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Question 1

modern liberalism

Answer 1

• +ve freedoms
• progressives believe that certain conditions prevent all members of society from achieving equality
• gov intervention is NECESSARY to ensure EQUALITY of OUTCOME
• protect citizens by guaranteed ciil liberties combined w open and transparent gov:
• tyranny comes from too much gov intervention

Question 2

welfare capitalism

Answer 2

• economic system that combines capitalism and social welfare
• balancing individual econ freedom w gov providing social protections
• reduce poverty, provide social safety net, promote social equity.
• capitalist econ that includes substantial gov involvement

Question 3

key events in the devlopment of welfare capitalism

Answer 3

• indust rev: charists, socialists, classical conserv
• late 19th century insurance programs
• great depression
• post-world war era
• late 20th century shift right
• pandemics and the rise of AI

Question 4

welfare state

Answer 4

• nation-state where gov plays important role in protection and promotion of economic and social well-being of citizens

Question 5

welfare state characteristics

Answer 5

• democracy
• capitalism

Question 6

welfare state based on following principles

Answer 6

• equality of OPPORTUNITY and OUTCOME
• equitable distribution of wealth
• collective resp for ensuring minimal necessities for good life

Question 7

elements of behavioural economic s

Answer 7

• cognitive biases
• nudges
• social preferences
• time pref

Question 8

elements of behavioural economics: nudges

Answer 8

subtle changes in the way choices are presented that can influence behavior

Question 9

elements of behavioural economics: soc pref

Answer 9

fairness, reciprocity, and social norms

Question 10

elements of behavioural economics: time pref

Answer 10

immediate vs long term reward

Question 11

canada healthcare

Answer 11

• publicly funded healthcare- texes
• no direct c ost to citizens
• 11.6% of GDP spent on medicare

Question 12

use healthcare

Answer 12

• priv and pub
• priv insurance, gov programs and ut of pocket expenses
• 17% gdp spent on hc

Question 13

what does priv healthcare have higher of

Answer 13

higher administrative costs (overhead expenses, profit margins)

Question 14

pub healthcare tends to have

Answer 14

streamlined administration
- cost of med supplied and meds tend to b lower in public systems: gov negotiation of price

Question 15

john maynard keynes

Answer 15

• british economist
• walked out paris peace conference over terms of ToV, predicted rise of totalitarianism
• attended Bretton woods conference and helped make the IMF and WB

Question 16

keynes beliefs (demand side econ/keynesian econ)

Answer 16

• believed the role of gov should improve welfare of citizens by
• ensuring full employment (less than 3% employment)
• using monetary and fiscal policy to create econ stability
• reduce extreme ups and downs of business cycle
• promote econ growth focused on future
• regulate “demand” via gov spending

Question 17

theory of demade side econ (keynesian economics)

Answer 17

• concerned w total demand for goods and services in econ
• gov can help ease booms and busts of econ by regulating taxes and spending through fiscal and monetary policy

Question 18

fiscal policy

Answer 18

gov use of spending and taxes to control business cycle

Question 19

monetary policy

Answer 19

gov regulation of money supply, usually through interest rates, printing/destroying currency

Question 20

free market forces

Answer 20

free market gorces guide the economy = supply and demand

Question 21

inflation

Answer 21

economic growth- lead to increased costs
- fewer workers= inc wages, inc wages = inc price in foods, etc

Question 22

recession

Answer 22

decline in econ ectivity, leading to unemployment
- prices reduces, workers laid off

Question 23

deficit financing

Answer 23

gov goes into deficit during a recession to pay for social programs, pays off deficit during inflation = ensuring demand for products, encourages econ growth

Question 24

stagflation

Answer 24

inflation occurring during recession
- inc price of oil leads to inc production and transportation costs= less demand oil
- leads to need for less workers, leading to layoffs
- inc oil prices cause price to inc for products manufactured w oil = more layoffs

Question 25

what is american style welfare capitalism

Answer 25

• minimalist model
• gov welfare/entitlement programs meant to assist most at risk (medicare,Medicaid, social assistance)
• gov assistance is means-tested
• against extensive (intrusive) government involvement in econ
• businesses often provide welfare services: pension plans, health insurance, day care, minimum wage, disability insurance
• labour unions often seen as UNNATURAL force in econ

Question 26

lyndon b johnston policies

Answer 26

• support individual rights and freedoms
• civil rights act 1964
• voting rights: prohibits discrimination in voting : banned poll taxes, literacy tests, requiring id cards, limits on early voting and number of polling stations remained in place

Question 27

western european and canadian style welfare capitalism: characteristics

Answer 27

• universal, extensive state welfare programs and services– healthcare, insurance programs, housing
• businesses are mainly privately owned and operate in largely free and open market w some regulation

Question 28

friedric hayek beliefs (advocate of monetarism)

Answer 28

• collectivist soc required large amnt of control 2 function. as a result, personal liberty lost
• price system (free market) was only way 2 balance supply and demand. setting prices is detrimental for econ development
• no central gov or planning agency could rationally organize the economy
• gov must lower taxes, no longer run/own companies, and cut social programs
• soc programs must be means tested and temporary

Question 29

monetarism supply side econ/trickledown eco

Answer 29

• a theory that control of a country’s money supply is the best means to encourage econ growth and limit inflation and unemployment
• gov responsible for regulating their interest and tax rates, esp business taxes, and nothing more. taxes kept low
• deregulate econ
• friedman

Question 30

square deal

Answer 30

• theodore rosavelt
• concerned ab big corporations and monopolies, wanted regulations
• protecting workers:
• environmental concern

Question 31

new deal

Answer 31

• franklin d roosavelt
• relief: relieve those in great depression: financial aid, jobs, poor and povershed
• recovery; implementing various measures to create jobs and promote economic growth. This involved large-scale public works projects, infrastructure development, and financial reforms.
• reform; regulate the banking and financial sectors, protect consumers, and establish a social safety net.
• control infaltion

Question 32

anti trust laws

Answer 32

• preventing monopolies
• providing fair competition
• Prohibiting Collusion: Antitrust laws also target collusive practices, where competing companies conspire to set prices, limit production, or allocate markets among themselves.

Question 33

milton friedman

Answer 33

• monetarism
• free market capitalism
• providing assistance to low income ppl
• capitalism and freedom