Social 30-1 (Ch 6/8)

Meat Inspection Act and Food and Drug Act

A shift left which involved government regulation of the food industry such as insuring meat is produced in sanitary conditions and other priducts are safe.

Sherman Anti-Trust Act

A shift left which prevented anti-competitive behaviour among large companies

The Red Scare

Contributed to the public perception that support for socialism and communism in America was growing

Calvin Coolidge's "Return to Normalcy"

A shift right which included:

1. isolationism—a retreat from involvement in other countries'

affairs, especially European countries

2. nativism—the promotion of policies that favour the existing dominant culture in a country and reduce immigration

3. a reduction of government involvement in the lives of citizens

The Roaring Twenties

Consumerism increased dramatically over the course of the decade. As the free market economy was expanded and rapidly modernized, major changes also occurred.

-After the war the factories switched to the production of consumer

goods

-Mass production (assembly lines) was introduced; more goods at

cheaper prices

-Consumerism increased dramatically during the 1920s

-Advent of radio and film made mass marketing much easier

-More women in the work force

-A widening gap between the rich and poor

The Great Depression

The economy would cycle into the severity of depression in the 1930's—this period would have a long lasting influence on liberal democratic governments and many governments would shift left economically as a result.

New Deal

A shift left under President FDR which envisioned an increased role for government in society. It includes government intervention to regulate booms and busts, increased social safety net and government spending on public works.

Standard Oil Company

The Sherman Anti-Trust Act was used to break up this trust.

Square Deal

Economic policy by Teddy Roosevelt that favored fair relationships between companies and workers

Postwar Consensus

A shift left which saw the development of "social safety net" programs in various western countries after 1945 such as:

-Employment insurance

-Assistance for the elderly

-Child care

-Universal health care

Stagflation

When the economy is in a recession and experiencing inflation at the same time. This happened in the 1970s

Monetarism

A right wing economic theory that control of a country's money supply is the best means to encourage economic growth and limit unemployment and inflation.

They money supply is controlled through the regulation of interest rates. It is against government spending and supports descreasing taxes.

Keynes

Economist who believed the government must pull the economy out of a recession through government spending.

Hayek

Economist who believed the economy must consist of free-market forces and that economies are far too complex for the government to manage effectively. Against monetary and fiscal policy.

OPEC

A cartel of oil producing countries which has historically tried to set the price of oil through limiting supply.

Mixed economy

An economic system combining private and public enterprise

Government responses to the Depression in Canada

-Bank of Canada was created to use interest rates as a means of controlling the country's money supply (to stabilize the economy)

-With King as Prime Minister, the government became much more involved in the economy; many crown corporations were formed

-Many social programs got their start during the 1930s and during World War II

Reaganomics

Economic system of American in 1980s which was named after an American President who was influenced by thinkers such as Friedman and Hayek. Focused on lower taxes and deregulation.

Demand Side Economics

An economic system which places an emphasis on developing a prosperous lower and middle class to drive the economy. "middle out" or "bottom up"

Supply Side Economics

An economic system which supports reducing taxes and regulations for the rich and corporations as they are seen as the drivers of the economy.

Thatcherism

An ideology of a former British PM which is similar to Reaganomics

Welfare State

A government that undertakes responsibility for the welfare of its citizens through programs in public health and public housing and pensions and unemployment compensation etc.

Fiscal policy

Direct spending and taxing functions of the government

Milton Friedman

Economist behind theories of monetarism. Wanted less government involvement but supported monetary policy.

Neo-conservatism

Right wing American ideology with includes a focus on freer markets, less taxes, emphasis on military and traditional values, and intervention in other countries to promote national interests

Environmental Change/Activism

Activism focusing on gaining media attention to the changing environment (climate change)

Christian Right

A term used mainly in the United States to label conservative Christian political factions that are characterized by their strong support of socially conservative policies.

Positive Freedom

Freedom to do something. A belief that the most vulnerable within society require a degree of state assistance to be free.

Negative Freedom

The absence of restrictions or constraints on the individual, allowing freedom.

Nordic Model

Mix of state ownership and private ownership high taxes; some market regulation; generous social safety net (Sweden, Norway)

Blair's Third Way

A position akin to centrism that tries to reconcile right-wing and left-wing politics. Advocated by former British PM Tony Blair.

2008 Financial Crisis

The largest downturn since the Great Depression, this crisis began with mortgages (loans from banks to pay for homes).

Welfare Capitalism

An approach to labor relations in which companies meet some of their workers' needs without prompting by unions, thus preventing strikes and keeping productivity high. Henry Ford is an example.

Environmentalism

A social movement dedicated to protecting the earth's life support systems for us and other species.

Aboriginal Collective Thought

A way of thinking that values the group more than the individual, and views all things as interconnected. In many Aboriginal communities this sense of the collective affects land holding, decision making, child rearing, and education

Affirmative Action

A policy designed to redress past discrimination against women and minority groups through measures to improve their economic and educational opportunities