-
Depression
characterized by severe recession, where over 10% are unemployed
-
Recession
2 quarters (6months) of continual derease in GDP
-
Business Cycle
it drops and rises during the wars...increases with war, decreases when they come home. Expansion (inflation-increasing GDP), (recession -decreasing GDP).
-
The Great Depression
- Factors:
- Greed
- over speculation (run on the banks-No FDIC)
- poor regulation (No Reserves)
- too much government activity
-
Inflation
a sustained rise in the general price level; that is, all prices are rising together.
-
GDP
gross domestic product
-
John Maynard Keynes
Keynesian economics, interventionist,( government intervention supported, keep steady (on chart). Didn't want violen extremes in business cycle.
-
F.A. Hayek
Austrian economics "let the market make the decision." Yes, to unbalance (on chart). Laisez-Faire knowledge- leave the business cycle alone
-
Milton Friedman
Agreed with Hayek, Also laisez faire knowledge
-
Keynesian (interventionist) economics
- Fiscal policy
- taxes
- spending
- monetary policy
-
Laissez- faire econmics
let them do
-
FDR's New deal
Help keep the peaks smaller, not too heavey of drops and rises. Introduced regulation, creates government agencies that regulate, Government spending (keynesian effort).
-
Free markets
maximization of resources
-
Government solutions for inequality
equality of pportnuity, wlefare, maximize wage, equal opportunity employer, financial aid and Affirmative Action (employment equality for women and other races).
-
Economic mobility
the likelihood that you will stay in the group that you are born in.
-
Warren Buffett
Billionare who will give away 90% of his wealth. Thinks rich should give back
-
Relationship
between the technology revolution and the Restoration of the gospel
- did it during a time that technology was being revolutionized
- (printing press, economic boom).
-
Factors
that made the techno revolution possible in the U.S.
- Free market system, blessing on land, protection of private
- property, faster communication and transportation.
-
Benefits/ risks of thechnology
spread of the gospel
-
Church’s
view of technology
Can be good for somethings but can be also become a distraction
-
The Veldt
Ray Bradburry story
-
Isolationism vs. Interventionism (U.S. Presidents that have advocated each doctrine)
- TheMonroe Doctrine(isolationism-Washington wanted this too)
- Roosevelt corollary Interventionism
-
U.S. foreign policy
Our doctrine and our policy, how we deal with things. Military power, economic power, soft power.
-
Most
powerful military nation in the world? Economic?
We do have the strongest military.
-
Examples
of Military power in foreign policy? Economic? Soft?-
Bush doctrine?
-
Exceptionalism-
- - based on arrogance, thinking we are unique, we are
- exceptional.
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