Unit 4: American Ideologies

Key terms from each section of my goop notes!

Political Culture

a distinct and patterned way of thinking about how political and economic life ought to be carried out; commonly shared attitudes, beliefs, and values abt gov

Individualism and Limited Gov

emphasis on individual initiative, rights, and responsibility over government rights; civil liberties/limits on government

Equality

belief that each person should have the same opportunities to advance in society

Democratic Practice

popular sovereignty and respect for the vote

Free Enterprise

belief in the right to compete in the marketplace with limited gov involvement

Rule of Law/Justice

laws equally apply to ALL citizens to ensure stability; nobody is above the law

The American Dream

hardwork and initiative brings success; rags to riches; suburban/middle-class dream

fiscal policy

affects economy by making changes in gov’s methods of raising $ and spending it (think taxation and budget)

monetary policy

the gov’s control of the $ supply bc of the Fed

social policy

gov’s responsibility for its citizens’ changes (think gov welfare and Social Security)

Federal Income Tax

the largest source of income comes from taxes on income; debates on how it should be implemented

flat/regressive tax

same tax percentage for all (everyone pays the same amount of $); popular with conservatives

progressive tax

different tax percentage based on your specific income; popular with liberals

Social Insurance Taxes

taxes that goes to the benefit of the majority; pay now, receive later; think social security and medicare; LARGE amount of fed revenue

Borrowing

a way to raise federal revenue by borrowing from taxpayers to fund expenses

Excise tax

taxes on specific goods, like gas, cigarettes, or air travel to create revenue

estate tax

taxes on property and inheritance to create revenue

customs, duties, and tariffs

taxes on goods imported to the US to increase revenue

Where is money spent?

entitlement programs (social security), national defense, and national debt

Federal Reserve Board

regulates lending practices of banks, controls $$ supplies, and sets interest rates for loans and treasury bonds to influence inflation/deflation

Liberals and economic views

believes in more regulations on the market, resulting in government involvement and Keynesian economics; belief that government is responsible for its people which manifests in government intervention and safety nets

Conservatives and economic views

tend to favor big biz; centered around supply-side economics, calls for laissez-faire economics, and opposes governmental programs

Keynesian economics

a way of thinking about the economy that says when people don't spend enough money, the government should help by spending more; gov intervention

Supply-side economics

idea that economic growth can be fostered by lowering taxes and decreasing regulation, which creates trickle-down economics

trickle-down economics

idea that by giving the rich more money and less rules, they’ll create more jobs and make everyone else rich

protectionism

when a country makes rules and regulations to keep its business safe from foreign competition; isolationism

World Trade Organization

regulates international trade

Free Market Policies

reducing trade barriers; mostly unsupported from like everyone

Means-Test Programs

programs with requirements to qualify for benefits for specific needs

Majoritarian Policymaking

policymaking for the majority rather than the minorities