

to think deeply or carefully about something

describe

to give a detailed account of something

evaluate

to examine and judge carefully

outline

to give a brief account or summary

apply

to use an idea in relation to a given problem or issue

Capitalism

an economic system in which the means of production of goods and services are privately owned and operated for a profit

compare

to measure or estimate the similarities and differences between two ideas

assess

to evaluate or estimate the nature, ability, or quality of

unions

workers who have come together to further protect their rights and interests.

They may not work until working conditions are better.

Vanderbilt Carnegie and Rockefeller

prominent industrialists and robber barons of the Gilded Age

monopoly

the complete control of a product or business by one person or group

Gross Domestic Product (GDP)

market value of all products and services produced in a year by our economy.

Real GDP

GDP adjusted for inflation

Robber Baron

a person who has become rich through ruthless and unscrupulous business practices.

It's also a negative name for people who also poorly treated their workers.

- dominated their industries

- obtained huge personal fortune

- had a lot of power

Captains of Industry

a person who helped make the US a prosperous nation, while creating a higher standard of living and employing the nation's workers.

Gilded Age

1865 - 1902 - time of large increase in wealth caused by industrialization.

Called the "high point of American Capitalism"

Cause: rapid industrialization and economic growth in the United States. Unequal distribution of power

Effect: rise of unions

Whiskey Rebellion

What? excise tax put on whiskey

Why? to raise money for the new government

Who? established by George Washington and Alexander Hamilton. Greatly affected farmers in New York, Pennsylvania, and some Southern states.

Result: protests emerged, but eventually the protests stopped after much government effort.

Media Bias Fact Check

A reliable fact-checking website

Excise tax

a legislative tax on goods and services at purchase, such as fuel, tobacco, whiskey, and alcohol

Tariff

A tax on imported goods

Protective Tariff

a tax on imports designed to protect a business from going out of business.

National Bank

Created by Hamilton.

Bank for the US government.

Pro: more reliable

Hamilton

- invented America (a founding father)

- created the National Bank

- first US Secretary of the Treasury

Hamilton's plan

Tax on whiskey, protective tariff, national bank, pay off debts to individuals and states

New South

After the Civil War, the southern economy built on modern capitalist values, industrial growth, and improved transportation.

Had more timber and less cotton

Cotton gin

a machine that removed seeds from cotton fiber

- America required a lot more slaves to produce a lot more cotton

- America was dependent on slaves

Supply and Demand

Supply: how much we have (amount provided at each price)

Demand: how much people want (amount purchased at each price)

Industrialization before the Civil War

before the civil war, slavery was happening in the South.

Industrialization after the Civil War

The Gilded Age began

- no more unpaid workforce

- transportation of goods using railroads

- reconstruction

- South had less cotton but more timber

Market Economy

Economic decisions are made by individuals or the open market.

We control the market

5 factors that influence consumer behavior

- cultural factors

- social factors

- personal factors

- psychological factors

- economic factors

Reconstruction

the period after the Civil War in the United States when the southern states were reorganized and reintegrated into the Union

Railroad success in industrialization and the Civil War

- the South had a lot more railroads after the Civil War

- Railroads supplied millions of soldiers

- North had a lot more railroads before the civil war

- a big reason the North won the war

What is the connection between tariffs and transportation of goods?

taxes are imposed on goods that are transported (imported)

Take informed action

to act on an issue after understanding and assessing potential issues, and employing steps to create change

Virginia Company

An English joint-stock company created by King James in 1606 .

- They sought to find gold but ended up finding tobacco.

- They sought to establish an English colony in the New World

- Founded Jamestown in 1607

Jamestown

The first permanent English settlement in North America, found in East Virginia.

- Had lots of tobacco

Joint-stock company

A company made up of a group of shareholders. Each shareholder contributes some money to the company and receives some share of the company's profits and debts.

Massachusetts Bay Company

A group of Puritans merchants who organized an enterprise designed to take advantage of economic opportunities in America.

- founded in 1628

- their leader was John Winthrop

- founded Boston

- established the General Court in October 1630

- established the Body of Liberties in 1641 (this introduced slavery to Massachusetts)

- had indentured servants

- used timber to build ships, buildings, and for trade

Boom and bust cycle of economy

periods of economic expansion (boom) followed by contraction (bust)

FDR

Roosevelt, the President of the United States during the Great Depression and WWII. He instituted the New Deal. Served from 1933 to 1945, he was the only president in U.S. history to be elected to four terms

New Deal

A series of reforms enacted by the Franklin Roosevelt administration between 1933 and 1942 with the goal of ending the Great Depression.

Pros of the New Deal

- Created jobs

- Provided relief for people

- Regulated the economy

- Reformed the banking industry

Cons of the New Deal

- didn't really fix the depression

- left the nation with much debt

- led to increased national debt

- many people were still unemployed

- wealth remained unevenly distributed

Economic Depression

a drastic decline in economic activity that often lasts years.

a really long and really bad recession

Recession

a period of temporary economic decline. An economic contraction that lasts at least 6 months. A falling GDP.

- unemployment rate rises

- consumer purchases fall off

- businesses go bankrupt

- people lose their homes

Great Depression

a huge economic crisis beginning with the stock market crash.

When? 1929 - 1939

How did it end? America's involvement in WWII created many jobs in the defense and war industry.

National impact of the Great Depression (USA)

- national income dropped by half

- many businesses closed,

- many farmers lost their land through foreclosures,

- many banks failed,

- millions unemployed,

- hunger and mental depression increased

Global impact of the Great Depression

- drastic declines in the outputs of goods and services

- severe unemployment

- acute deflation

- led to WWII

Inflation

a general increase in prices and fall in the purchasing value of money.

Roaring 20s 1920-1929

A decade of increased U.S. economic prosperity and cultural transformation that was fueled by the consumption of consumer goods.

Cons of the Gilded Age

No laws to protect workers/children

Labor Union Strikes

Big Business (Robber Barons)

Child Labor

Poor living conditions (ex/ tenements)

Immigration policies and treatment

Federal Reserve

the central banking system of the United States

- they decide how much the USD is worth

- they factor in how much money is being printed

Free Trade

the movement of goods and services among nations without political or economic barriers, such as tariffs.

John Maynard Keynes

a British economist who believed governments should be more involved in the economy

he believed that governments should increase spending during recessions to stimulate demand

- founder of Keynesian economics

- father of modern economics

Animal Spirit

how people arrive at financial decisions

- the behavior/psychology of spending

- term created by John Maynard Keynes

Protectionism

government policies that restrict international trade to help domestic industries

- tariffs, import quotas, etc

Hayek

an Austrian-British economist who believed that government intervention in the economy should be very low

- he believed in free-market capitalism because it allows for creativity and innovation

Free-market capitalism

an economy that puts no or minimal barriers in the way of privately owned businesses

Globalization

the interconnectedness of goods and services across international borders

What is the connection between inflation and recession?

when inflation rises, central banks often raise interest rates to control the amount of money being spent and slow the economy, potentially leading to a recession

When did the US dollar become the currency of trade?

after WWII

Why is the US dollar used as the currency of international trade?

- its stable value

- the size of the U.S. economy

- the US's large and open financial market

Why are some countries trying to change the US dollar as the currency of international trade?

it gives the US too much power

What was the impact of globalization on the US market economy in the latter half of the 20th century?

led to increased trade, investments, and lowering production costs in the economy, leading to economic growth

How was the practice of protectionism and free trade applied throughout American history?

Alexander Hamilton used tariffs (protectionism) to protect industries from competition and to generate revenue

The General Agreement on Tariffs and Trade (GATT) was founded by the US in 1947 to reduce trade barriers and promote free trade